4802 BroadwayGary, IN 46408

Property Details for 4802 Broadway

Year built

1992

Lot size

0.49 AC

Property size (Sq ft)

13,125 SF

Property type

Office properties

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

Latitude

41.5413

Longitude

-87.3711

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