Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    8903-8939 Broadway Merrillville, IN 46410

    Property Lookup

    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    8903-8939 Broadway Merrillville, IN 46410

    View on Map
    • Office properties & Spaces
    • 17,058 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Office properties & Spaces

    Property Details for 8903-8939 Broadway

    Year built
    1987
    Property size
    17,058 SF
    Property type
    Office properties & Spaces

    Description

    Broadfield Square North offers 6,369 square feet of immediately available executive office space in a 17,058 square foot building situated on 2.16 acres. This single, Class C building, constructed in 1987, is located in Merrillville, Indiana, within a high-traffic area along Northwest Indiana's primary office and retail corridor. The property boasts convenient drive-up surface parking. Suites range from 902 to 2,113 contiguous square feet, each featuring a dedicated entrance. Its prime location next to Methodist Hospital Southlake Campus makes it particularly well-suited for medical offices. Monument signage is available on Broadway, ensuring high visibility. The property is zoned C-3 Highway Commercial (APN: 45-12-27-301-001.000-030, Lake County). The building is well-maintained and professionally managed, offering easy access to restaurants, shopping, and the County Government Complex (approximately one mile away). Estimated 2021 operating expenses were $5.81 per square foot. Multiple tenancy is available.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Merrillville
    County
    Lake
    State
    Indiana
    Longitude
    -87.3347
    Latitude
    41.4562

    Comparable in this City

    • Value Estimation by Request
      14,176 SF

      120 90Th Dr

      Medical Office Space • 14,176 SF
      120 90Th Dr, Merrillville, IN 46410
      View Details
    • Value Estimation by Request
      24,396 SF

      7896 Broadway

      Office properties & Spaces • 24,396 SF
      7896 Broadway, Merrillville, IN 46410
      View Details
    • Value Estimation
      $1,480,000
      15,932 SF

      8252 Virginia St

      OFFICE (GENERAL) • 15,932 SF
      8252 Virginia St, Merrillville, IN 46410-5569
      View Details
    • Value Estimation
      $3,840,000
      42,480 SF

      7200 Mississippi St

      OFFICE (GENERAL) • 42,480 SF
      7200 Mississippi St, Merrillville, IN 46410-3992
      View Details
    • Value Estimation
      $6,205,000
      232,672 SF

      5959 Broadway

      OFFICE (GENERAL) • 232,672 SF
      5959 Broadway, Merrillville, IN 46410-2617
      View Details
    • Value Estimation
      $4,395,000
      48,916 SF

      8001 Broadway

      OFFICE (GENERAL) • 48,916 SF
      8001 Broadway, Merrillville, IN 46410-5500
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      8,300 SF

      Medical Office Condo For Sale

      8,300 SF medical office condo in central location.
      8528 Broadway, 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 St, Merrillville, IN 46410
      View Details
    • $2,350,000
      17,220 SF

      Medical Office Buildings Near Hospital

      Two medical office buildings near Southlake Methodist Hospital for sale.
      8695 Connecticut St, Merrillville, IN 46410
      View Details
    • Contact for pricing
      10,750 SF

      Medical Office Building For Sale

      Medical office building near Methodist Hospital with ample parking.
      8683 Connecticut St, 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 46410
      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 46410
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      16,660 SF

      Spacious Building on Route 30

      16,660 SF building suitable for medical or commercial use.
      4200 W Lincoln Hwy, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Office Space For Lease

      Office space available for lease in Merrillville, Indiana.
      251 W 84Th Dr, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Office Space Available For Lease

      Office spaces available for lease in Merrillville, Indiana.
      2600-2620 W 81St Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Office Space For Lease

      Office space available for lease in Merrillville, Indiana.
      311 E 89Th Ave, Merrillville, IN 46410
      View Details
    • Contact for pricing

      Proposed Office Space Available

      Proposed office building with customizable floor plans in Merrillville, Indiana.
      720 E 80Th Pl, Merrillville, IN 46410
      View Details
    • Contact for pricing
      2,276 SF

      Retail and Office Strip Center

      Multi-tenant strip center ideal for retail and office users.
      7950-7990 Broadway, Merrillville, IN 46410
      View Details
    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.
    8903-8939 Broadway
    Merrillville, IN 46410
    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!