4802 Broadway Gary, IN 46408

Property Details for 4802 Broadway

Year built

1992

Lot size

0.49 lot acres

Property size

13,125 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

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.

Location Insight

City

Gary

County

Lake

State

Indiana

Longitude

-87.3711

Latitude

41.5413