Brick Medical Office
For Sale
$239,999
125 S 7th St, Gas City, IN 46933
All-brick office building with reception and waiting area, updated roof and HVAC, and space for private offices.
Property Size1,816 SF
Lot Size0.64 Acres
Price / SF$132.16
Days on Market108
Property Features for 125 S 7th St
General Information
Standard status
Active
Size
1,816 SF
Lot size
0.64 Acres
Taxes and HOA fees
Annual Taxes
$3,444
Building Details
Construction
brick
Listing Agency:
Nicholson Realty 2.0
(765) 573-6185
Listed By:
Nathan Nicholson
(765) 661-8516
Source:
Exprealty
Added: May 23
Changed: Sep 5
Last Checked: Sep 7 at 2:35PM
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 Nicholson Realty 2.0
Investment Insights
Based on property information with market context.
This all-brick commercial building is well-suited for professional, medical, office, or service-based use, and was formerly operated as an optometry office. The layout includes a spacious reception and waiting area and is flexible enough to accommodate approximately 6–7 private offices. Updates include a newer roof and an HVAC system.
Located just a half block off Main Street in Gas City, the property offers client and staff parking and sits on a .64-acre lot. The listing notes visibility and accessibility.
Personal items will be removed prior to closing, and the waiting room furniture and various chairs are negotiable.
Located just a half block off Main Street in Gas City, the property offers client and staff parking and sits on a .64-acre lot. The listing notes visibility and accessibility.
Personal items will be removed prior to closing, and the waiting room furniture and various chairs are negotiable.
Key Highlights
- All‑brick commercial building formerly used as an optometry office
- 1,816 SF layout includes a spacious reception and waiting area
- Flexible floor plan accommodates approximately 6–7 private offices
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
$16,989
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%
$339,780
$339.8K
Cap Rate 7%
$242,700
$242.7K
Cap Rate 9%
$188,767
$188.8K
Market Conditions
NOI Build-Up for 1,816 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
$30.9K $17.04/SF
− Vacancy
−$2.6K −$1.45/SF
EGI
$28.3K $15.59/SF
− OpEx
−$11.3K −$6.24/SF
NOI
$17.0K $9.35/SF
Area
Grant County, IN
Vacancy
8.50%
Lease Rate
$17.04 /SF/Yr
Expense Ratio
40.00%
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%
$339,780
Cap Rate 7%
$242,700
Cap Rate 9%
$188,767
Alternative Uses
Best Use
Healthcare Medical
$242.7K
$212.4K – $283.2K
NOI $16,989 @ 7.0% cap · market cap 7.08%
Second Best
Office B
$235.8K
$206.4K – $275.2K
NOI $16,509 @ 7.0% cap · market cap 6.88%
Theoretical Best
Specialty Retail
$352.7K
$308.6K – $411.5K
NOI $24,687 @ 7.0% cap · market cap 10.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46933, IN
6,617
Population
2,939
Households
2.3
Avg Household Size
41
Median Age
19%
College-Educated
91%
High-School Grad
11.0 sq mi
ZIP Area
602
Density / Sq Mi
$59,398
Median Household Income
$34,267
Median Earnings
$858
Median Rent
$123,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Hometown Animal Hospital — 94 Schaefer Dr, Gas City, IN 46933
Frequently Asked Questions
What type of property is this?
Medical Office Space - All-brick office building with reception and waiting area, updated roof and HVAC, and space for private offices.
Where is this medical office space located?
The property is located at 125 S 7th St Gas City, IN.
What is the asking price?
The asking price for this property is $239,999.
What are key features of this property?
This property features: All‑brick commercial building formerly used as an optometry office; 1,816 SF layout includes a spacious reception and waiting area; Flexible floor plan accommodates approximately 6–7 private offices
