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    1514 119Th St Whiting, IN 46394

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    Turnkey medical office and retail space in downtown Whiting.

    Property Features for 1514 119Th St

    General Information

    Standard status
    Active

    Building Details

    Year built
    2015

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    Listing Contact
    Chandler Kimmel
    Source: Crexi

    Listing Agency: Latitude Commercial Listing Agent: Chandler Kimmel

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Downtown Whiting Medical/Retail Space

    Located in Downtown Whiting on 119th Street, this property offers medical office and retail space for lease. The medical office space is approximately 4,700 square feet and is in turnkey pristine condition. The suite includes seven exam rooms, a kitchenette, three private offices, a procedure room, a physical therapy room, a nurse station, and a spacious waiting area. An adjacent 1,600 square foot retail suite, formerly a nail salon, is also available. The property benefits from heavy foot traffic and a parking lot in the rear of the building. The location is in a downtown business district with numerous retail and office users. Whiting is a city located in the Chicago Metropolitan Area in Lake County, Indiana, founded in 1889, and situated on the southern shore of Lake Michigan, approximately 16 miles from the Chicago Loop and two miles from Chicago's South Side. Whiting is home to Whiting Refinery, the largest oil refinery in the Midwest. The lease is an NN lease, with the tenant responsible for taxes and CAMs, currently estimated at $4 per square foot.
    Location Intelligence

    Current Use by Public Records

    ST. Catherine Hospital Hospital

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center

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

    Similar Places Nearby

    Rite Care Pharmacy

    Location Insight

    • Map
    • Local Demand
    City
    Whiting
    County
    Lake
    State
    Indiana
    Longitude
    -87.4922709
    Latitude
    41.6791886

    Nearby Similar for Lease

    • Contact for pricing
      1,586 SF

      Medical Office Space For Lease

      Medical office space available in Downtown Whiting.
      1516 119Th St, Whiting, IN 46394
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    • Contact for pricing

      Prime Commercial Space For Lease

      Prime retail space, recently renovated, high traffic area.
      1418 119Th St, Whiting, IN 46394
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    FAQs

    What type of property is this?
    Medical Office Space - Turnkey medical office and retail space in downtown Whiting.
    Where is this medical office space located?
    The property is located at 1514 119Th St Whiting, IN.
    What are key features of this property?
    This property features: - Turnkey, pristine medical office space (4,700 sq ft) in Downtown Whiting.; - Located on 119th Street in a high foot traffic downtown business district.; - Includes seven exam rooms, procedure room, physical therapy room, three private offices, kitchenette, nurse station, and spacious waiting area.
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    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
    1514 119Th St Whiting, IN 46394
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    We can help!
    Listing Contact
    Chandler Kimmel
    Real Estate License ID: RB22001170
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