Office/Medical Opportunity

Office for Sale
Sale Pending/Contingent
Catylist Listing ID: 30748835
Property Subtypes: Office Building
Status: Pending/Contingent
Building Size (RSF): 12,132 SF
Gross Building Area: 14,051 SF
Gross Land Area: 1.50 Acres
Sale Price: $1,510,000
Unit Price: $124.46 PSF
Property Use Type: Investment, Vacant/Owner-User
Class of Space: Class B
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 9/26/2022

Overview / Comments

Well established medical building currently operating as The Heart Center of Lake County under the Methodist Hospital umbrella. All masonry monument sign, two entry points from Broadway and multiple public and private entries to the building. 14,051 GSF, 12,132 RSF of which 9,692 SF is leased to Methodist Hospital (NN) since 2013 on an annual basis.
West half of the building was recently updated and is configured with reception/waiting area, large nurse's station, nine exam rooms, private physician offices, managerial offices, conference room, breakroom and several restrooms. Common area has two sets of entry doors, waiting area and public restrooms. East half consists of 3,660 SF of Ultrasound and stress/physical testing areas, support offices and is affiliated with the Heart Center. 2,410 +/- SF suite has recently become available and is for lease. Associated licensed broker is a
member of owning entity.

Attachments & Media


Finance Data Year 2015
Real Estate Taxes - Annual($) $17,944 (Annual)
Tax Value Land $428,500
Tax Value Improvements $401,800
Assessed Value - Total($) $830,300 (Annual)
Finance Data Year 2013
Real Estate Taxes - Annual($) $18,623 (Annual)
Tax Value Land $428,500
Tax Value Improvements $412,200
Assessed Value - Total($) $840,700 (Annual)

Additional Details

Nearest MSA: Chicago-Naperville-Elgin
County: Lake
Submarket Type: Central Business District
Tax ID/APN: 45-12-04-428-010.000-030
Property Visibility: Excellent
Area Description: Main thoroughfare of Merrillville, Broadway, minutes to I-65 interchange via lighted intersection at 61st Avenue.
Total Number of Buildings: 1
Number of Stories: 1
Year Built: 1970
Year Renovated: 2019
Roof Type: Flat
Construction/Siding: Brick
Parking Type: Surface
Parking Description: Parking Ratio; 4.70/1,000 SF
Total Parking Spaces: 66
Heat Type: Natural Gas
Heat Source: Central
Air Conditioning: Engineered System
Internet Access: Cable
Zoning Description: C-2, Community Commercial
Lot Frontage: 200
Lot Depth: 280
Water Service: Municipal
Sewer Type: Municipal
Legal Description: N.200FT. OF S.570FT. OF E.10AC. OF NE.1-4 SE.1-4 S.4 T.35 R.8 1.495AC.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 9,864 60,016 155,522
Median Age: 35.89 35.88 36.75
Households: 3,741 22,182 58,854
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