Medical Center with Exam
For Sale
$599,975
1642 E Commercial Avenue, Lowell, IN 46356
Commercial Sale, Lowell, IN
Property Size3,500 SF
Lot Size0.61 Acres
Price / SF$168.25
Days on Market296
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
Additional Details
Property Use
Medical Office
Condition
Move-in Ready
Medical Specialty
veterinary
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
Amenities
professional reception area
multiple exam rooms
dedicated surgical/dental suites
onsite radiology
zoned Heating & Cooling
Building Details
Year built
1955
Buildings
1
Listing Agency:
SCHUPP Real Estate
(219) 696-3596
Listed By:
John Schupp
(219) 775-2373
Added: Jan 5
Changed: Oct 26
Last Checked: Oct 28 at 11:06AM
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.
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Investment Insights
Based on property information with market context.
This medical center contains 3,566 square feet on a 0.612-acre parcel and was built in 1955. The interior configuration includes an entrance foyer, reception area, multiple exam rooms, and separate surgical and dental suites. Onsite radiology is supported by substantial plumbing and electrical systems, while zoned heating and cooling serve the facility. A new roof was installed in 2020.
The property is located at 1642 E Commercial Avenue in Lowell, Indiana, along State Road 2, also identified as Commercial Avenue. Off-street parking, exterior lighting, and rain gutters are included. Public water and public sewer serve the site, and the building has forced-air heating fueled by natural gas.
The property is located at 1642 E Commercial Avenue in Lowell, Indiana, along State Road 2, also identified as Commercial Avenue. Off-street parking, exterior lighting, and rain gutters are included. Public water and public sewer serve the site, and the building has forced-air heating fueled by natural gas.
Key Highlights
- 3,566‑square‑foot medical center on 0.612 acres
- Built in 1955; new roof installed in 2020
- Multiple exam rooms plus surgical and dental suites
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$49,913
Cap Rate
8.32%
Suggested Prices Based on Cap Rates
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
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 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
Office B
$646.2K
$565.4K – $753.9K
NOI $45,233 @ 7.0% cap · market cap 7.54%
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.
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Current Use
Lease Details
Yes
Paved road access
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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Medical center - Existing clinical improvements include reception, multiple exam rooms, and dedicated surgical and dental suites.
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 $599,975.
What are key features of this property?
This property features: 3,566‑square‑foot medical center on 0.612 acres; Built in 1955; new roof installed in 2020; Multiple exam rooms plus surgical and dental suites
