523 Chicago AveEast Chicago, IN 46312

Property Details for 523 Chicago Ave

Year built

1940

Construction

WOOD

Lot size

0.34 AC

Property size (Sq ft)

960 SF

Property type

Medical offices

Property subtype

Medical centers

APN

45-03-29-413-003.000-024

APU

450329413003000024

Description

This 963-square-foot medical office space in Lake County is immediately available. Located on high-traffic Chicago Avenue, this updated, single-story building offers convenient access and high visibility. Recent updates include gated asphalt parking and ample on-street parking. The interior features private restrooms, central air conditioning, and forced-air heating. Utilities are fully connected, including public sewer and water, cable, electricity, natural gas, and phone lines. This property is part of a larger complex with additional adjacent spaces available for lease individually or together, totaling nearly 4,000 square feet. The building's flexible layout can accommodate a variety of medical or office uses. The property's 1940 construction has been modernized for contemporary business needs. The building's location across from 529 W Chicago Avenue and adjacent to 525 and 527 W Chicago Avenue offers significant potential for expansion or synergy with related businesses. This is a turn-key opportunity for businesses seeking a well-maintained, conveniently located space in a high-traffic area. The APN is 450329413003000024.

• CAP approach

  CAP return

  Valuation

  6%

  $308,517

  6.5%

  $284,785

  7%

  $264,443

• Comparable approach

  Method

  Valuation

  Relative Method

  $125,040

  Geo Method

  $125,040

• Alternative Use

  Use

  Valuation

  Residential

  $353,133

  Hospitality

  $323,468

  Educational

  $269,121

  Medical

  $278,377

  Retail

  $418,633

Location Insight

City

East Chicago

County

Lake

State

Indiana

Latitude

41.6289

Longitude

-87.4775

CBSA code

16980

CBSA name

CHICAGO-NAPERVILLE-JOLIET, IL-IN-WI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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