Turnkey Medical Office
For Sale
$429,000
9725 Prairie Avenue, Highland, IN 46322
Turnkey medical office condo with nine exam rooms, a reception and waiting area, private office, and kitchenette.
Property Size2,784 SF
Price / SF$154.09
Days on Market100
Property Features for 9725 Prairie Avenue
General Information
Standard status
Active
Size
2,784 SF
Class
B
Property subtype
Office
Amenities
exam rooms
reception
waiting area
kitchenette
private office
pylon signage
Building Details
Building Size
2,784 SF
Listing Agency:
Latitude Commercial
(219) 218-8200
Listed By:
Chandler Kimmel · License #IN #RB22001170
(219) 218-8200
Source:
Latitudeco
Added: May 14
Changed: Aug 16
Last Checked: Aug 20 at 5:02AM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
Turnkey 2,784 square foot medical office condo previously used as a doctor’s office. The space includes nine exam rooms, a spacious reception area, a large waiting area, and a private office. Two restrooms are available, along with a kitchenette.
The property is located on Prairie Avenue in Highland, IN, and offers ample parking. Pylon signage is also an option just off of 45th Street.
This office condo is presented as ready for sale for medical users seeking an established exam-room layout in the Highland market.
The property is located on Prairie Avenue in Highland, IN, and offers ample parking. Pylon signage is also an option just off of 45th Street.
This office condo is presented as ready for sale for medical users seeking an established exam-room layout in the Highland market.
Key Highlights
- 2,784 SF medical office condo in Highland, previously used as a doctor’s office
- 9 exam rooms plus a spacious reception and large waiting area
- Includes 2 restrooms and 1 private office
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
$25,256
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
5.89%
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%
$505,120
$505.1K
Cap Rate 7%
$360,800
$360.8K
Cap Rate 9%
$280,622
$280.6K
Market Conditions
NOI Build-Up for 2,784 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
$46.8K $16.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$42.1K $15.12/SF
− OpEx
−$16.8K −$6.05/SF
NOI
$25.3K $9.07/SF
Area
Vermillion County, IN
Vacancy
10.00%
Lease Rate
$16.80 /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%
$505,120
Cap Rate 7%
$360,800
Cap Rate 9%
$280,622
Alternative Uses
Best Use
Healthcare Medical
$360.8K
$315.7K – $420.9K
NOI $25,256 @ 7.0% cap · market cap 5.89%
Second Best
Office B
$360.8K
$315.7K – $420.9K
NOI $25,256 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$492.5K
$431.0K – $574.6K
NOI $34,477 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
475
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46322, IN
23,984
Population
10,791
Households
2.2
Avg Household Size
43
Median Age
30%
College-Educated
93%
High-School Grad
6.9 sq mi
ZIP Area
3,476
Density / Sq Mi
$76,219
Median Household Income
$47,458
Median Earnings
$1,202
Median Rent
$219,500
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
- Highland Animal Hospital — 9308 Indianapolis Blvd, Highland, IN 46322
- DeGraaf a F DVM — 9308 indianapolis blvd, highland, in 46322
- De Graaf Anne F DVM — 9308 Indianapolis Blvd, Highland, IN 46322
- Emergency Veterinary Care Centers — Ultra Highland Plza, 8501 Indianapolis Blvd, Highland, IN 46322
- North Central Veterinary Clinic — 2425 Ridge Rd, Highland, IN 46322
Frequently Asked Questions
What type of property is this?
Medical Office Space - Turnkey medical office condo with nine exam rooms, a reception and waiting area, private office, and kitchenette.
Where is this medical office space located?
The property is located at 9725 Prairie Avenue Highland, IN.
What is the asking price?
The asking price for this property is $429,000.
What are key features of this property?
This property features: 2,784 SF medical office condo in Highland, previously used as a doctor’s office; 9 exam rooms plus a spacious reception and large waiting area; Includes 2 restrooms and 1 private office
