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Property profile & analytics
OFF-MARKET
Estimated value
$610,000
Medical Office Space
8510 Broadway 28, Merrillville, IN 46410-7032
Entity Owned
13-yr Hold
~
Est. High Equity
Property ID
US31-0017474
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1992
Construction
WOOD
Total area
24,547 SF
Lot
2 ac (87,120 SF)
Zoning code
R33
APN
45-12-28-227-004.000-030
UPID
US31-0017474
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
Current use
Occupant on record · Public records
-
Punday Carol M Physician
-
Lisa J. Saks, OD Physician
-
Dr. Douglas Williams Md Ophthalmologist
-
Blake Williams Ophthalmologist
-
Blake Louis Williams Ophthalmologist
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$500k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$719k
Blend (final)
Blend
$610k
Owner & transaction history
8510 Broadway LLC · 13 yrs held
8510 Broadway LLC
since 2013
1 recorded transaction
Zoning & alternative use
R33 · Merrillville, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Merrillville submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Merrillville 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
$500,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,005,000
Current use
COMMERCIAL (GENERAL)
$1,000,000
Change: 0% · Conversion: Easy
WAREHOUSE, STORAGE
$850,000
Change: -15% · Conversion: Difficult
Blend value · Realmo final
$610k
Range $549k – $671k · ±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
$25 / 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
$17,869
Tax year 2022
Assessed value
$889,400
Assessed 2023
Previous assessed
$855,400
+4.0% YoY
Effective rate
2.01%
On assessed value
Assessed land
$138,600
Assessed improvement
$750,800
Land market value
$138,600
Improvement market value
$750,800
Total market value
$889,400
Applied tax rate
30.0000
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
Off-Market
Year built
1992
Construction
WOOD
Heating
NONE
Stories
2
Total area
24,547 SF
Lot
2 ac (87,120 SF)
Zoning code
R33
APN
45-12-28-227-004.000-030
UPID
US31-0017474
Jurisdiction
LAKE
Metro division
GARY, IN METROPOLITAN DIVISION
Zoning & alternative use
R33 · Merrillville, IN
Zoning R33 · permitted uses
R33 · Merrillville, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Merrillville. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.0M
COMMERCIAL (GENERAL)
Est. value
$1.0M
WAREHOUSE, STORAGE
Est. value
$850,000
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
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
1992
Construction
WOOD
Heating
NONE
Stories
2
Lot
2 ac
Current owner
From public records · entity-resolved
8510 Broadway LLC
Entity
Mailing address
6850 HOHMAN AVE, HAMMOND, IN 46324-1410
Ownership since
2013
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 17, 2013
—
8510 Broadway LLC
Deschamps,eldi E & Denise
Grant Deed
$1,879,200 · Centier 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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