7863 Broadway
Merrillville, IN 46410
Broadway Office Center · Office Property For Sale

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 region’s largest employers including, NIPSC (NiSource), Centier Bank, and White Lodging among others. The Broadway Office Center is a 33,207 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 95% occupancy across a diversified mix 27 professional and medical office Tenants alike. While the sizable Tenant-Mix provides investors with a lower-risk investment profile, the Subject Property is also well-anchored in 17.69% of the Net Leasable Area by United Dental Partners on a NNN Lease into 2028. In addition to the long-term anchor of United Dental Partners, the Broadway Office Center is also home to Home Based Services in 14.05% 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 has proven to be a stable investment over the years with extremely high historical occupancy rates, while multiple 2020 lease extensions have been executed and collections are currently at 100%, while Covid-19 relief was only allotted to one of the 27 Tenants. The Subject Property is offered to market asking $3,825,000, reflecting a 9.15% Cap Rate, and leveraged cash-on-cash returns at list projected at 16.49 percent based upon live-available financing quotes from Alec Neesham, of the Marcus & Millichap Capital Corporation.