Renovated Medical Office
For Sale
$225,000
1836 West Main Street, Richmond, IN 47374
Clinical layout includes operatories, lab space, private office, and two rest rooms.
Property Size2,268 SF
Lot Size0.26 Acres
Price / SF$99.21
Days on Market154
Property Features for 1836 West Main Street
General Information
Standard status
Active
Size
2,268 SF
Lot size
0.26 Acres
Property subtype
Office
Zoning
GC
Additional Details
Furnished
No
Asking Price
$299,000
Building Details
Year Built
1955
Year Renovated
1992
Listing Agency:
CBRE | Indianapolis
Listed By:
Jeff Merritt · License #RB14033827
(317) 269-1040
Source:
Cbre
Added: May 16
Changed: Oct 15
Last Checked: Oct 16 at 6:40AM
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 CBRE | Indianapolis
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Investment Insights
Based on property information with market context.
This 2,268-square-foot medical office property occupies 0.264 acres and includes one private office, four operatories, a lab area, and two rest rooms. The operatories offer flexibility for office conversion, while the existing configuration supports a range of professional medical-office layouts. Furniture, fixtures, and equipment are excluded from the real estate sale.
Constructed in 1955, the property was renovated and expanded in 1992. It is zoned GC, General Commercial, in Richmond, Indiana, providing a defined commercial land-use designation for the site.
Constructed in 1955, the property was renovated and expanded in 1992. It is zoned GC, General Commercial, in Richmond, Indiana, providing a defined commercial land-use designation for the site.
Key Highlights
- 2,268 SF medical office property on 0.264 acres
- Four operatories with potential conversion to offices
- One private office, lab area, and two rest rooms
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$15,807
Cap Rate
7.03%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$316,140
$316.1K
Cap Rate 7%
$225,814
$225.8K
Cap Rate 9%
$175,633
$175.6K
Market Conditions
NOI Build-Up for 2,268 SF
Gross rent
$29.9K $13.20/SF
− Vacancy
−$3.6K −$1.58/SF
EGI
$26.3K $11.62/SF
− OpEx
−$10.5K −$4.65/SF
NOI
$15.8K $6.97/SF
Area
Wayne County, IN
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$316,140
Cap Rate 7%
$225,814
Cap Rate 9%
$175,633
Alternative Uses
Best Use
Healthcare Medical
$225.8K
$197.6K – $263.5K
NOI $15,807 @ 7.0% cap · market cap 7.03%
Second Best
Office B
$87.4K
$76.5K – $102.0K
NOI $6,118 @ 7.0% cap · market cap 2.72%
Theoretical Best
Mixed Use
$284.3K
$248.8K – $331.7K
NOI $19,902 @ 7.0% cap · market cap 8.85%
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
319
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
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
Frequently Asked Questions
What type of property is this?
Medical Office Space - Clinical layout includes operatories, lab space, private office, and two rest rooms.
Where is this medical office space located?
The property is located at 1836 West Main Street Richmond, IN.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 2,268 SF medical office property on 0.264 acres; Four operatories with potential conversion to offices; One private office, lab area, and two rest rooms
