Medical Office Building with
For Sale
$2,500,000
2235 Dubois Drive, Warsaw, IN 46580
Single-story medical office building near Lutheran Kosciusko Hospital campus, with clinical space, parking, and handicap accessibility.
Property Size12,547 SF
Lot Size1.40 Acres
Price / SF$199.25
Days on Market75
Property Features for 2235 Dubois Drive
General Information
Standard status
Active
Size
12,547 SF
Class
C
Lot size
1.40 Acres
Property subtype
Multi Tenant Office
Building Details
Building Size
12,547 SF
Stories
1
Listing Agency:
Brian Peterson Real Estate
(574) 268-1899
Listed By:
Brian Peterson · License #RB14039951
(574) 268-1899
Source:
Thebrokerlist
Added: Jun 16
Changed: Aug 28
Last Checked: Aug 28 at 6:53AM
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 Brian Peterson Real Estate
Investment Insights
Based on property information with market context.
This single-story brick medical office building totals 12,547 square feet and is set up for patient-facing operations. The interior includes multiple office and clinical spaces along with reception and waiting areas. The property is handicap accessible and includes a finished basement that can support storage or other operational needs. Renovations have been recently completed, and the building is served by city water and sewer, gas forced-air heating, and central air conditioning.
The building is positioned directly off the Lutheran Kosciusko Hospital campus in Warsaw, Indiana. It sits on approximately 1.4 acres at 2235 Dubois Drive and includes a large paved parking lot designed for easy guest and staff access.
With its clinical layout and dedicated patient entry areas, the property is well suited for a large medical practice, specialty clinic, or multi-provider office requiring an accessible, healthcare-focused environment close to established medical services. Owner-users and healthcare investors can evaluate the building as a full-service option given the breadth of existing office and clinical space, on-site parking, and recently renovated condition.
The building is positioned directly off the Lutheran Kosciusko Hospital campus in Warsaw, Indiana. It sits on approximately 1.4 acres at 2235 Dubois Drive and includes a large paved parking lot designed for easy guest and staff access.
With its clinical layout and dedicated patient entry areas, the property is well suited for a large medical practice, specialty clinic, or multi-provider office requiring an accessible, healthcare-focused environment close to established medical services. Owner-users and healthcare investors can evaluate the building as a full-service option given the breadth of existing office and clinical space, on-site parking, and recently renovated condition.
Key Highlights
- 12,547 sq. ft. single‑story medical office building on approx. 1.4 acres at 2235 Dubois Drive
- Brick building built in 1977 with major renovations recently completed
- Designed for patient flow with multiple office and clinical spaces, plus reception and waiting areas
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
$121,957
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
4.88%
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%
$2,439,140
$2.4M
Cap Rate 7%
$1,742,243
$1.7M
Cap Rate 9%
$1,355,078
$1.4M
Market Conditions
NOI Build-Up for 12,547 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
$225.8K $18.00/SF
− Vacancy
−$22.6K −$1.80/SF
EGI
$203.3K $16.20/SF
− OpEx
−$81.3K −$6.48/SF
NOI
$122.0K $9.72/SF
Area
Kosciusko County, IN
Vacancy
10.00%
Lease Rate
$18.00 /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%
$2,439,140
Cap Rate 7%
$1,742,243
Cap Rate 9%
$1,355,078
Alternative Uses
Best Use
Healthcare Medical
$1.74M
$1.52M – $2.03M
NOI $121,957 @ 7.0% cap · market cap 4.88%
Second Best
Office B
$1.67M
$1.46M – $1.95M
NOI $117,146 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,012 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-story medical office building near Lutheran Kosciusko Hospital campus, with clinical space, parking, and handicap accessibility.
Where is this medical office space located?
The property is located at 2235 Dubois Drive Warsaw, IN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12,547 sq. ft. single‑story medical office building on approx. 1.4 acres at 2235 Dubois Drive; Brick building built in 1977 with major renovations recently completed; Designed for patient flow with multiple office and clinical spaces, plus reception and waiting areas
