DaVita-Anchored Medical
New
For Sale
$1,464,404
606 E Lincolnway, Valparaiso, IN 46383
Established dialysis treatment center with 22 hemodialysis stations and available medical space.
Property Size6,276 SF
Price / SF$233.33
Days on Market2
Property Features for 606 E Lincolnway
General Information
Standard status
Active
Size
6,276 SF
Property subtype
Office Medical
Occupancy
82%
Additional Details
Cap Rate
8.62%
Highway Access
Yes
Amenities
DaVita Anchored Medical Building | Approximately 1,100 Square Feet of Available Space Creates a Value-Add Leasing Opportunity
DaVita has Operated at the Property Since 2010
Roughly 300 Feet from Valparaiso University, which has 2,451 Students
Approximately 1.7 Miles from Northwest Health Outpatient Surgery Center | Multiple Northwest Medical Group Offices are Located Throughout the Surrounding Trade Area
University of Chicago Medicine Expanded into the Valparaiso Market in 2026, Further Validating Demand from Major Regional Healthcare Systems
Approximately 6.6 Miles from Northwest Health Porter, a 301-Bed Hospital
Adjacent to Other Healthcare Providers Including PursuitPT Physical Therapy and the Under-Construction Midwest Express Clinic
40,820 People Live within a Three-Mile Radius
Building Details
Building Size
6,276 SF
Year Built
1997
Listing Agency:
Marcus & Millichap | Chicago Oak Brook
Listed By:
Daniel Chumbley · License #License(s): IL: 475.188007
(630) 570-2217
Source:
Marcusmillichap
Added: Sep 22
Last Checked: Sep 22 at 1:40PM
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 Marcus & Millichap | Chicago Oak Brook
Investment Insights
Based on property information with market context.
Built in 1997, this 6,276-square-foot medical center operates as an established dialysis treatment facility with 22 hemodialysis stations. Approximately 1,100 square feet is available within the building. DaVita has occupied the property since 2010, with more than three years remaining on its lease, annual rent increases, and three five-year renewal options.
The center is located at 606 E Lincolnway in Valparaiso, approximately 300 feet from Valparaiso University. Route 30 and State Road 49 provide nearby regional access, while the surrounding healthcare area includes Northwest Health Outpatient Surgery Center, Northwest Medical Group offices, Viking Medical Center, and University of Chicago Medicine expansion in Northwest Indiana. The property is also near a retail corridor anchored by Meijer, Target, ALDI, PetSmart, Menards, and Kohl’s.
The center is located at 606 E Lincolnway in Valparaiso, approximately 300 feet from Valparaiso University. Route 30 and State Road 49 provide nearby regional access, while the surrounding healthcare area includes Northwest Health Outpatient Surgery Center, Northwest Medical Group offices, Viking Medical Center, and University of Chicago Medicine expansion in Northwest Indiana. The property is also near a retail corridor anchored by Meijer, Target, ALDI, PetSmart, Menards, and Kohl’s.
Key Highlights
- 6,276‑square‑foot medical center built in 1997
- 22 hemodialysis stations serving an established dialysis treatment facility
- Approximately 1,100 square feet of available space
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
$75,395
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
5.15%
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%
$1,507,900
$1.5M
Cap Rate 7%
$1,077,071
$1.1M
Cap Rate 9%
$837,722
$837.7K
Market Conditions
NOI Build-Up for 6,276 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
$106.9K $17.04/SF
− Vacancy
−$6.4K −$1.02/SF
EGI
$100.5K $16.02/SF
− OpEx
−$25.1K −$4.00/SF
NOI
$75.4K $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 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%
$1,507,900
Cap Rate 7%
$1,077,071
Cap Rate 9%
$837,722
Alternative Uses
Best Use
Healthcare Medical
$2.38M
$2.08M – $2.78M
NOI $166,506 @ 7.0% cap · market cap 11.37%
Second Best
Office B
$1.08M
$942.4K – $1.26M
NOI $75,395 @ 7.0% cap · market cap 5.15%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,629
Businesses Nearby
Explore this area
Business Placement
Demographics for 46383, IN
41,981
Population
18,343
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
95%
High-School Grad
87.5 sq mi
ZIP Area
480
Density / Sq Mi
$75,575
Median Household Income
$43,065
Median Earnings
$1,144
Median Rent
$258,400
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical center - Established dialysis treatment center with 22 hemodialysis stations and available medical space.
Where is this medical center located?
The property is located at 606 E Lincolnway Valparaiso, IN.
What is the asking price?
The asking price for this property is $1,464,404.
What are key features of this property?
This property features: 6,276‑square‑foot medical center built in 1997; 22 hemodialysis stations serving an established dialysis treatment facility; Approximately 1,100 square feet of available space
