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Office Medical

1425 Glendale | New Construction | MOB

1425 E Glendale Blvd, Valparaiso, IN 46383

Listing Price: Request For Offer

Gross SF
43,450
Rentable SF
43,450
Occupancy
100.0%
Year Built
2022
Lot Size
3.30 acres

Investment Overview

Marcus & Millichap is pleased to exclusively represent 1425 E Glendale Blvd, Valparaiso, IN, a Two-Story Class A Medical Office Building, that began construction in 2018 and is currently ~75% complete to grey shell per the contractors. The Property is in Receivership. A successful offer must be approved by the Court. Property will be delivered free and clear of all mechanics liens and conveyed by Trustee’s deed.

Proposed building amenities include a Covered Canopy Entrance, 26 Rear Covered Parking Spaces, ADA Accessibility, 3 Elevator Shafts (2 Passenger, 1 Freight), Back up Generator Enclosure, Life Safety Systems, Highly Visible Building Signage, Ample Planned Parking (182 spaces including 8 ADA) and 3 Rooftop Air Handlers. When complete, the building will offer 43,450 SF of gross leasable area (GLA) on 3.3 acres.

Per the appraisal as of August 2021, the subject property had an estimated value of $23,050,000; ($529.43SF) upon completion and lease up, with a construction budget of ~$10.3M. With land costs and at current state of completion, there’s more than $6M invested in this project. In addition to the acquisition cost, the subject property has an estimated cost to finish to grey shell of approximately ~$4.86M (see page 7). There may be opportunities for value engineering to reduce this cost.

Ideally located on E Glendale Blvd. (5,781 VPD), next door to Northwest Health - Valparaiso, a 24/7 emergency department affiliated with Northwest Health - Porter Hospital, with various other healthcare providers situated nearby, and directly across from Glenrose Park, a 20-acre park consisting of family friendly playgrounds and sports facilities.

This location has ease of access to IN SR 49 (32,567 VPD) and US Highway 30 (29,707 VPD). The Valparaiso Marketplace Shopping and Porter Vale Shopping Centers, along with a multitude of restaurants and services along Calumet Ave. are within minutes of this location (Target, Menards, Home Depot, Aldi, CVS, and Walgreens). The area population enjoys an affluent AHHI of $104,393 (w/5-mile radius), well above the National Average. Valparaiso University (Enrollment: 2,868) and Ivy Tech Community College Valparaiso provide an educated talent pool.

The subject property is located in growing Porter County, Valparaiso, IN, (Chicago MSA - 3rd Largest; Population: 9,618,502). The 301 bed Northwest Health - Porter Hospital is located 6 miles from the subject property, which provides a variety of services including cancer care, diabetes care, emergency services, laboratory services, neurology, pediatric care, urgent care, and more. Asking Medical Office rents in Valparaiso average $26.22 SF (CoStar, December 2023).

The subject property offers investors the opportunity to acquire a Class A medical office building, below the cost to rebuild today for potential double-digit returns. This investment is suitable for Nephrology, Medical Office, Research and Development User, Professional Office Headquarters, Call Center, Educational Tech. Center, or Multi-Tenant Co-Working Space. Perfect for Owner Users or Investors seeking an opportunistic acquisition.

Investment Highlights

  • 75% Complete to Grey Shell | Two Story Class A Medical Office Building (43,450 Gross SF | 3.3 AC) | Next Door to Northwest Health - Valparaiso, a 24/7 Emergency Dept Affiliated with Porter Hospital
  • Proposed Amenities: Covered Canopy Entrance, Lobby, State of the Art Life Systems with Back up Generator, ADA Restrooms, Three Elevators (Two Passenger, One Freight), Ample Parking (182 Spaces)
  • Property Suitable for Nephrology, Medical or Professional Office, Research or Educational Center, Multi-Tenant Co-Working Space
  • Tremendous Upside Potential | IO Financing Available for Qualified Investors with Potential 23.15% IRR Ask Broker for Pro Forma Acquisition Analysis
  • Ideally Located on E Glendale Blvd (5,781 VPD) Directly Across from Glenrose Park, a 20-Acre Park Consisting of Playgrounds & Sports Facilities | Off Indiana State Road 49 (32,567 VPD)
  • Largest Area Employers: Valparaiso University | Northwest Health | U.S. Steel Corp. | St. Mary Medical Center | ArcelorMittal | Regal Power Trans Solutions | Ivy Tech Community College. | Pratt Industries
  • Located in Growing Porter County, Valparaiso, IN (Chicago, IL MSA | Rank: 3rd | Population: 9,618,502) | Affluent Average Household Income: $104,393 (Within 5 Miles)
  • Property to be Delivered Free and Clear of All Liens Conveyed by Trustee's Deed. (Successful Offer to be Approved by Trustee and Court)

Exclusively Listed By

Financing By

Office Medical

1425 Glendale | New Construction | MOB

Listing Price: Request For Offer

Gross SF
43,450
Rentable SF
43,450
Occupancy
100.0%
Year Built
2022
Lot Size
3.30 acres

Investment Highlights

  • 75% Complete to Grey Shell | Two Story Class A Medical Office Building (43,450 Gross SF | 3.3 AC) | Next Door to Northwest Health - Valparaiso, a 24/7 Emergency Dept Affiliated with Porter Hospital
  • Proposed Amenities: Covered Canopy Entrance, Lobby, State of the Art Life Systems with Back up Generator, ADA Restrooms, Three Elevators (Two Passenger, One Freight), Ample Parking (182 Spaces)
  • Property Suitable for Nephrology, Medical or Professional Office, Research or Educational Center, Multi-Tenant Co-Working Space
  • Tremendous Upside Potential | IO Financing Available for Qualified Investors with Potential 23.15% IRR Ask Broker for Pro Forma Acquisition Analysis
  • Ideally Located on E Glendale Blvd (5,781 VPD) Directly Across from Glenrose Park, a 20-Acre Park Consisting of Playgrounds & Sports Facilities | Off Indiana State Road 49 (32,567 VPD)
  • Largest Area Employers: Valparaiso University | Northwest Health | U.S. Steel Corp. | St. Mary Medical Center | ArcelorMittal | Regal Power Trans Solutions | Ivy Tech Community College. | Pratt Industries
  • Located in Growing Porter County, Valparaiso, IN (Chicago, IL MSA | Rank: 3rd | Population: 9,618,502) | Affluent Average Household Income: $104,393 (Within 5 Miles)
  • Property to be Delivered Free and Clear of All Liens Conveyed by Trustee's Deed. (Successful Offer to be Approved by Trustee and Court)

Investment Overview

Marcus & Millichap is pleased to exclusively represent 1425 E Glendale Blvd, Valparaiso, IN, a Two-Story Class A Medical Office Building, that began construction in 2018 and is currently ~75% complete to grey shell per the contractors. The Property is in Receivership. A successful offer must be approved by the Court. Property will be delivered free and clear of all mechanics liens and conveyed by Trustee’s deed. Proposed building amenities include a Covered Canopy Entrance, 26 Rear Covered Parking Spaces, ADA Accessibility, 3 Elevator Shafts (2 Passenger, 1 Freight), Back up Generator Enclosure, Life Safety Systems, Highly Visible Building Signage, Ample Planned Parking (182 spaces including 8 ADA) and 3 Rooftop Air Handlers. When complete, the building will offer 43,450 SF of gross leasable area (GLA) on 3.3 acres. Per the appraisal as of August 2021, the subject property had an estimated value of $23,050,000; ($529.43SF) upon completion and lease up, with a construction budget of ~$10.3M. With land costs and at current state of completion, there’s more than $6M invested in this project. In addition to the acquisition cost, the subject property has an estimated cost to finish to grey shell of approximately ~$4.86M (see page 7). There may be opportunities for value engineering to reduce this cost. Ideally located on E Glendale Blvd. (5,781 VPD), next door to Northwest Health - Valparaiso, a 24/7 emergency department affiliated with Northwest Health - Porter Hospital, with various other healthcare providers situated nearby, and directly across from Glenrose Park, a 20-acre park consisting of family friendly playgrounds and sports facilities. This location has ease of access to IN SR 49 (32,567 VPD) and US Highway 30 (29,707 VPD). The Valparaiso Marketplace Shopping and Porter Vale Shopping Centers, along with a multitude of restaurants and services along Calumet Ave. are within minutes of this location (Target, Menards, Home Depot, Aldi, CVS, and Walgreens). The area population enjoys an affluent AHHI of $104,393 (w/5-mile radius), well above the National Average. Valparaiso University (Enrollment: 2,868) and Ivy Tech Community College Valparaiso provide an educated talent pool. The subject property is located in growing Porter County, Valparaiso, IN, (Chicago MSA - 3rd Largest; Population: 9,618,502). The 301 bed Northwest Health - Porter Hospital is located 6 miles from the subject property, which provides a variety of services including cancer care, diabetes care, emergency services, laboratory services, neurology, pediatric care, urgent care, and more. Asking Medical Office rents in Valparaiso average $26.22 SF (CoStar, December 2023). The subject property offers investors the opportunity to acquire a Class A medical office building, below the cost to rebuild today for potential double-digit returns. This investment is suitable for Nephrology, Medical Office, Research and Development User, Professional Office Headquarters, Call Center, Educational Tech. Center, or Multi-Tenant Co-Working Space. Perfect for Owner Users or Investors seeking an opportunistic acquisition.

Exclusively Listed By

Financing By

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