Freestanding Medical Office
For Sale
$985,000
15018 Greyhound, Carmel, IN 46032
Commercial Sale, Carmel, IN
Property Size5,403 SF
Lot Size1.00 Acre
Price / SF$182.31
Days on Market79
Property Features for 15018 Greyhound
General Information
Property type
Residential
Property subtype
Office
Zoning
General Business (GB)
Elementary school
Shamrock Springs Elementary School
Middle school
Westfield Middle School
High school
Westfield High School
Elementary school district
Westfield-Washington Schools
Middle school district
Westfield-Washington Schools
High school district
Westfield-Washington Schools
Directions
GPS Friendly
Subdivision
2913 - Hamilton - Washington
Standard status
Active
APN
290913000012026015
Lot size
1.00 Acre
Taxes and HOA fees
Tax Year
2025
Tax Description
Acreage 1.00, Section 13, Township 18, Range 3
Legal Description
Acreage 1.00, Section 13, Township 18, Range 3
Building Details
Year built
1986
Listing Agency:
Keller Williams Indy Metro Partners · Keller Williams Realty
(317) 882-5900
Listed By:
Jaskaran Jossan · License #RB21000870
(317) 599-2643
Added: Jun 30
Changed: Aug 28
Last Checked: Sep 16 at 12:06AM
MLS# 22111319
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding medical office property contains approximately 5,403 square feet on a full 1.00-acre parcel. Formerly operated as an animal hospital, the building retains an interior arrangement suited to veterinary operations and is also identified for potential medical, dental, daycare, med spa, professional office, and other service-based uses. General Business (GB) zoning applies.
The property provides 20 surface parking spaces, dedicated monument signage, and additional on-site area for parking expansion. Constructed in 1986, it is positioned in the Carmel-Westfield corridor near Target, Walmart Supercenter, Lowe’s, Menards, Kohl’s, ALDI, Best Buy, and Clay Terrace.
The property provides 20 surface parking spaces, dedicated monument signage, and additional on-site area for parking expansion. Constructed in 1986, it is positioned in the Carmel-Westfield corridor near Target, Walmart Supercenter, Lowe’s, Menards, Kohl’s, ALDI, Best Buy, and Clay Terrace.
Key Highlights
- Approximately 5,403 SF medical office building on a 1.00‑acre lot
- 20 existing surface parking spaces
- Veterinary‑style interior layout from prior animal hospital use
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$69,780
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.08%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,395,600
$1.4M
Cap Rate 7%
$996,857
$996.9K
Cap Rate 9%
$775,333
$775.3K
Market Conditions
NOI Build-Up for 5,403 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$113.5K $21.00/SF
− Vacancy
−$20.4K −$3.78/SF
EGI
$93.0K $17.22/SF
− OpEx
−$23.3K −$4.31/SF
NOI
$69.8K $12.92/SF
Area
Carmel, IN
Vacancy
18.00%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,395,600
Cap Rate 7%
$996,857
Cap Rate 9%
$775,333
Alternative Uses
Best Use
Office B
$996.9K
$872.3K – $1.16M
NOI $69,780 @ 7.0% cap · market cap 7.08%
Second Best
Healthcare Medical
$978.1K
$855.8K – $1.14M
NOI $68,467 @ 7.0% cap · market cap 6.95%
Theoretical Best
Office A
$1.42M
$1.24M – $1.65M
NOI $99,199 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
525
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46032, IN
50,477
Population
22,118
Households
2.3
Avg Household Size
40
Median Age
75%
College-Educated
98%
High-School Grad
25.3 sq mi
ZIP Area
1,995
Density / Sq Mi
$123,438
Median Household Income
$70,558
Median Earnings
$1,522
Median Rent
$464,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Banfield Pet Hospital — 14720 Greyhound Plaza, Carmel, IN 46032
- PetVet365 Pet Hospital Indianapolis / Cool Creek — 2458 E 146th St, Carmel, IN 46033
- Clayton Family Veterinary Care — 14757 Oak Rd Ste 200, Carmel, IN 46033
Frequently Asked Questions
What type of property is this?
Medical Office Space - Veterinary-style interior configuration with monument signage and flexible service-business use potential.
Where is this medical office space located?
The property is located at 15018 Greyhound Carmel, IN.
What is the asking price?
The asking price for this property is $985,000.
What are key features of this property?
This property features: Approximately 5,403 SF medical office building on a 1.00‑acre lot; 20 existing surface parking spaces; Veterinary‑style interior layout from prior animal hospital use
