Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    8528 Broadway Merrillville, IN 46410

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    8,300 SF medical office condo in central location.

    Type:Office
    Property size:
    8,300 SF
    Added:
    May 22, 2024
    Days on Market:
    695
    Last Refresh:
    Mar 17 at 1:26 pm

    Property Features for 8528 Broadway

    General Information

    Standard status
    Active
    Size
    8,300 SF
    Property subtype
    Office

    We can help!

    Listing Contact
    Michael Lunn

    Listing agent Michael Lunn License #IN 44

    Listing office NWI Commercial Property Solutions, LLC

    Listing date May 22, 2024

    Source Crexi

    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 NWI Commercial Property Solutions, LLC

    Overview

    Medical Office Condo For Sale

    The subject property offers approximately 8,300 square feet of professional, second-generation medical office condo space. Managed by a professional HOA, the unit offers the flexibility to be divided, making it a potentially versatile option for various business needs. The property is centrally located a quarter of a mile south of US 30 on Broadway and one mile southwest of the I-65 interchange, placing it in the heart of the Broadway Commercial Corridor. This trade area is anchored by Methodist Hospital and the Nipsco Headquarters and features a full range of businesses, shops, and services.
    Location Intelligence

    Current Use by Public Records

    Dr. Linda C. ... Pediatrician Dr. Anna M. ... Pediatrician Dr. Lucille A. Lester, ... Pediatrician University-Chicago Pediatrics: Rubin ... Physician Mcneer Jennifer L ... Physician

    Suggested Use

    Restaurant Real Estate Agency Building Supply Spa & Massage Center Big Box & Wholesale Store Dental Office Auto Repair Shop Law Firm Hair Salon Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3379902
    Latitude
    41.4634536

    Nearby Similar for Sale

    • $350,000
      3,000 SF

      Merrillville Office Suite For Sale

      3,000 SF office suite ideal for professional services.
      2624 W 81st Avenue, Merrillville, IN 46410
      View Details
    • $1,420,000
      9,240 SF

      Updated Office Building Investment Opportunity

      Updated two-story office building in Merrillville's Commercial & Office District.
      8420 Indiana Street, Merrillville, IN 46410
      View Details
    • $599,000

      Spacious Remodeled Duplex in Merrillville

      Remodeled duplex with multi-generational living or investment potential.
      7932-7934 Whitcomb Street, Merrillville, IN 46410
      View Details
    • $590,000
      5,581 SF

      High-Traffic U.S. 30 Frontage Flex

      Flex space on U.S. 30 with redevelopment potential.
      W Lincoln Hwy 2215, Merrillville, IN
      View Details
    • Contact for pricing
      3,298 SF

      Restaurant with Drive-Thru Window

      Restaurant with drive-thru, high visibility, repurposing opportunity.
      1441 E 82nd Ave, Merrillville, IN
      View Details
    • Contact for pricing
      48,330 SF

      Merrillville Office and Warehouse Property

      Large office and warehouse property in Merrillville, Indiana.
      8450 Broadway, Merrillville, IN 46410
      View Details
    • $1,290,000

      Retail Space in Merrillville

      Retail space available for sale in Merrillville, Indiana.
      700 East 81st Avenue, Merrillville, IN, 46410
      View Details
    • Contact for pricing

      Former Restaurant Space Available

      Restaurant space with drive-thru, high visibility, repurposing opportunity.
      1441 e 82nd Ave, Merrillville , IN 46410
      View Details
    • $1,899,000
      11,856 SF

      Merrillville Office Building For Sale

      Well-maintained office building with long-term tenant in prime location.
      8700 Broadway, Merrillville, IN
      View Details
    • Contact for pricing
      8,327 SF

      Single-Tenant Cracker Barrel Investment Opportunity

      NNN leased Cracker Barrel with 15 years remaining near Chicago.
      6200 Opportunity Ln, Merrillville, IN
      View Details
    • $1,490,000
      2,500 SF

      Medical Office Suites Available

      Professional medical office suites with modern amenities and ample parking.
      200-250 E 90th Dr, Merrillville, IN
      View Details
    • $2,350,000
      17,220 SF

      Environ Professional Center For Sale

      Two medical office buildings near Southlake Methodist Hospital.
      8695 & 8679 Connecticut Street, Merrillville, IN 46410
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - 8,300 SF medical office condo in central location.
    Where is this medical office space located?
    The property is located at 8528 Broadway Merrillville, IN.
    What is the asking price?
    The asking price for this property is $800,000.
    What are key features of this property?
    This property features: Centrally located ¼ mile South of US 30 on Broadway and 1 mile SW of I‑65 interchange.; +/- 8,300 SF of professional second‑generation medical office condo space.; Managed by professional HOA.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Michael Lunn
    Real Estate License ID: IN 44
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!