Medical Center with Exam
For Sale
$600,000
1642 E Commercial Avenue, Lowell, IN 46356
Commercial Sale, Lowell, IN
Property Size3,566 SF
Lot Size0.61 Acres
Price / SF$168.26
Days on Market228
Property Features for 1642 E Commercial Avenue
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
24
Parking features
Off Street
Security features
Security Lighting
Interior features
Entrance Foyer
Exterior features
Lighting, Rain Gutters
Lot features
Back Yard, Rectangular Lot, Paved, Landscaped, Few Trees
Directions
Commercial Avenue West of Burr St (McDonalds/KFC/Speedway/Walgreens) to the property on the South side of the street between Dunkin Donuts & Mexico Lindo / Burger King across the street from Jimmy Johns
Standard status
Active
APN
451925127003000008
Size
3,566 SF
Lot size
0.61 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
W.120FT OF E.443.55FT OF N.227.93FT OF NE.1/4 NW.1/4 S.25 T.33 R.9 EX. PT. IN R/W 0.612AC
Tax Annual Amount
8354
Legal Description
W.120FT OF E.443.55FT OF N.227.93FT OF NE.1/4 NW.1/4 S.25 T.33 R.9 EX. PT. IN R/W 0.612AC
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1955
Listing Agency:
SCHUPP Real Estate
(219) 696-3596
Listed By:
John Schupp · License #RB14033846
(219) 775-2373
Added: Jan 5
Changed: Aug 19
Last Checked: Aug 21 at 6:06PM
MLS# 832404
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical center occupies a 0.612-acre site with a purpose-built clinical layout that includes an entrance foyer, reception area, multiple exam rooms, and dedicated surgical and dental suites. The facility also includes onsite radiology, robust plumbing and electrical systems for medical and dental equipment, zoned heating and cooling, forced-air heating, and a new roof installed in 2020. Off-street parking, exterior lighting, rain gutters, public water, and public sewer support the property’s ongoing functionality.
The property is located at 1642 E Commercial Avenue and fronts State Road 2 in Lowell’s commercial corridor. Built in 1955, the building is suited to continued medical use, including veterinary operations, with a layout and infrastructure designed around clinical services.
The property is located at 1642 E Commercial Avenue and fronts State Road 2 in Lowell’s commercial corridor. Built in 1955, the building is suited to continued medical use, including veterinary operations, with a layout and infrastructure designed around clinical services.
Key Highlights
- 0.612‑acre medical property at 1642 E Commercial Avenue, Lowell, IN 46356
- Directly situated on State Road 2 in Lowell’s commercial corridor
- Clinical layout with reception, multiple exam rooms, surgical and dental suites
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$49,913
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$998,260
$998.3K
Cap Rate 7%
$713,043
$713.0K
Cap Rate 9%
$554,589
$554.6K
Market Conditions
NOI Build-Up for 3,566 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$92.4K $25.92/SF
− Vacancy
−$9.2K −$2.59/SF
EGI
$83.2K $23.33/SF
− OpEx
−$33.3K −$9.33/SF
NOI
$49.9K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$998,260
Cap Rate 7%
$713,043
Cap Rate 9%
$554,589
Alternative Uses
Best Use
Healthcare Medical
$713.0K
$623.9K – $831.9K
NOI $49,913 @ 7.0% cap · market cap 8.32%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$995.5K
$871.1K – $1.16M
NOI $69,684 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Explore this area
Business Placement
Demographics for 46356, IN
18,668
Population
7,290
Households
2.6
Avg Household Size
41
Median Age
20%
College-Educated
96%
High-School Grad
112.5 sq mi
ZIP Area
166
Density / Sq Mi
$87,535
Median Household Income
$51,151
Median Earnings
$1,190
Median Rent
$256,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Configured for clinical operations with reception, exam rooms, and dedicated surgical and dental areas.
Where is this medical center located?
The property is located at 1642 E Commercial Avenue Lowell, IN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: 0.612‑acre medical property at 1642 E Commercial Avenue, Lowell, IN 46356; Directly situated on State Road 2 in Lowell’s commercial corridor; Clinical layout with reception, multiple exam rooms, surgical and dental suites
