Rebuilt Medical
For Sale
Contact for pricing
3419 English Ave, Indianapolis, IN 46201
Healthcare facility includes a new roof, HVAC system, and parking lot.
Property Size15,000 SF
Price / SF$296.33
Days on Market127
Property Features for 3419 English Ave
General Information
Standard status
Active
Size
15,000 SF
Class
B
Property subtype
Retail, Office, Special Purpose
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$300,000
Building Details
Year Built
2023
Year Renovated
2023
Buildings
1
Tenancy
Single
Listing Agency:
Colliers - Tulsa, Oklahoma
Listed By:
Colin Cornell · License #OK 171700
Source:
Crexi
Added: Apr 27
Changed: Aug 30
Last Checked: Aug 30 at 1:20AM
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 Colliers - Tulsa, Oklahoma
Investment Insights
Based on property information with market context.
This 15,000-square-foot medical center was reconstructed in 2023 for Eskenazi Health, with the building brought back from the pad and fitted with new major systems and site improvements. The work includes a new roof, HVAC, and parking lot, while the tenant completed the interior buildout for its healthcare operations.
The property is subject to a lease guaranteed by The Health and Hospital Corporation of Marion County. HHC operates Eskenazi Health, the public hospital division providing clinical, trauma, mental health, emergency, and community-based services. HHC carries an AA+ rating from S&P and an Aa1 rating from Moody’s.
The property is subject to a lease guaranteed by The Health and Hospital Corporation of Marion County. HHC operates Eskenazi Health, the public hospital division providing clinical, trauma, mental health, emergency, and community-based services. HHC carries an AA+ rating from S&P and an Aa1 rating from Moody’s.
Key Highlights
- 15,000‑square‑foot medical center reconstructed in 2023
- New roof, HVAC system, and parking lot completed with the reconstruction
- Interior improvements completed by Eskenazi Health for its healthcare operations
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
$198,720
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
4.47%
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%
$3,974,400
$4.0M
Cap Rate 7%
$2,838,857
$2.8M
Cap Rate 9%
$2,208,000
$2.2M
Market Conditions
NOI Build-Up for 15,000 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
$360.0K $24.00/SF
− Vacancy
−$28.8K −$1.92/SF
EGI
$331.2K $22.08/SF
− OpEx
−$132.5K −$8.83/SF
NOI
$198.7K $13.25/SF
Area
Indianapolis, IN
Vacancy
8.00%
Lease Rate
$24.00 /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%
$3,974,400
Cap Rate 7%
$2,838,857
Cap Rate 9%
$2,208,000
Alternative Uses
Best Use
Healthcare Medical
$2.84M
$2.48M – $3.31M
NOI $198,720 @ 7.0% cap · market cap 4.47%
Second Best
Office B
$2.83M
$2.48M – $3.30M
NOI $198,045 @ 7.0% cap · market cap 4.46%
Theoretical Best
Office A
$3.73M
$3.27M – $4.36M
NOI $261,360 @ 7.0% cap · market cap 5.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 46201, IN
31,408
Population
17,145
Households
1.8
Avg Household Size
34
Median Age
26%
College-Educated
78%
High-School Grad
5.6 sq mi
ZIP Area
5,609
Density / Sq Mi
$43,183
Median Household Income
$36,951
Median Earnings
$929
Median Rent
$150,600
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical center - Healthcare facility includes a new roof, HVAC system, and parking lot.
Where is this medical center located?
The property is located at 3419 English Ave Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,445,000.
What are key features of this property?
This property features: 15,000‑square‑foot medical center reconstructed in 2023; New roof, HVAC system, and parking lot completed with the reconstruction; Interior improvements completed by Eskenazi Health for its healthcare operations
