Renovated Medical Office
For Sale
$299,000
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$131.83
Days on Market108
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
(317) 269-1040
Listed By:
Jeff Merritt · License #RB14033827
(317) 269-1040
Source:
Cbre
Added: May 16
Changed: Aug 30
Last Checked: Aug 30 at 9:17PM
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
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 = 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
$15,807
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
5.29%
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%
$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
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
$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 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%
$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 5.29%
Second Best
Office B
$87.4K
$76.5K – $102.0K
NOI $6,118 @ 7.0% cap · market cap 2.05%
Theoretical Best
Mixed Use
$284.3K
$248.8K – $331.7K
NOI $19,902 @ 7.0% cap · market cap 6.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 $299,000.
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
