Single-Story Medical Office
For Sale
$2,500,000
2235 Dubois Drive, Warsaw, IN 46580
COMMERCIAL, Warsaw, IN
Property Size12,547 SF
Lot Size1.40 Acres
Price / SF$199.25
Days on Market95
Property Features for 2235 Dubois Drive
General Information
Property type
Commercial Sale
Property subtype
Office
Rooms
Basement
Lot features
City
Directions
Lutheran Campus to Dubois Drive
Subdivision
Kosciusko County
Standard status
Active
APN
43-11-09-100-287.000-032
Lot size
1.40 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
4-45-2.FAA PT SW NE NE 9-32-6 .29A PER CALC and 004-045-002.FAH PT W 1/2 MDL PT NE NE 9-32-6 2.19A
Tax Annual Amount
9360
Legal Description
4-45-2.FAA PT SW NE NE 9-32-6 .29A PER CALC and 004-045-002.FAH PT W 1/2 MDL PT NE NE 9-32-6 2.19A
Utilities
Cooling system
Central Air
Building Details
Year built
1977
Flooring type
Carpet
Roof type
Flat
Listing Agency:
Brian Peterson Real Estate
Listed By:
Brian Peterson
(574) 268-1899
Added: Jun 5
Changed: Aug 21
Last Checked: Sep 7 at 10:06PM
MLS# 202622282
Copyright © 2026 Kosciusko Board of Realtors MLS. 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 single-story medical office building contains 12,547 square feet on approximately 1.4 acres. The brick structure underwent major renovations and includes multiple office and clinical areas, reception and waiting spaces, handicap accessibility, and a finished basement for storage or support functions. Carpet flooring, central air conditioning, gas forced-air heat, and a flat roof are also part of the property’s existing improvements. Built in 1977, the building is configured for medical office operations and includes a large paved parking lot.
The property is located at 2235 Dubois Drive in Warsaw, Indiana, directly off the Lutheran Kosciusko Hospital campus. It has access from major roads and is near medical providers, pharmacies, and other healthcare services. City water and sewer serve the property, supporting its established commercial infrastructure.
The property is located at 2235 Dubois Drive in Warsaw, Indiana, directly off the Lutheran Kosciusko Hospital campus. It has access from major roads and is near medical providers, pharmacies, and other healthcare services. City water and sewer serve the property, supporting its established commercial infrastructure.
Key Highlights
- 12,547‑square‑foot single‑story medical office building on approximately 1.4 acres
- Major renovations completed in the brick building
- Multiple office and clinical areas with reception and waiting spaces
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
$121,957
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
4.88%
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%
$2,439,140
$2.4M
Cap Rate 7%
$1,742,243
$1.7M
Cap Rate 9%
$1,355,078
$1.4M
Market Conditions
NOI Build-Up for 12,547 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
$225.8K $18.00/SF
− Vacancy
−$22.6K −$1.80/SF
EGI
$203.3K $16.20/SF
− OpEx
−$81.3K −$6.48/SF
NOI
$122.0K $9.72/SF
Area
Kosciusko County, IN
Vacancy
10.00%
Lease Rate
$18.00 /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%
$2,439,140
Cap Rate 7%
$1,742,243
Cap Rate 9%
$1,355,078
Alternative Uses
Best Use
Healthcare Medical
$1.74M
$1.52M – $2.03M
NOI $121,957 @ 7.0% cap · market cap 4.88%
Second Best
Office B
$1.67M
$1.46M – $1.95M
NOI $117,146 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.19M
$1.91M – $2.55M
NOI $153,012 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
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 - Renovated healthcare facility with clinical rooms, patient areas, basement storage, and paved on-site parking.
Where is this medical office space located?
The property is located at 2235 Dubois Drive Warsaw, IN.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: 12,547‑square‑foot single‑story medical office building on approximately 1.4 acres; Major renovations completed in the brick building; Multiple office and clinical areas with reception and waiting spaces
