Turnkey Medical Office
For Sale
$600,000
1642 E Commercial Ave, Lowell, IN 46356
Configured with reception, exam rooms, and dedicated surgical and dental suites.
Property Size3,566 SF
Lot Size0.61 Acres
Price / SF$168.26
Days on Market30
Property Features for 1642 E Commercial Ave
General Information
Standard status
Active
Size
3,566 SF
Lot size
0.61 Acres
Site & Location
Road Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1955
Owner Occupied
No
Abandoned
No
Listing Agency:
SCHUPP Real Estate
(219) 775-2373
Listed By:
John Schupp · License #471020157
Source:
Amyboston.realtopiare
Added: Jul 31
Changed: Aug 29
Last Checked: Aug 29 at 10:51AM
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 SCHUPP Real Estate
Investment Insights
Based on property information with market context.
This medical office space is a fully equipped facility with a reception area, multiple exam rooms, and separate surgical and dental suites. The improvements were previously used as a veterinary clinic and include onsite radiology, robust plumbing and electrical systems, zoned heating and cooling, and a roof installed in 2020. The building dates to 1955.
The property occupies a 0.61-acre lot at 1642 E Commercial Ave in Lowell, Indiana, along State Road 2, also identified as Commercial Ave. The site includes parking for staff and clients. Its existing medical-oriented configuration and equipment provide a substantial physical foundation for a healthcare or veterinary operation.
The property occupies a 0.61-acre lot at 1642 E Commercial Ave in Lowell, Indiana, along State Road 2, also identified as Commercial Ave. The site includes parking for staff and clients. Its existing medical-oriented configuration and equipment provide a substantial physical foundation for a healthcare or veterinary operation.
Key Highlights
- Fully equipped 3,566 SF medical office space
- 0.61‑acre lot with parking for staff and clients
- Reception area, multiple exam rooms, and dedicated surgical and dental suites
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
$49,913
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
8.32%
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%
$998,260
$998.3K
Cap Rate 7%
$713,043
$713.0K
Cap Rate 9%
$554,589
$554.6K
Market Conditions
NOI Build-Up for 3,566 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
$92.4K $25.92/SF
− Vacancy
−$9.2K −$2.59/SF
EGI
$83.2K $23.33/SF
− OpEx
−$33.3K −$9.33/SF
NOI
$49.9K $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 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%
$998,260
Cap Rate 7%
$713,043
Cap Rate 9%
$554,589
Alternative Uses
Best Use
Healthcare Medical
$713.0K
$623.9K – $831.9K
NOI $49,913 @ 7.0% cap · market cap 8.32%
Second Best
Office B
$646.2K
$565.4K – $753.9K
NOI $45,233 @ 7.0% cap · market cap 7.54%
Theoretical Best
Specialty Retail
$995.5K
$871.1K – $1.16M
NOI $69,684 @ 7.0% cap · market cap 11.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
287
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46356, IN
18,668
Population
7,290
Households
2.6
Avg Household Size
41
Median Age
20%
College-Educated
96%
High-School Grad
112.5 sq mi
ZIP Area
166
Density / Sq Mi
$87,535
Median Household Income
$51,151
Median Earnings
$1,190
Median Rent
$256,300
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 - Configured with reception, exam rooms, and dedicated surgical and dental suites.
Where is this medical office space located?
The property is located at 1642 E Commercial Ave Lowell, IN.
What is the asking price?
The asking price for this property is $600,000.
What are key features of this property?
This property features: Fully equipped 3,566 SF medical office space; 0.61‑acre lot with parking for staff and clients; Reception area, multiple exam rooms, and dedicated surgical and dental suites
