Medical Center with Surgical
For Sale
$1,950,000
2201 Green Valley Rd, New Albany, IN 47150
Healthcare facility with operating, recovery, administrative, and physician office areas near a major hospital campus.
Property Size9,000 SF
Price / SF$216.67
Days on Market25
Property Features for 2201 Green Valley Rd
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Healthcare
Zoning
C-1B
Additional Details
Furnished
No
Amenities
Vacant
Building Details
Building Size
9,000 SF
Listing Agency:
Caliber Commercial Properties
(502) 365-5009
Listed By:
David Barker · License #61476
(502) 365-5009
Source:
Kcrea.resimplifi
Added: Aug 7
Changed: Aug 31
Last Checked: Aug 31 at 1:20PM
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 Caliber Commercial Properties
Investment Insights
Based on property information with market context.
This medical center comprises 9,000 SF on over 1.5 acres and is configured for surgical and clinical operations. The interior includes four operating rooms, a pre-op area, recovery space, two scrub rooms, physician offices, a staff break area, and additional supporting areas. The property is zoned C-1B, and the roof was replaced in 2024 with a 20-year transferable warranty.
The facility is located steps from the Baptist Health Floyd campus in New Albany’s medical corridor. Downtown Louisville’s medical district is less than 15 minutes away, with the property positioned to serve communities across Floyd, Clark, Harrison, and Washington counties in Indiana.
The facility is located steps from the Baptist Health Floyd campus in New Albany’s medical corridor. Downtown Louisville’s medical district is less than 15 minutes away, with the property positioned to serve communities across Floyd, Clark, Harrison, and Washington counties in Indiana.
Key Highlights
- 9,000 SF medical center on over 1.5 acres
- Four operating rooms with pre‑op and recovery areas
- Two scrub rooms, physician offices, and staff break area
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
$112,849
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
5.79%
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%
$2,256,980
$2.3M
Cap Rate 7%
$1,612,129
$1.6M
Cap Rate 9%
$1,253,878
$1.3M
Market Conditions
NOI Build-Up for 9,000 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
$194.4K $21.60/SF
− Vacancy
−$43.9K −$4.88/SF
EGI
$150.5K $16.72/SF
− OpEx
−$37.6K −$4.18/SF
NOI
$112.8K $12.54/SF
Area
Floyd County, IN
Vacancy
22.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$2,256,980
Cap Rate 7%
$1,612,129
Cap Rate 9%
$1,253,878
Alternative Uses
Best Use
Healthcare Medical
$5.00M
$4.38M – $5.84M
NOI $350,206 @ 7.0% cap · market cap 17.96%
Second Best
Office B
$1.61M
$1.41M – $1.88M
NOI $112,849 @ 7.0% cap · market cap 5.79%
Theoretical Best
Specialty Retail
$6.51M
$5.69M – $7.59M
NOI $455,370 @ 7.0% cap · market cap 23.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,043
Businesses Nearby
Explore this area
Business Placement
Demographics for 47150, IN
49,395
Population
22,834
Households
2.2
Avg Household Size
39
Median Age
26%
College-Educated
91%
High-School Grad
45.0 sq mi
ZIP Area
1,098
Density / Sq Mi
$62,212
Median Household Income
$40,837
Median Earnings
$984
Median Rent
$191,800
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 center - Healthcare facility with operating, recovery, administrative, and physician office areas near a major hospital campus.
Where is this medical center located?
The property is located at 2201 Green Valley Rd New Albany, IN.
What is the asking price?
The asking price for this property is $1,950,000.
What are key features of this property?
This property features: 9,000 SF medical center on over 1.5 acres; Four operating rooms with pre‑op and recovery areas; Two scrub rooms, physician offices, and staff break area
