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Office Medical

200 E 80th Place | 3 Tenant Office

200 E 80th Pl, Merrillville, IN 46410

Listing Price: $1,800,000

Cap Rate
7.58%
Gross SF
12,578
Rentable SF
10,712
Price/Gross SF
$143.11
Occupancy
100.0%
Year Built
1995
Lot Size
1.14 acres

Investment Overview

Marcus & Millichap is pleased to exclusively represent 200 E 80th Place, Merrillville, IN located in the Chicago, IL MSA ( Ranked: 3rd Largest US MSA, Population: 9,618,502). The three-tenant medical office anchored building is ~12,578SF on ~1.14 acres. Built in 1995, the two-story attractive brick building benefits from an elevator, front and back staircases, a large parking lot (100 spaces) and a sign visible from E 80th Place. The building is home to three tenants, Home Dialysis Services doing business as Kidney Care Center of Merrillville; the Law Office of Whitten & Whitten, LLC; and Laszlo & Associates, PC. Kidney Care Center, a home dialysis services and nephrology outpatient clinic, has 3.1 years lease term remaining and (1) 2-year option. Because of the location to the Dialysis Care Center with in-patient treatment just 0.4 miles along 80th Place. The Law Office of Whitten & Whitten, LLC, a debt relief agency and bankruptcy attorneys; commenced August 2017 and just renewed for 3 years with an 11.5% rent increase, demonstrating the value of the location and ability for rent growth in the building. Laszlo & Associates, PC, law firm that represents the needs of small business owners; including financial planning and accounting services. They were the original owners of the building and have been in place since the building was constructed. The current lease term has 3.9 years remaining with (1) 5-year option with the greater of a 3% rent escalation or FMV. Merrillville located in Ross Township, Lake County, Indiana enjoys great diversity in housing, residents, and culture. Merrillville has earned the title as #4 Best City for Teleworking in America (Sperling’s BestPlaces & Intel Corporation). Home to the Southlake Mall, Merrillville offers shoppers a huge selection of stores to peruse, including an enclosed mall, big-box retailers and individually owned shops. The area is known as a health care hub and national retail corridor that attracts and retains customers. It is estimated that during any given weekday, the daytime workforce of Merrillville (population: 34,930) grows 285% to over 100,000 due to shoppers and workers throughout the town (Merrillville.in.gov). The abundance of national retailers include Target, Home Depot, Lowes, Walmart, Costco, Walgreens, CVS, Kohls, and Macy’s. A variety of health care providers including Methodist Hospital and Pinnacle Hospital are just minutes away. Additionally, Dialysis Care Center with in-patient dialysis services is also conveniently located on 80th Place, just 0.4 miles away. Patients may receive treatment at either location with the Physician’s offices located in the subject property. Merrillville has become the crossroads of the county as it has the popular I-65 that runs through most of the town as well as the U.S. Route 30. The subject property is located near the I-65 (90,714 VPD) and U.S. Highway 30 (49,127 VPD) intersection. The Indiana Submarket in Chicago is a very large submarket that contains roughly 13.1 million SF of office space The vacancy rate has been essentially unchanged over the past year, but at 5.5%, the rate was well below the 10-year average as of 2022Q1. Rents in the building are below market providing upside in rental increases with rollover and renewals. This location enjoys an average household income of $82,371 (5-mile radius) and a population of 100,363 (5-mile radius). The region features many higher education institutions including Ivy Tech Community College, Hyles-Anderson College, Denmark College, DeVry University, and University of Phoenix Merrillville. Large employers in the area include NiSource, Whiteco Industries, NIPSCO, and St. Mary’s Medical Center.

Investment Highlights

  • 100% Occupied 12,578 SF (10,712 SF GLA) | Three Tenant Medical Office Anchored Building on ~1.14 acres| 2 Story Brick Building with Lobby, Elevator, Front & Rear Staircases, ADA Accessible| Built 1995
  • Professional Tenant Mix: Kidney Care Center (Home Dialysis Services), Law Office of Whitten & Whitten, LLC (Debt Relief and Bankruptcy Firm) & Laszlo & Associates, PC (CPA Attorney)
  • New 3 Year Renewal with 11.5% Rent Increase | Unit 1: Law Office of Whitten and Whitten, LLC Demonstrating Commitment to Location and Ability for Rent Growth in Building.
  • Located in the Chicago, IL MSA (Ranked 3rd Largest) With a Population of 9,618,502 | Affluent AHHI (5-Mile Radius): $82,371 | Population (5-Mile Radius): 100,363

Exclusively Listed By

Financing By

Office Medical

200 E 80th Place | 3 Tenant Office

Listing Price: $1,800,000

Cap Rate
7.58%
Gross SF
12,578
Rentable SF
10,712
Price/Gross SF
$143.11
Occupancy
100.0%
Year Built
1995
Lot Size
1.14 acres

Investment Highlights

  • 100% Occupied 12,578 SF (10,712 SF GLA) | Three Tenant Medical Office Anchored Building on ~1.14 acres| 2 Story Brick Building with Lobby, Elevator, Front & Rear Staircases, ADA Accessible| Built 1995
  • Professional Tenant Mix: Kidney Care Center (Home Dialysis Services), Law Office of Whitten & Whitten, LLC (Debt Relief and Bankruptcy Firm) & Laszlo & Associates, PC (CPA Attorney)
  • New 3 Year Renewal with 11.5% Rent Increase | Unit 1: Law Office of Whitten and Whitten, LLC Demonstrating Commitment to Location and Ability for Rent Growth in Building.
  • Located in the Chicago, IL MSA (Ranked 3rd Largest) With a Population of 9,618,502 | Affluent AHHI (5-Mile Radius): $82,371 | Population (5-Mile Radius): 100,363

Investment Overview

Marcus & Millichap is pleased to exclusively represent 200 E 80th Place, Merrillville, IN located in the Chicago, IL MSA ( Ranked: 3rd Largest US MSA, Population: 9,618,502). The three-tenant medical office anchored building is ~12,578SF on ~1.14 acres. Built in 1995, the two-story attractive brick building benefits from an elevator, front and back staircases, a large parking lot (100 spaces) and a sign visible from E 80th Place. The building is home to three tenants, Home Dialysis Services doing business as Kidney Care Center of Merrillville; the Law Office of Whitten & Whitten, LLC; and Laszlo & Associates, PC. Kidney Care Center, a home dialysis services and nephrology outpatient clinic, has 3.1 years lease term remaining and (1) 2-year option. Because of the location to the Dialysis Care Center with in-patient treatment just 0.4 miles along 80th Place. The Law Office of Whitten & Whitten, LLC, a debt relief agency and bankruptcy attorneys; commenced August 2017 and just renewed for 3 years with an 11.5% rent increase, demonstrating the value of the location and ability for rent growth in the building. Laszlo & Associates, PC, law firm that represents the needs of small business owners; including financial planning and accounting services. They were the original owners of the building and have been in place since the building was constructed. The current lease term has 3.9 years remaining with (1) 5-year option with the greater of a 3% rent escalation or FMV. Merrillville located in Ross Township, Lake County, Indiana enjoys great diversity in housing, residents, and culture. Merrillville has earned the title as #4 Best City for Teleworking in America (Sperling’s BestPlaces & Intel Corporation). Home to the Southlake Mall, Merrillville offers shoppers a huge selection of stores to peruse, including an enclosed mall, big-box retailers and individually owned shops. The area is known as a health care hub and national retail corridor that attracts and retains customers. It is estimated that during any given weekday, the daytime workforce of Merrillville (population: 34,930) grows 285% to over 100,000 due to shoppers and workers throughout the town (Merrillville.in.gov). The abundance of national retailers include Target, Home Depot, Lowes, Walmart, Costco, Walgreens, CVS, Kohls, and Macy’s. A variety of health care providers including Methodist Hospital and Pinnacle Hospital are just minutes away. Additionally, Dialysis Care Center with in-patient dialysis services is also conveniently located on 80th Place, just 0.4 miles away. Patients may receive treatment at either location with the Physician’s offices located in the subject property. Merrillville has become the crossroads of the county as it has the popular I-65 that runs through most of the town as well as the U.S. Route 30. The subject property is located near the I-65 (90,714 VPD) and U.S. Highway 30 (49,127 VPD) intersection. The Indiana Submarket in Chicago is a very large submarket that contains roughly 13.1 million SF of office space The vacancy rate has been essentially unchanged over the past year, but at 5.5%, the rate was well below the 10-year average as of 2022Q1. Rents in the building are below market providing upside in rental increases with rollover and renewals. This location enjoys an average household income of $82,371 (5-mile radius) and a population of 100,363 (5-mile radius). The region features many higher education institutions including Ivy Tech Community College, Hyles-Anderson College, Denmark College, DeVry University, and University of Phoenix Merrillville. Large employers in the area include NiSource, Whiteco Industries, NIPSCO, and St. Mary’s Medical Center.

Exclusively Listed By

Financing By

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