Office

Broadway Office Centre

7863 Broadway, Merrillville, IN 46410

Listing Price: $3,825,000

Cap Rate
8.58%
Gross SF
33,217
Rentable SF
33,217
Price/Gross SF
$115.15
Lot Size
2.07 acres
Year Built
1972

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to present to the market exclusively for sale the Broadway Office Center of Merrillville, Indiana. Located in Northwest Indiana, Merrillville is located in Lake County, and is an integral part of the Chicago MSA, the 3rd largest Metropolitan Statistical Area in the country by estimated population at roughly 9,500,000 residents. The Broadway Office Center is located in the heart of Merrillville, just 2 miles from the I-65 and US 30 Interchange, along Broadway, also referred to as State Road 53, and benefits from daily traffic counts in excess of 23,000 Vehicles per day. The South Broadway corridor from US 30, is a strong office market featuring numerous corporate headquarters of the regions largest employers including, NIPSC (NiSource), Centier Bank, and White Lodging among others.
The Broadway Office Center is a 33,2017 square-foot, two story, multi-tenant professional office building has been well maintained over the years with numerous recent capital improvements and currently operates at 100% occupancy across a diversified mix 28 professional and medical office Tenants alike. The Subject Property is well-anchored into 2028 by United Dental Partners in 17.69% of the NLA, while joined by Home Based Services in 14.02% of the NLA, and Indiana Legal Services in 10.84% of the NLA.
Featuring excellent real estate fundamentals, diversified risk across a wide variety of tenants, and long-term anchor stability, the Broadway Office Center presents as an excellent opportunity for any investor. The Subject Property is offered to market asking $4,235,000, reflecting an 8.75% Cap Rate, and leveraged cash-on-cash returns as high as 14.21 percent based upon live-available financing quotes from Alec Neesham, of the Marcus & Millichap Capital Corporation.

Investment Highlights

  • 33,207 Square-Foot Class B Multi-Tenant Medical/Professional Office Building
  • Located in Merrillville, Indiana | Chicago MSA | 3rd Largest MSA in the United States
  • Strategically Positioned along Broadway | 2 Miles from I-65 & US-30 Interchange
  • Operating at 100% Occupancy across Diversified Tenant-Mix of 28 Tenants
  • Anchored in 17.69% Net Leasable Area by United Dental Partners into 2028

Exclusively Listed By

Listing Price: $3,825,000

Cap Rate
8.58%
Gross SF
33,217
Rentable SF
33,217
Price/Gross SF
$115.15
Lot Size
2.07 acres
Year Built
1972

Investment Highlights

  • 33,207 Square-Foot Class B Multi-Tenant Medical/Professional Office Building
  • Located in Merrillville, Indiana | Chicago MSA | 3rd Largest MSA in the United States
  • Strategically Positioned along Broadway | 2 Miles from I-65 & US-30 Interchange
  • Operating at 100% Occupancy across Diversified Tenant-Mix of 28 Tenants
  • Anchored in 17.69% Net Leasable Area by United Dental Partners into 2028

Investment Overview

The DiSalvo Group of Marcus & Millichap is pleased to present to the market exclusively for sale the Broadway Office Center of Merrillville, Indiana. Located in Northwest Indiana, Merrillville is located in Lake County, and is an integral part of the Chicago MSA, the 3rd largest Metropolitan Statistical Area in the country by estimated population at roughly 9,500,000 residents. The Broadway Office Center is located in the heart of Merrillville, just 2 miles from the I-65 and US 30 Interchange, along Broadway, also referred to as State Road 53, and benefits from daily traffic counts in excess of 23,000 Vehicles per day. The South Broadway corridor from US 30, is a strong office market featuring numerous corporate headquarters of the regions largest employers including, NIPSC (NiSource), Centier Bank, and White Lodging among others.
The Broadway Office Center is a 33,2017 square-foot, two story, multi-tenant professional office building has been well maintained over the years with numerous recent capital improvements and currently operates at 100% occupancy across a diversified mix 28 professional and medical office Tenants alike. The Subject Property is well-anchored into 2028 by United Dental Partners in 17.69% of the NLA, while joined by Home Based Services in 14.02% of the NLA, and Indiana Legal Services in 10.84% of the NLA.
Featuring excellent real estate fundamentals, diversified risk across a wide variety of tenants, and long-term anchor stability, the Broadway Office Center presents as an excellent opportunity for any investor. The Subject Property is offered to market asking $4,235,000, reflecting an 8.75% Cap Rate, and leveraged cash-on-cash returns as high as 14.21 percent based upon live-available financing quotes from Alec Neesham, of the Marcus & Millichap Capital Corporation.

Exclusively Listed By

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