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    Property profile & analytics

    4724 Broadway Gary, IN 46408-4508

    • Medical Office Space
    • 1,370 SF
    • 0.05 lot acres
    OFF-MARKET
    Last Sale
    Dec 28, 2022
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0421410
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Medical Office Space

    Property Details for 4724 Broadway

    Year built
    1941
    Construction
    WOOD
    Lot size
    0.05 lot acres
    Property size
    1,370 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    45-08-33-279-015.000-004
    APU
    450833279015000004

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Gary
    County
    Lake
    State
    Indiana
    Longitude
    -87.3366
    Latitude
    41.5326
    CBSA code
    16980
    CBSA name
    CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $2,766
    $2,900
    $25,800
    $28,700
    -
    $2,900
    $25,800
    $28,700

    Comparable in this City

    • Value Estimation
      $520,000
      13,250 SF

      4800 Broadway, Unit 18

      MEDICAL BUILDING • 13,250 SF
      4800 Broadway, Gary, IN 46408-4509
      View Details
    • Value Estimation
      $575,000
      9,580 SF

      3280 Grant St, Unit 98

      MEDICAL BUILDING • 9,580 SF
      3280 Grant St, Gary, IN 46408-1006
      View Details
    • Value Estimation by Request
      5,244 SF

      3814 Grant St

      MEDICAL BUILDING • 5,244 SF
      3814 Grant St, Gary, IN 46408-2150
      View Details
    • Value Estimation by Request
      1,958 SF

      4844 Broadway, Unit 46

      MEDICAL BUILDING • 1,958 SF
      4844 Broadway, Gary, IN 46408-4509
      View Details
    • Value Estimation by Request
      1,850 SF

      5010 Broadway

      MEDICAL BUILDING • 1,850 SF
      5010 Broadway, Gary, IN 46408-4606
      View Details
    • Value Estimation by Request
      15,052 SF

      4900 Broadway, Unit 30

      MEDICAL BUILDING • 15,052 SF
      4900 Broadway, Gary, IN 46408-4605
      View Details

    Similar Nearby for Sale

    • $3,430,000
      13,125 SF

      Gary Medical Office Investment

      DaVita-anchored, Net Lease opportunity.
      4802 Broadway, Gary, IN 46408
      View Details
    • $125,000

      Prime Commercial Land Available

      Approximately 1 acre for QSR or retail with curb cut.
      5555 W Ridge Rd, Gary, IN 46408
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    • $125,000

      Commercial Land with Curb Cut

      Commercial land featuring a private curb cut and turn lane.
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    • $148,000
      1.12 Acres

      Land on Ridge Road

      Over one-acre lot available on busy Ridge Road.
      1301 W Ridge Rd, Gary, IN 46408
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    • $498,000
      1.45 Acres

      Gary Bar & House Package

      Turnkey Bar with Attached House
      2715 Ridge Rd, Gary, IN 46408
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    • $950,000

      Redevelopment or Reuse Opportunity

      Retail showroom/warehouse on 3.7 acres near I-80/94.
      3450 Grant St, Gary, IN 46408
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    Similar Nearby for Lease

    • Contact for pricing

      Land Available For Lease

      Highly visible land for lease in a densely populated area.
      3701 Grant St, Gary, IN 46408
      View Details
    • $2,400 /Mo

      Trucking Trailer Parking Site

      1-10 acre trucking trailer parking, stone base, near I-80/94.
      3920 W Ridge Rd, Gary, IN 46408
      View Details
    • $2,736 /Mo
      3,648 SF

      Warehouse Space in Gary, Indiana

      Versatile warehouse space suitable for various industrial and storage purposes.
      5020 W 45Th Ave, Gary, IN 46408
      View Details
    • $10 SF/Yr
      50,101 SF

      3303-3345 45Th Ave

      Retail properties & Spaces • 50,101 SF
      3303-3345 45Th Ave, Gary, IN 46408
      View Details
    • $2,400 /Mo
      435,600 SF

      Trucking Trailer Parking Site

      1-10 acre trucking trailer parking site for lease.
      3920 W Ridge Rd, Gary, IN 46408
      View Details
    • Contact for pricing
      3,500 SF

      Retail Space in Gary, Indiana

      Retail property located 35 miles east of downtown Chicago.
      5974-5990 W Ridge Rd, Gary, IN 46408
      View Details
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    4724 Broadway
    Gary, IN 46408-4508
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    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
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