Three-Suite Medical Office
For Sale
Contact for pricing
200-250 E 90th Dr, Merrillville, IN 46410
C3-zoned property offers three professional suites for office or medical use.
Property Size7,416 SF
Price / SF$144.55
Days on Market391
Property Features for 200-250 E 90th Dr
General Information
Standard status
Active
Size
7,416 SF
Property subtype
OFFICE
Zoning
C3
Additional Details
Office Units
3
Building Details
Year Built
1989
Building Size
7,416 SF
Listing Agency:
Latitude Commercial
(219) 728-8782
Listed By:
Julia Turner · License ##RB16000975
(219) 728-8782
Source:
Moodyscre
Added: Aug 6, 2025
Changed: Aug 30
Last Checked: Aug 30 at 3:02PM
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 7,416-square-foot medical office building contains three professional suites within a commercial office setting. Constructed in 1989, the property is configured for office and medical occupancy and carries C3 zoning.
The address is 200-250 E 90th Dr in Merrillville, Indiana. Its suite count and existing professional-office configuration support a multi-occupant medical or office arrangement.
The address is 200-250 E 90th Dr in Merrillville, Indiana. Its suite count and existing professional-office configuration support a multi-occupant medical or office arrangement.
Key Highlights
- 7,416 SF medical office building
- Three professional medical office suites
- C3 zoning
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
$130,753
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
8.78%
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%
$2,615,060
$2.6M
Cap Rate 7%
$1,867,900
$1.9M
Cap Rate 9%
$1,452,811
$1.5M
Market Conditions
NOI Build-Up for 10,308 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
$222.7K $21.60/SF
− Vacancy
−$48.3K −$4.69/SF
EGI
$174.3K $16.91/SF
− OpEx
−$43.6K −$4.23/SF
NOI
$130.8K $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%
$2,615,060
Cap Rate 7%
$1,867,900
Cap Rate 9%
$1,452,811
Alternative Uses
Best Use
Healthcare Medical
$2.06M
$1.80M – $2.40M
NOI $144,279 @ 7.0% cap · market cap 9.68%
Second Best
Office B
$1.87M
$1.63M – $2.18M
NOI $130,753 @ 7.0% cap · market cap 8.78%
Theoretical Best
Specialty Retail
$2.88M
$2.52M – $3.36M
NOI $201,431 @ 7.0% cap · market cap 13.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Location Intelligence
Trade Area within ½ mile
1,251
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 - C3-zoned property offers three professional suites for office or medical use.
Where is this medical office space located?
The property is located at 200-250 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: 7,416 SF medical office building; Three professional medical office suites; C3 zoning
