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 Market68
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
Listed By:
Matthew Mousavi · License #CA 01732226
Source:
Crexi
Added: Aug 10
Changed: Oct 10
Last Checked: Oct 16 at 7:12AM
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
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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 / Yr
$183,708
Cap Rate
6.35%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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
