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    FOR SALE
    Medical Office Space

    8695 Connecticut St, Merrillville, IN 46410

    9,100 SF 1.39 ac lot Built 1977
    Entity Owned 15-yr Hold Absentee Owner ~ Est. High Equity
    Property ID
    US31-0652063
    Property summary
    AI-generated overview

    This exceptional investment opportunity presents two adjoining medical office buildings totaling 17,220 square feet, situated within the Environ Professional Center PUD complex in Merrillville, Indiana. The complex enjoys a prime location, directly adjacent to Southlake Methodist Hospital, offering unparalleled convenience and visibility. Both buildings feature attractive brick exteriors and updated interiors, including Pergo flooring. Recent improvements to the complex include new metal roofs, landscaping enhancements, paved areas, and a welcoming fountain at the entrance. Building 8695 (9,181 SF) has two available suites: Suite A (1,781 SF) with three offices, a waiting area, open space, and a bathroom; and Suite B (2,634 SF) featuring five exam rooms, an office, staff lounge, nurses' station, and a large open area. Two additional suites are currently leased. Building 8679 (8,039 SF) offers two available suites: Suite C (1,502 SF) with four exam rooms, an office, reception area, filing room, and bathrooms; and Suite D (1,128 SF) including an office, open area, storage, and bathrooms. One additional suite is currently leased. Gross rent includes real estate taxes, insurance, and CAM expenses; tenants pay utilities and janitorial services separately. The property benefits from excellent access to I-65/US Highway 30 interchange and is close to various amenities, including restaurants and shopping. 2023 real estate taxes for 8695 were $14,023.36 ($1.53/SF), and $11,853.36 for 8679. The asking price is $2,350,000 ($136.47/SF).

    Property profile
    Verified
    Property type Medical Office Space
    Use group MEDICAL BUILDING
    Year built 1977
    Construction TYPE NOT SPECIFIED
    Total area 9,100 SF
    Lot 1.39 ac (60,636 SF)
    APN 45-12-27-128-001.000-030
    UPID US31-0652063
    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
    • Chhabra Medical Corporation Medical Clinic
    • Bionic Prosthetics & Orthotics - Clinic Orthotics & Prosthetics Service
    • Dr. Bhupindar Chhabra, MD Physician
    • Mrs. Suzanne Meeks Physician
    • Hannah Schuster Physician
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    by Request
    Blend (final) Blend
    by Request
    Owner & transaction history
    SR Real Estate LLC · 15 yrs held
    SR Real Estate LLC
    since 2011
    3 recorded transactions
    2022
    2011
    1969
    Zoning & alternative use
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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    “Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
    More about this property
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