Medical Office
New
For Sale
$599,900
340 Tracy Road, Whiteland, IN 46184
Commercial Sale, Whiteland, IN
Property Size3,339 SF
Lot Size0.81 Acres
Price / SF$179.66
Days on Market2
Property Features for 340 Tracy Road
General Information
Property type
Commercial Sale
Property subtype
Office
Zoning
GB-1
Security features
Security
Middle school
Clark Pleasant Middle School
High school
Whiteland Community High School
Elementary school district
Clark-Pleasant Community Sch Corp
Middle school district
Clark-Pleasant Community Sch Corp
High school district
Clark-Pleasant Community Sch Corp
Directions
GPS Friendly
Subdivision
4102 - Johnson - Pleasant
Standard status
Active
APN
410516034042001027
Lot size
0.81 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Sw S16 T13 R4 Taxable - Rental Property
Tax Annual Amount
6750
Legal Description
Sw S16 T13 R4 Taxable - Rental Property
Utilities
Heating system
Forced Air
Cooling system
Central Air
Building Details
Year built
1972
Floors in Building
1
Roof type
Membrane, Rubber
Listing Agency:
Carpenter, REALTORS(R)
(317) 888-3303
Listed By:
Brandon Warfield · License #RB14038234
(800) 630-1727
Added: Sep 22
Last Checked: Sep 23 at 9:06AM
MLS# 22127151
Copyright © 2026 Broker Listing Cooperative®. 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 approximately 3,339-square-foot medical office building was constructed in 1972 and is arranged with multiple offices and treatment rooms. Reception and waiting areas, restroom facilities, forced-air heating, central air, and a membrane rubber roof are in place. The property sits on approximately 0.81 acre and includes on-site parking.
Located along Tracy Road in Whiteland, the property provides access to US 31, I-65, and surrounding Johnson County communities. GB-1 zoning supports a range of commercial applications. The existing layout can accommodate medical, professional office, and service-oriented operations, subject to applicable approvals.
Located along Tracy Road in Whiteland, the property provides access to US 31, I-65, and surrounding Johnson County communities. GB-1 zoning supports a range of commercial applications. The existing layout can accommodate medical, professional office, and service-oriented operations, subject to applicable approvals.
Key Highlights
- Approximately 3,339‑square‑foot medical office building
- Approximately 0.81 acre along Tracy Road
- Multiple offices and treatment 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
$42,147
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
7.03%
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%
$842,940
$842.9K
Cap Rate 7%
$602,100
$602.1K
Cap Rate 9%
$468,300
$468.3K
Market Conditions
NOI Build-Up for 3,339 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
$66.1K $19.80/SF
− Vacancy
−$9.9K −$2.97/SF
EGI
$56.2K $16.83/SF
− OpEx
−$14.0K −$4.21/SF
NOI
$42.1K $12.62/SF
Area
Johnson County, IN
Vacancy
15.00%
Lease Rate
$19.80 /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%
$842,940
Cap Rate 7%
$602,100
Cap Rate 9%
$468,300
Alternative Uses
Best Use
Office B
$602.1K
$526.8K – $702.5K
NOI $42,147 @ 7.0% cap · market cap 7.03%
Second Best
Healthcare Medical
$568.7K
$497.6K – $663.4K
NOI $39,806 @ 7.0% cap · market cap 6.64%
Theoretical Best
Office A
$841.4K
$736.3K – $981.7K
NOI $58,900 @ 7.0% cap · market cap 9.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
207
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46184, IN
13,023
Population
5,290
Households
2.5
Avg Household Size
36
Median Age
25%
College-Educated
92%
High-School Grad
18.1 sq mi
ZIP Area
720
Density / Sq Mi
$90,250
Median Household Income
$48,443
Median Earnings
$1,684
Median Rent
$205,100
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
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Similar Off Market Nearby
- Whiteland Animal Clinic — 6540 US 31 S, Whiteland, IN 46184
Frequently Asked Questions
What type of property is this?
Medical Office Space - Configured with treatment rooms, reception areas, restrooms, and on-site parking for professional or medical operations.
Where is this medical office space located?
The property is located at 340 Tracy Road Whiteland, IN.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Approximately 3,339‑square‑foot medical office building; Approximately 0.81 acre along Tracy Road; Multiple offices and treatment rooms
