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Property profile & analytics
FOR SALE
Medical Office Space
2400 Clark Rd, Gary, IN 46404
Individually Owned
15-yr Hold
~
Est. High Equity
Property ID
US31-0067733
For Sale
1 / 10
$1,200,000
2400 Clark Rd, Gary, IN 46404
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Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2004
Construction
WOOD
Total area
14,172 SF
Lot
3.64 ac (158,558 SF)
APN
45-07-13-279-002.000-003
UPID
US31-0067733
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$490k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$573k
Blend (final)
Blend
$530k
Owner & transaction history
Edgewater Systems Of Balanced Liv · 15 yrs held
Edgewater Systems Of Balanced Liv
since 2010
4 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$680,000
+6.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Gary submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Gary submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$490,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$640,000
Current use
APARTMENT HOUSE (5+ UNITS)
$680,000
Change: +7% · Conversion: Moderate
WAREHOUSE, STORAGE
$550,000
Change: -14% · Conversion: Difficult
Blend value · Realmo final
$530k
Range $477k – $583k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$37 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$80,446
Tax year 2022
Assessed value
$954,200
Assessed 2023
Previous assessed
$1,107,300
-13.8% YoY
Effective rate
8.43%
On assessed value
Assessed land
$218,400
Assessed improvement
$735,800
Land market value
$218,400
Improvement market value
$735,800
Total market value
$954,200
Applied tax rate
3.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
For Sale
Year built
2004
Construction
WOOD
Heating
NONE
Buildings
2
Stories
1
Total area
14,172 SF
Lot
3.64 ac (158,558 SF)
APN
45-07-13-279-002.000-003
UPID
US31-0067733
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$640,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$680,000
WAREHOUSE, STORAGE
Est. value
$550,000
MEDICAL BUILDING Current
APARTMENT HOUSE (5+ UNITS)
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2004
Construction
WOOD
Heating
NONE
Stories
1
Buildings
2
Lot
3.64 ac
Current owner
From public records · entity-resolved
Edgewater Systems Of Balanced Liv
Individual
Mailing address
1100 W 6TH AVE, GARY, IN 46402-1711
Ownership since
2010
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Oct 13, 2023
—
Edgwater Systems For Balanced Livin
—
Deed
related
$125,000 · The State Of Indiana
Sep 3, 2010
—
Edgewater Systems Of Balanced Liv
Middle Passage INC
Warranty Deed
—
—
—
Edgewater Systems Of Balanced Liv
—
Deed Of Trust
related
$2,000,000 · Citizens Financial Bank
—
—
Middle Passage INC
—
Deed Of Trust
related
$611,983 · Fifth Third Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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