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 Market881
Property Features for 1331 W 35th Street
General Information
Property type
Residential
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
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: Aug 20
Last Checked: Aug 29 at 10:06AM
MLS# 21971861
Copyright © 2026 MIBOR Service Corporation. 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 = 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
$21,049
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
8.59%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 - 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
