Renovated Medical Office
407 W Indiana Avenue, Chesterton, IN 46304
For Sale
$799,000
Thirteen rooms, a reception area, and a whole-building generator support the property’s current medical use.
Property Size3,172 SF
Price / SF$251.89
Days on Market117
Property Features for 407 W Indiana Avenue
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Additional Details
Condition
Office Units
Currently Operating
Property Use
Taxes and HOA fees
Annual Taxes
Amenities
Large Reception Desk
Lobby
Large Windows
Generac whole-building generator
Storage Shed
washer and dryer
Building Details
Buildings
Listing Agency:
Brokerworks Group
Listed By:
Terry McCaleb
Source:
Harborcountryhomes
Added: Jul 17
Changed: Nov 8
Last Checked: Nov 8 at 9:06PM
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 Brokerworks Group
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Investment Insights
Based on property information with market context.
The 3,172-square-foot building contains 13 rooms or offices, a reception area, and a lobby. Renovations completed within the past three years included new flooring, lighting, paint, and sinks and vanities. The property also has a newer roof, large room windows, and a Generac generator serving the entire building. Two bathrooms and a separate shower room are on site; the shower area could be configured as a locker room. A storage shed and washer and dryer are included. The current medical setup could be adapted for conventional office use.
Located at 407 W Indiana Avenue, the property is one block from Broadway. On-site parking accommodates 20 vehicles.
Located at 407 W Indiana Avenue, the property is one block from Broadway. On-site parking accommodates 20 vehicles.
Key Highlights
- 13 rooms or offices in a 3,172‑square‑foot medical office building
- Generac generator serves the entire building
- 20 on‑site parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$38,106
Cap Rate
4.77%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$762,120
$762.1K
Cap Rate 7%
$544,371
$544.4K
Cap Rate 9%
$423,400
$423.4K
Market Conditions
NOI Build-Up for 3,172 SF
Gross rent
$54.1K $17.04/SF
− Vacancy
−$3.2K −$1.02/SF
EGI
$50.8K $16.02/SF
− OpEx
−$12.7K −$4.00/SF
NOI
$38.1K $12.01/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$762,120
Cap Rate 7%
$544,371
Cap Rate 9%
$423,400
Alternative Uses
Best Use
Healthcare Medical
$1.20M
$1.05M – $1.40M
NOI $84,155 @ 7.0% cap · market cap 10.53%
Second Best
Office B
$544.4K
$476.3K – $635.1K
NOI $38,106 @ 7.0% cap · market cap 4.77%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
13
Office units
Location Intelligence
Trade Area within ½ mile
717
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 46304, IN
26,835
Population
11,521
Households
2.3
Avg Household Size
41
Median Age
35%
College-Educated
96%
High-School Grad
57.8 sq mi
ZIP Area
464
Density / Sq Mi
$88,551
Median Household Income
$52,704
Median Earnings
$1,169
Median Rent
$278,300
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 Office Space - Thirteen rooms, a reception area, and a whole-building generator support the property’s current medical use.
Where is this medical office space located?
The property is located at 407 W Indiana Avenue Chesterton, IN.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: 13 rooms or offices in a 3,172‑square‑foot medical office building; Generac generator serves the entire building; 20 on‑site parking spaces
