Medical Center Investment
4802 Broadway Gary, IN 46408
For Sale
Contact for pricing
Two-tenant medical center in Gary, IN with upside.
Property Size13,125 SF
Price / SF$236.19
Days on Market601
Property Features for 4802 Broadway
General Information
Standard status
Active
Size
13,125 SF
Property subtype
Office
Building Details
Year Built
1992
Listing Agency:
SRS Real Estate Partners Newport Beach
(480) 221-4221
Listed By:
Stephen Sullivan · License #CA 01939096
Source:
Crexi
Added: Dec 4, 2024
Changed: Jul 10
Last Checked: Jul 27 at 5:59AM
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 SRS Real Estate Partners Newport Beach
Investment Insights
Based on property information with market context.
This two-tenant medical center investment property is located in Gary, Indiana. The property has 13,125 square feet of leasable area. DaVita Dialysis occupies approximately 11,203 square feet, with approximately 1,922 square feet currently vacant. TRC – Indiana, LLC, recently extended their lease and has over 3 years remaining in their lease term with 3 (5-years) option periods left to extend. The lease features 2% rental increases at the beginning of each option. The property is located at the corner of Broadway Street and 48th Avenue, with traffic counts exceeding 28,200 vehicles per day. The site has direct on/off ramp access to Interstate 65 (112,200 VPD) and Interstate 94 (209,600 VPD). The retail corridor includes Lowe’s Home Improvement, Costco Wholesale, The Home Depot, Dick’s Sporting Goods, Petco, Aldi, Meijer and Target. The site is near Methodist Hospital, a medical facility with 491 beds. The property is within walking distance to multiple apartment complexes including Georgia Street (30 units), Meadowlane (64 units), and Greenbrier (70 units). The 5-mile trade area is supported by 136,623 residents and 51,121 daytime employees with an average household income of $68,326.
Key Highlights
- Two‑tenant medical center investment property with a strong national tenant (DaVita Dialysis) occupying a majority of the leasable area.
- Strategic hard corner location with high traffic counts (28,200 VPD) and direct access to Interstates 65 and 94.
- Lease with TRC - Indiana, LLC recently extended with over 3 years remaining and 3 (5‑year) option periods with 2% rental increases.
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $340.2k | $25.92 |
| − Vacancy | −$34.0k | −$2.59 |
| EGI | $306.2k | $23.33 |
| − OpEx | −$122.5k | −$9.33 |
| NOI | $183.7k | $14.00 |
13,125 SF · lease $25.92/SF/yr · vacancy 10.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.62M
$2.30M – $3.06M
NOI $183,708 @ 7.0% cap · market cap 5.93%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.66M
$3.21M – $4.27M
NOI $256,479 @ 7.0% cap · market cap 8.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Medical center - Two-tenant medical center in Gary, IN with upside.
Where is this medical center located?
The property is located at 4802 Broadway Gary, IN.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Two‑tenant medical center investment property with a strong national tenant (DaVita Dialysis) occupying a majority of the leasable area.; Strategic hard corner location with **high traffic counts (28,200 VPD)** and direct access to Interstates 65 and 94.; Lease with TRC - Indiana, LLC recently extended with over 3 years remaining and 3 (5‑year) option periods with 2% rental increases.
