135 W 57th Avenue Merrillville, IN $ 584,900
135 W 57th Avenue
$ 584,900
Recently Listed
Open House 5/2 12pm - 2pm
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135 W 57th Avenue

Merrillville, IN, 46410
$ 584,900
Bedrooms8 Baths4.0

Monthly Estimate*

$ 3,601

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Multi-Family Home for sale in Merrillville, IN

for $584,900 with 8 bedrooms and 4 full baths. This home was built in 1968 on a lot size of 0.485.

Fully brick 4-unit investment opportunity offering strong cash flow potential with value-add upside. Each unit features 2 bedrooms, 1 bathroom, and approximately 1,080 square feet with identical, functional layouts. One unit has been updated with additional improvements throughout the property, while current rents remain below market, providing immediate upside for investors. The building sits on a corner lot just minutes from a main corridor with shopping, dining, and everyday conveniences. Each unit includes a private rear balcony and an attached garage space accessed through a drive-down basement, a rare amenity that adds tenant appeal and retention. The property includes a mix of long-term and newer tenants, offering both stability and opportunity for rental growth. Tenants are responsible for their own heat and electric, while the owner covers water, sewage, and common utilities, keeping operations straightforward. This is a solid addition to any portfolio with strong fundamentals, desirable unit sizes, and built-in potential to increase returns.

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Open House

5/2/2026 12:00 PM - 2:00 PM
135 W 57th Avenue Merrillville, IN
* Some states or local ordinances may prohibit Open Houses at this time, please confirm with your Weichert agent or local rep to confirm

Multi-Family Active

Price

$ 584,900

Bedrooms

8

Full Bath

4

Property Type

Multi-Family

Taxes

$ 8,189

Style

Quadruplex

Lot Size

0.485

Year Built

1968

Town/City

Merrillville

County/Region

Lake

MLS | Web ID

837842

Features
Interior
Interior Amenities Entrance Foyer
Fireplace Y/N N
Above Grade Finished Area 4320
Laundry Features Lower Level Laundry Room
Total Bedrooms 8
Total Baths 4
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General
Sewer Public Sewer
Heating Forced Air
Utilities Electricity Connected Water Connected Sewer Connected Natural Gas Connected
Appliances Dryer Washer Refrigerator Gas Water Heater Gas Range
Garage Spaces 4
Pool Features None
Security Features Carbon Monoxide Detector(s) Smoke Detector(s)
Pets Allowed No
Year Built 1968
Township Ross
Levels Two
Property Subtype Quadruplex
Tax Year 2024
Gross Income 54840
County Lake
Net Operating Income 37091
New Construction N
Property Type Residential Income
HOA N
Subdivision Name None
Garage Y/N Y
Rent Includes See Remarks
Total Rooms 16
Full Baths 4
Status Active
Directions Broadway northbound to W 57th Ave take 57th to corner of Adams St.
City Merrillville
Lot Size Square Feet 21127
Listing Terms Cash VA Loan FHA Conventional
Tax Annual Amount 8189
Lease Considered Y/N N
Standard Status Active
Tax Assessed Value 411400
Total Actual Rent 54120
Legal Description PT. OF THE W1/2. E1/2. NE. SE. S.4 T.35 R.8 PARCEL 190X131.74FT. EX.N.40FT. & EX W.30 FT.
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Exterior
Exterior Amenities Balcony
Parking Features Concrete
Lot Features Corner Lot Front Yard
Water Source Public
Total Parking 4
Lot Size Acres 0.485
Lot Size Source Assessor
Waterfront Y/N N
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* Excluded Features
List By
Drake Phillips

Listing Agent

Better Homes And Gardens Real

Broker

drakephillipsrealty@gmail.com

Email

Affordability Calculator

$4,284
Per Month
84%
16%
0%
Monthly Principal & Interest
$3,601
Monthly Property Taxes
$682
Monthly Home Insurance
--
Default based on a 30-year fixed rate of 6.25% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
1261196 Elementary School
1261197 Middle School
Unknown High School High School
Pricing History
DatePricePrice ChangeDescription
4/27/2026$584,900 Listed Price

Map


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135 W 57th Avenue, Merrillville, IN, 46410 is a Multi-Family Home for sale at $584,900 with a lot size of 0.485. 135 W 57th Avenue has 8 bedrooms, 4.0 baths, and was built in 1968. The property's zip code is 46410 which is in Merrillville, IN