Office

8300 Broadway Professional Office Center

Listing Price: $1,549,000

Cap Rate
8.66%
Gross SF
17,220
Rentable SF
17,220
Price/Gross SF
$89.95
Lot Size
2.04 acres
Year Built
1989

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review a medical and professional office building at 8300 Broadway, Merrillville, Indiana located in Lake County, Indiana and part of the Chicago MSA. 8300 Broadway is ideally located on a main business artery, Broadway/State Road 53 (over 23,000 vehicles per day) just east of US 30/80th Avenue (49,279 vehicles per day). This 15 unit medical office building is less than five minutes to Methodist and Pinnacle Hospitals, with which the physicians in the building are affiliated. It is also attractive to other professional office users due to its easy access to Interstate 65 (approximately one mile). Local and national retail stores, restaurants, and hotels are present in this corridor. Three technical/colleges are also within a five minute drive including: Brown Mackie College, DeVry University and Indiana Wesleyan University.

Built in 1980, the building is two stories, features masonry construction, and has ample parking. New updates include: remodeled bathrooms, new hallway flooring, office suite updates including new flooring and paint, LED lights in the front and back exterior, new parking lot lights, most HVAC compressors replaced, and a new pylon sign - which could allow for additional sign rental income.

Rents are below market for medical office leased space (building average current rent is $11.75 SF). There is upside potential in leasing the remaining offices along with the floor plate flexibility to combine offices in the shared suites for a larger office user. Ideally located within the Chicago MSA, but with the benefits of the Indiana Business Climate.

Investment Highlights

  • Mix of Long Term Medical and Professional and Professional Office Tenants
  • Potential to Add Income in the Lease-Up of Remaining Vacant Spaces
  • Located Near Major Retail Corridor and Within five Minutes of Two Hospital Systems
  • Easy access Interstate 65 North to Chicago
  • Many Capital Improvements Made by Seller over the Past Five Years

Exclusively Listed By

Financing By

Office

8300 Broadway Professional Office Center

Listing Price: $1,549,000

Cap Rate
8.66%
Gross SF
17,220
Rentable SF
17,220
Price/Gross SF
$89.95
Lot Size
2.04 acres
Year Built
1989

Investment Highlights

  • Mix of Long Term Medical and Professional and Professional Office Tenants
  • Potential to Add Income in the Lease-Up of Remaining Vacant Spaces
  • Located Near Major Retail Corridor and Within five Minutes of Two Hospital Systems
  • Easy access Interstate 65 North to Chicago
  • Many Capital Improvements Made by Seller over the Past Five Years

Investment Overview

Marcus & Millichap is pleased to present for your acquisition review a medical and professional office building at 8300 Broadway, Merrillville, Indiana located in Lake County, Indiana and part of the Chicago MSA. 8300 Broadway is ideally located on a main business artery, Broadway/State Road 53 (over 23,000 vehicles per day) just east of US 30/80th Avenue (49,279 vehicles per day). This 15 unit medical office building is less than five minutes to Methodist and Pinnacle Hospitals, with which the physicians in the building are affiliated. It is also attractive to other professional office users due to its easy access to Interstate 65 (approximately one mile). Local and national retail stores, restaurants, and hotels are present in this corridor. Three technical/colleges are also within a five minute drive including: Brown Mackie College, DeVry University and Indiana Wesleyan University.

Built in 1980, the building is two stories, features masonry construction, and has ample parking. New updates include: remodeled bathrooms, new hallway flooring, office suite updates including new flooring and paint, LED lights in the front and back exterior, new parking lot lights, most HVAC compressors replaced, and a new pylon sign - which could allow for additional sign rental income.

Rents are below market for medical office leased space (building average current rent is $11.75 SF). There is upside potential in leasing the remaining offices along with the floor plate flexibility to combine offices in the shared suites for a larger office user. Ideally located within the Chicago MSA, but with the benefits of the Indiana Business Climate.

Exclusively Listed By

Financing By

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