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    4802 Broadway Gary, IN 46408

    For Sale
    $3,430,000

    DaVita-anchored, Net Lease opportunity.

    Property size:
    13,125 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    369
    This fee-simple medical office building in Gary, Indiana (Chicago MSA) presents a compelling investment opportunity. The 13,125 square-foot property is situated on a 0.49-acre lot at a high-traffic intersection of Broadway Street and 48th Avenue, benefiting from excellent visibility and accessibility via Interstates 65 and 94. The building, constructed in 1992, features a single story and is currently 85% occupied by two tenants. DaVita Dialysis, a major national tenant, occupies approximately 11,203 square feet, with a remaining lease term exceeding three years and three five-year renewal options, each including a 2% rental increase. The property boasts a strong net operating income (NOI) of $257,766, resulting in a 7.52% cap rate. The asking price is $3,430,000, translating to $261.33 per square foot. The property's location within the Chicago MSA offers proximity to a variety of national retailers, including Lowe's, Costco, and Target, as well as Methodist Hospital, a large medical facility. The surrounding area also includes numerous apartment complexes, providing a substantial residential base. The 5-mile trade area boasts a population of 136,623 residents and 51,121 daytime employees, with an average household income of $68,326. This property offers a stable, income-producing asset with significant upside potential. The property is zoned for business use and has a Lake County APN of 45-08-33-283-016.000-004.

    Property Features for 4802 Broadway

    General Information

    Property type
    Medical offices
    Square Feet
    13,125 SF
    Lot Size
    21,344 SF

    Building Details

    Year Built
    1992
    Buildings
    1
    Stories
    1

    HighLights

    • Over 3 years remaining on the lease term with a recent extension and scheduled rent increases.
    • High‑visibility hard corner location with a national credit tenant and proximity to Methodist Hospital (491 beds).
    • Strong demographics and a direct residential consumer base within a 5‑mile radius.
    Property Profile Location Intelligence

    Current Use by Public Records

    Nephrology Specialists PC Medical Clinic Ellan L. Hood, ... Doctor Dr. Aj J. ... Internist NWI Nephrology: Dr. ... Nephrologist NWI Nephrology: Dr. ... Nephrologist

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3711477
    Latitude
    41.5412825

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    FAQs

    What type of property is this?
    Medical office - DaVita-anchored, Net Lease opportunity.
    Where is this medical office located?
    The property is located at 4802 Broadway Gary, IN.
    What is the asking price?
    The asking price for this property is $3,430,000.
    What are key features of this property?
    This property features: Over 3 years remaining on the lease term with a recent extension and scheduled rent increases.; High-visibility hard corner location with a national credit tenant and proximity to Methodist Hospital (491 beds).; Strong demographics and a direct residential consumer base within a 5-mile radius.
    Request Owner's contact information
    4802 Broadway Gary, IN 46408
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    Realmo Value Estimation

    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.

    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.

    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
    4802 Broadway Gary, IN 46408
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