Evansville Medical Office Building For
1125 Professional Blvd Evansville, IN 47714
1125 Professional Blvd, Evansville, IN, 47714
Contact for pricing
Single-tenant, triple-net leased medical office building in Evansville, Indiana.
Property Size16,872 SF
Price / SF$343.17
AddedSep 25, 2024
Days on Market659
Last RefreshMay 12 at 11:15 pm
Property Features for 1125 Professional Blvd
General Information
- Standard status
- Active
- Size
- 16,872 SF
- Property subtype
- Office
Building Details
- Year Built
- 1994
Listing office Marcus & Millichap - Indianapolis (317) 218-5334
Listing date Sep 25, 2024
Source Crexi
Displayed information is deemed reliable but is not guaranteed and should be independently verified.
All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
The Evansville St. Vincent’s Surgery Center is a 16,872 square foot, single-tenant, triple-net (NNN) leased medical office building located in Evansville, Indiana. The property was built for and has been fully occupied by St. Vincent Hospitals, a part of Ascension Health, one of the premier healthcare providers in the region. The offering provides a stable cash flow opportunity for investors, supported by a strong tenant. St. Vincent Hospitals, a member of Ascension Health, is one of the largest non-profit healthcare systems in the U.S., offering a wide range of medical services including primary care, specialized treatments, and surgical procedures. The tenant’s longevity and commitment to this location underscore the strength of this investment opportunity. The building is well-positioned within a strategic market, surrounded by major medical and economic hubs in the broader Evansville MSA. The Evansville St. Vincent’s Surgery Center is an excellent and stable healthcare facility leased to one of the largest hospital networks in the United States, Ascension Health. The Tenant has shown a strong commitment to this location with a brand new extension that includes further investment into the location to help solidify their presence in this location well into the future. The subject property is located at 1125 Professional Boulevard, situated on the eastern side of Evansville directly south of the Ascension St. Vincent’s Evansville Hospital, the largest hospital in the Evansville market with over 500 beds. The Subject Property is surrounded by other medical office facilities, a local elementary school campus, dense populations of residential, and a substantial amount of retail amenities such as restaurants, grocery, service retailers, and the Washington Square Mall. Evansville serves as the commercial, medical, and educational hub for the Indiana/Kentucky/Illinois tristate region. Evansville is a critical healthcare hub for Southwestern Indiana and the surrounding areas.
Key Highlights
- Single‑tenant, NNN leased medical office building for passive income.
- Leased to St. Vincent Hospitals, part of Ascension Health.
- Recent lease extension shows tenant commitment.
Local Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $404.9k | $24.00 |
| − Vacancy | −$36.4k | −$2.16 |
| EGI | $368.5k | $21.84 |
| − OpEx | −$147.4k | −$8.74 |
| NOI | $221.1k | $13.10 |
16,872 SF · lease $24.00/SF/yr · vacancy 9.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$3.16M
$2.76M – $3.68M
NOI $221,091 @ 7.0% cap · market cap 3.82%
Second Best
Office B
$2.93M
$2.57M – $3.42M
NOI $205,298 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$4.19M
$3.67M – $4.89M
NOI $293,200 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
St Mary's Surgicare: ...
Physician
Andrew Warren Tharp
Ophthalmologist
Ascension St Vincent ...
Medical Clinic
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FAQs
What type of property is this?
Medical Office Space - Single-tenant, triple-net leased medical office building in Evansville, Indiana.
Where is this medical office space located?
The property is located at 1125 Professional Blvd Evansville, IN.
What is the asking price?
The asking price for this property is $5,790,000.
What are key features of this property?
This property features: Single‑tenant, NNN leased medical office building for passive income.; Leased to St. Vincent Hospitals, part of Ascension Health.; Recent lease extension shows tenant commitment.
