Building Details

Year Built 1993

Listing Agency: RE/MAX Tower

Listed By: Streamlined Realty Show Phone

Source: Streamlinedrealty

Added: Oct 1 Changed: Oct 6 Last Checked: Oct 5 at 6:42PM

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Investment Insights

Based on property information with market context.

This 1,680-square-foot medical office property was built in 1993 and has a layout organized around six former exam rooms. Several rooms have sinks. The interior also includes a reception and waiting area, a separate receptionist workspace with a bathroom, a conference room, and a large private office with a full bathroom. The existing room configuration and plumbing offer a range of options for adapting the space to a professional or healthcare operation.

The property spans five lots totaling approximately 0.73 acres, with parking and outdoor space. Its interior combines individual rooms with reception, administrative, meeting, and private-office areas.

Key Highlights

• 1,680‑square‑foot medical office building
• Six former exam rooms; several have sinks
• Reception and waiting area, separate receptionist workspace with bathroom, and conference room

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,118

Cap Rate

8.85%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$442,360 $442.4K

Cap Rate 7%

$315,971 $316.0K

Cap Rate 9%

$245,756 $245.8K

Market Conditions

NOI Build-Up for 1,680 SF

Gross rent

$32.7K $19.44/SF

− Vacancy

−$3.2K −$1.89/SF

EGI

$29.5K $17.55/SF

− OpEx

−$7.4K −$4.39/SF

NOI

$22.1K $13.17/SF

Area

Madison County, IN

Vacancy

9.70%

Lease Rate

$19.44 /SF/Yr

Expense Ratio

25.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$442,360

Cap Rate 7%

$315,971

Cap Rate 9%

$245,756

Alternative Uses

Best Use

Office B

$316.0K

$276.5K – $368.6K (±1% cap)

NOI $22,118 @ 7.0% cap · market cap 8.85%

Second Best

Healthcare Medical

$290.4K

$254.1K – $338.8K (±1% cap)

NOI $20,329 @ 7.0% cap · market cap 8.13%

Theoretical Best

Office A

$387.2K

$338.8K – $451.8K (±1% cap)

NOI $27,105 @ 7.0% cap · market cap 10.85%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Lcai Medical Laboratory Paresh S Shah ... Physician Frankton Health Care ... Physician

Suggested Use

Top Pick Dental Office HVAC Service (Bike/Boat/Book/etc) Store Grocery & Convenience Store Storage Facility Nail Salon

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

66

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46044, IN

2,912

Population

1,121

Households

2.6

Avg Household Size

42

Median Age

15%

College-Educated

93%

High-School Grad

21.6 sq mi

ZIP Area

135

Density / Sq Mi

$75,125

Median Household Income

$46,155

Median Earnings

$1,021

Median Rent

$159,000

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Medical Office Space - The interior includes reception, administrative workspace, a conference room and a private office with its own full bath.

Where is this medical office space located?

The property is located at 1008 Harrison St Frankton, IN.

What is the asking price?

The asking price for this property is $249,900.

What are key features of this property?

This property features: 1,680‑square‑foot medical office building; Six former exam rooms; several have sinks; Reception and waiting area, separate receptionist workspace with bathroom, and conference room