Single-Tenant Medical Office
For Sale
Contact for pricing
6200 Central Ave, Portage, IN 46368
Fee-simple medical office property leased under a long-term net lease through October 2030.
Property Size4,701 SF
Price / SF$372.26
Days on Market178
Property Features for 6200 Central Ave
General Information
Standard status
Active
Size
4,701 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2020
Tenancy
Single
Listing Agency:
Greenstone Partners - Corporate
(312) 702-0146
Listed By:
Jason St. John · License #475142612
(312) 234-0371
Source:
Moodyscre
Added: Mar 25
Changed: Sep 13
Last Checked: Sep 16 at 2:50PM
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 Greenstone Partners - Corporate
Investment Insights
Based on property information with market context.
A single-tenant medical office property available for acquisition in fee simple, totaling 4,701 square feet. The building was completely re-developed to the tenant’s specifications in 2020 and is currently leased to Northwest Medical Group under a long-term net lease.
The lease term includes 4.5 years remaining, running through October 2030, with three additional five-year options and 2% rental increases per annum. Under the net lease, the tenant is responsible for paying CAM, Insurance, and Real Estate Taxes.
The property is located in Northwest Indiana in Portage, Indiana, approximately 0.7 miles from Interstate I-80/90, the Indiana Tollway connecting Indiana to Illinois, Michigan, and Ohio.
The lease term includes 4.5 years remaining, running through October 2030, with three additional five-year options and 2% rental increases per annum. Under the net lease, the tenant is responsible for paying CAM, Insurance, and Real Estate Taxes.
The property is located in Northwest Indiana in Portage, Indiana, approximately 0.7 miles from Interstate I-80/90, the Indiana Tollway connecting Indiana to Illinois, Michigan, and Ohio.
Key Highlights
- 4,701 SF single‑tenant medical office property leased to Northwest Medical Group.
- 100% fee‑simple interest with a long‑term net lease; tenant pays CAM, insurance, and real estate taxes.
- 10‑year net lease with remaining term of 4.5 years, running through October 2030.
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
$124,720
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
7.13%
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%
$2,494,400
$2.5M
Cap Rate 7%
$1,781,714
$1.8M
Cap Rate 9%
$1,385,778
$1.4M
Market Conditions
NOI Build-Up for 4,701 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
$221.1K $47.04/SF
− Vacancy
−$13.3K −$2.82/SF
EGI
$207.9K $44.22/SF
− OpEx
−$83.1K −$17.69/SF
NOI
$124.7K $26.53/SF
Area
Porter County, IN
Vacancy
6.00%
Lease Rate
$47.04 /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%
$2,494,400
Cap Rate 7%
$1,781,714
Cap Rate 9%
$1,385,778
Alternative Uses
Best Use
Healthcare Medical
$1.78M
$1.56M – $2.08M
NOI $124,720 @ 7.0% cap · market cap 7.13%
Second Best
Office B
$806.8K
$705.9K – $941.2K
NOI $56,474 @ 7.0% cap · market cap 3.23%
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
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Fee-simple medical office property leased under a long-term net lease through October 2030.
Where is this medical office space located?
The property is located at 6200 Central Ave Portage, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 4,701 SF single‑tenant medical office property leased to Northwest Medical Group.; 100% fee‑simple interest with a long‑term net lease; tenant pays CAM, insurance, and real estate taxes.; 10‑year net lease with remaining term of 4.5 years, running through October 2030.
