Two-Tenant Medical
For Sale
Contact for pricing
4802 N Broadway, Gary, IN 46408
Two-suite healthcare property with established occupancy and additional leasable space.
Property Size13,125 SF
Price / SF$220.42
Days on Market22
Property Features for 4802 N Broadway
General Information
Standard status
Active
Size
13,125 SF
Net Rentable
13,125 SF
Property subtype
Office
Zoning
Business
Occupancy
85%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$231,438
Additional Details
Office Units
2
Building Details
Year Built
1992
Tenancy
Multi
Listing Agency:
SRS Real Estate Partners Newport Beach
(480) 221-4221
Listed By:
Stephen Sullivan · License #CA 01939096
Source:
Crexi
Added: Aug 10
Changed: Aug 31
Last Checked: Aug 31 at 8:35AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This two-tenant medical center contains 13,125 SF of leasable area arranged across two suites. DaVita Dialysis occupies approximately 11,203 SF, while approximately 1,922 SF remains vacant for future occupancy. The building was constructed in 1992 and is situated on a 0.30-acre parcel in Gary, Indiana.
TRC – Indiana, LLC recently extended its lease, which has over 6 years remaining and includes 3 (5-years) option periods. The option periods provide for 2% rental increases at the beginning of each extension. The property is zoned Business and is located within the Chicago MSA.
TRC – Indiana, LLC recently extended its lease, which has over 6 years remaining and includes 3 (5-years) option periods. The option periods provide for 2% rental increases at the beginning of each extension. The property is zoned Business and is located within the Chicago MSA.
Key Highlights
- 13,125 SF leasable medical center
- DaVita Dialysis occupies approximately 11,203 SF
- Approximately 1,922 SF of vacant leasable area
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
$183,708
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
6.35%
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%
$3,674,160
$3.7M
Cap Rate 7%
$2,624,400
$2.6M
Cap Rate 9%
$2,041,200
$2.0M
Market Conditions
NOI Build-Up for 13,125 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
$340.2K $25.92/SF
− Vacancy
−$34.0K −$2.59/SF
EGI
$306.2K $23.33/SF
− OpEx
−$122.5K −$9.33/SF
NOI
$183.7K $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%
$3,674,160
Cap Rate 7%
$2,624,400
Cap Rate 9%
$2,041,200
Alternative Uses
Best Use
Healthcare Medical
$2.62M
$2.30M – $3.06M
NOI $183,708 @ 7.0% cap · market cap 6.35%
Second Best
Office B
$2.38M
$2.08M – $2.77M
NOI $166,485 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$3.66M
$3.21M – $4.27M
NOI $256,479 @ 7.0% cap · market cap 8.87%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
370
Businesses Nearby
Explore this area
Business Placement
Demographics for 46408, IN
15,109
Population
7,861
Households
1.9
Avg Household Size
38
Median Age
12%
College-Educated
84%
High-School Grad
9.7 sq mi
ZIP Area
1,558
Density / Sq Mi
$47,063
Median Household Income
$35,163
Median Earnings
$1,016
Median Rent
$96,200
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 center - Two-suite healthcare property with established occupancy and additional leasable space.
Where is this medical center located?
The property is located at 4802 N Broadway Gary, IN.
What is the asking price?
The asking price for this property is $2,893,000.
What are key features of this property?
This property features: 13,125 SF leasable medical center; DaVita Dialysis occupies approximately 11,203 SF; Approximately 1,922 SF of vacant leasable area
