Medical Office
For Sale
$1,490,000
270-280 E 90th Dr, Merrillville, IN 46410
Three medical office condos are available in a 1989 C3-zoned building with flexible layouts and ample parking.
Property Size10,308 SF
Price / SF$149
Days on Market143
Property Features for 270-280 E 90th Dr
General Information
Standard status
Active
Size
10,308 SF
Class
B
Property subtype
Office
Zoning
C3
Additional Details
Highway Access
Yes
Office Units
3
Building Details
Building Size
10,308 SF
Year Built
1989
Tenancy
Multi
Listing Agency:
Latitude Commercial
(317) 658-5005
Listed By:
Antony Miocic · License #IN #RB16000975
(317) 658-5005
Source:
Latitudeco
Added: Apr 1
Changed: Aug 15
Last Checked: Aug 20 at 5:14AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Latitude Commercial
Investment Insights
Based on property information with market context.
Medical office space is available at Easton Court in Merrillville, built in 1989 and zoned C3. The offering includes three medical office condos for sale with suite sizes ranging from approximately 2,500 to 10,000 square feet. Each unit features a spacious interior with flexible layouts to support a range of office configurations.
The property is located within minutes of the US 30/I-64 interchange, with ample parking on site. Monument signage is also present, providing prominent visibility for the suites.
This is a turnkey medical office and office-use configuration presented as individually available condos within the same building, offering buyers the option to select the most suitable suite size for their needs.
The property is located within minutes of the US 30/I-64 interchange, with ample parking on site. Monument signage is also present, providing prominent visibility for the suites.
This is a turnkey medical office and office-use configuration presented as individually available condos within the same building, offering buyers the option to select the most suitable suite size for their needs.
Key Highlights
- Medical office space in a building built in 1989 and zoned C3
- Three medical office condos for sale with sizes from approximately 2,500 to 10,000 SF
- Convenient location within minutes of the US 30/I‑64 interchange
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
$126,846
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
8.51%
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%
$2,536,920
$2.5M
Cap Rate 7%
$1,812,086
$1.8M
Cap Rate 9%
$1,409,400
$1.4M
Market Conditions
NOI Build-Up for 10,000 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
$216.0K $21.60/SF
− Vacancy
−$46.9K −$4.69/SF
EGI
$169.1K $16.91/SF
− OpEx
−$42.3K −$4.23/SF
NOI
$126.8K $12.68/SF
Area
Lake County, IN
Vacancy
21.70%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,536,920
Cap Rate 7%
$1,812,086
Cap Rate 9%
$1,409,400
Alternative Uses
Best Use
Healthcare Medical
$2.00M
$1.75M – $2.33M
NOI $139,968 @ 7.0% cap · market cap 9.39%
Second Best
Office B
$1.81M
$1.59M – $2.11M
NOI $126,846 @ 7.0% cap · market cap 8.51%
Theoretical Best
Specialty Retail
$2.79M
$2.44M – $3.26M
NOI $195,413 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,592
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46410, IN
39,471
Population
17,685
Households
2.2
Avg Household Size
39
Median Age
24%
College-Educated
93%
High-School Grad
30.1 sq mi
ZIP Area
1,311
Density / Sq Mi
$61,735
Median Household Income
$42,235
Median Earnings
$1,267
Median Rent
$192,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Three medical office condos are available in a 1989 C3-zoned building with flexible layouts and ample parking.
Where is this medical office space located?
The property is located at 270-280 E 90th Dr Merrillville, IN.
What is the asking price?
The asking price for this property is $1,490,000.
What are key features of this property?
This property features: Medical office space in a building built in 1989 and zoned C3; Three medical office condos for sale with sizes from approximately 2,500 to 10,000 SF; Convenient location within minutes of the US 30/I‑64 interchange
