Turnkey Medical Office
For Sale
$425,000
1646 45th Street, Munster, IN 46321
2,400 SF medical office condo for sale in Munster.
Property Size2,400 SF
Price / SF$177.08
Days on Market137
Property Features for 1646 45th Street
General Information
Standard status
Active
Size
2,400 SF
Class
B
Property subtype
Office
Building Details
Building Size
2,400 SF
Year Built
1974
Listing Agency:
Latitude Commercial
(317) 658-5005
Listed By:
Antony Miocic · License #IL #475.204802
(317) 658-5005
Source:
Latitudeco
Added: Apr 8
Changed: Aug 22
Last Checked: Aug 22 at 4:03AM
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.
This 2,400 square foot office condo in Munster presents an opportunity for medical or professional services. The turnkey space is equipped with 5 exam rooms, a spacious reception area, a kitchenette, 3 private offices, and 2 plumbed workstations. Previously used as a doctor's office, the property includes ample parking and the option for pylon signage along 45th Street. This property is ideal for medical users seeking a location in Munster.
Key Highlights
- Turnkey 2,400sf office condo ready for immediate use.
- Ideal for medical or professional services, previously a doctor's office.
- Features 5 exam rooms, 3 private offices, and 2 plumbed workstations.
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
$33,592
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
7.90%
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%
$671,840
$671.8K
Cap Rate 7%
$479,886
$479.9K
Cap Rate 9%
$373,244
$373.2K
Market Conditions
NOI Build-Up for 2,400 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
$62.2K $25.92/SF
− Vacancy
−$6.2K −$2.59/SF
EGI
$56.0K $23.33/SF
− OpEx
−$22.4K −$9.33/SF
NOI
$33.6K $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%
$671,840
Cap Rate 7%
$479,886
Cap Rate 9%
$373,244
Alternative Uses
Best Use
Healthcare Medical
$479.9K
$419.9K – $559.9K
NOI $33,592 @ 7.0% cap · market cap 7.90%
Second Best
Office B
$434.9K
$380.5K – $507.4K
NOI $30,443 @ 7.0% cap · market cap 7.16%
Theoretical Best
Specialty Retail
$670.0K
$586.2K – $781.7K
NOI $46,899 @ 7.0% cap · market cap 11.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
507
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46321, IN
23,894
Population
9,786
Households
2.4
Avg Household Size
45
Median Age
48%
College-Educated
96%
High-School Grad
7.6 sq mi
ZIP Area
3,144
Density / Sq Mi
$105,764
Median Household Income
$57,796
Median Earnings
$1,480
Median Rent
$312,000
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 - 2,400 SF medical office condo for sale in Munster.
Where is this medical office space located?
The property is located at 1646 45th Street Munster, IN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Turnkey 2,400sf office condo ready for immediate use.; Ideal for medical or professional services, previously a doctor's office.; Features **5 exam rooms, 3 private offices, and 2 plumbed workstations.**
