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 Market145
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
Listed By:
Chandler Kimmel · License #IN #RB22001170
(219) 218-8200
Source:
Latitudeco
Added: May 14
Changed: Oct 1
Last Checked: Oct 5 at 4:48PM
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 / Yr
$38,967
Cap Rate
9.08%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,340
$779.3K
Cap Rate 7%
$556,671
$556.7K
Cap Rate 9%
$432,967
$433.0K
Market Conditions
NOI Build-Up for 2,784 SF
Gross rent
$72.2K $25.92/SF
− Vacancy
−$7.2K −$2.59/SF
EGI
$64.9K $23.33/SF
− OpEx
−$26.0K −$9.33/SF
NOI
$39.0K $14.00/SF
Area
Lake County, IN
Vacancy
10.00%
Lease Rate
$25.92 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$779,340
Cap Rate 7%
$556,671
Cap Rate 9%
$432,967
Alternative Uses
Best Use
Healthcare Medical
$556.7K
$487.1K – $649.5K
NOI $38,967 @ 7.0% cap · market cap 9.08%
Second Best
Office B
$504.5K
$441.4K – $588.6K
NOI $35,314 @ 7.0% cap · market cap 8.23%
Theoretical Best
Specialty Retail
$777.2K
$680.0K – $906.7K
NOI $54,403 @ 7.0% cap · market cap 12.68%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open 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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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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
