Medical Office Space with Multiple
For Sale
$244,900
Pending
1331 W 35th Street, Marion, IN 46953
Commercial Sale, Marion, IN
Property Size2,250 SF
Lot Size1.51 Acres
Days on Market926
Property Features for 1331 W 35th Street
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
Commercial
Middle school
John L McCulloch Junior High Sch
Elementary school district
Marion Community Schools
Middle school district
Marion Community Schools
High school district
Marion Community Schools
Directions
GPS Friendly
Subdivision
2706 - Grant - Franklin
Standard status
Pending
APN
270613400011002008
Lot size
1.51 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
Pt Ne Se Sec 13 1.51 A Mp 0613-400-011.002
Tax Annual Amount
3556
Legal Description
Pt Ne Se Sec 13 1.51 A Mp 0613-400-011.002
Utilities
Utilities
Cable Available
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1962
Roof type
Shingle, Flat
Listing Agency:
Carpenter, REALTORS(R)
(765) 643-3357
Listed By:
Dylan Fritch
(800) 630-1727
Added: Apr 1, 2024
Changed: Oct 8
Last Checked: Oct 13 at 8:06AM
MLS# 21971861
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This medical office property contains 2,250 square feet within a 1.51-acre parcel. The building is configured with multiple rooms that can serve as exam rooms or offices, along with two bathrooms. Its current use as a doctor's office provides an established clinical layout for continued medical occupancy.
Constructed in 1962, the property has forced-air heating, central air conditioning, and cable available. The roof systems include both shingle and flat sections.
Constructed in 1962, the property has forced-air heating, central air conditioning, and cable available. The roof systems include both shingle and flat sections.
Key Highlights
- 2,250‑square‑foot medical office building
- Situated on 1.51 acres
- Multiple rooms suitable for exam rooms or offices
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,049
Cap Rate
8.59%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$420,980
$421.0K
Cap Rate 7%
$300,700
$300.7K
Cap Rate 9%
$233,878
$233.9K
Market Conditions
NOI Build-Up for 2,250 SF
Gross rent
$38.3K $17.04/SF
− Vacancy
−$3.3K −$1.45/SF
EGI
$35.1K $15.59/SF
− OpEx
−$14.0K −$6.24/SF
NOI
$21.0K $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 Rate 5%
$420,980
Cap Rate 7%
$300,700
Cap Rate 9%
$233,878
Alternative Uses
Best Use
Healthcare Medical
$300.7K
$263.1K – $350.8K
NOI $21,049 @ 7.0% cap · market cap 8.59%
Second Best
Office B
$292.2K
$255.7K – $340.9K
NOI $20,454 @ 7.0% cap · market cap 8.35%
Theoretical Best
Specialty Retail
$437.0K
$382.3K – $509.8K
NOI $30,587 @ 7.0% cap · market cap 12.49%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
444
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46953, IN
22,781
Population
10,095
Households
2.3
Avg Household Size
37
Median Age
16%
College-Educated
84%
High-School Grad
85.6 sq mi
ZIP Area
266
Density / Sq Mi
$46,224
Median Household Income
$25,969
Median Earnings
$800
Median Rent
$88,400
Median Home Value
Check the figures for this property
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 - Existing clinical layout includes two bathrooms, central air, and a mix of rooms suited to office or exam functions.
Where is this medical office space located?
The property is located at 1331 W 35th Street Marion, IN.
What is the asking price?
The asking price for this property is $244,900.
What are key features of this property?
This property features: 2,250‑square‑foot medical office building; Situated on 1.51 acres; Multiple rooms suitable for exam rooms or offices
