Medical Office
For Sale
Contact for pricing
373 Meridian Parke Lane, Greenwood, IN 46142
Three-unit professional medical property with convenient access to US 31, County Line Road, and I 65.
Property Size15,437 SF
Price / SF$197.79
Days on Market68
Property Features for 373 Meridian Parke Lane
General Information
Standard status
Active
Size
15,437 SF
Property subtype
OFFICE
Occupancy
100%
Additional Details
Asking Price
$1,252,000
Highway Access
Yes
Building Details
Building Size
15,437 SF
Listing Agency:
Premier Commercial Real Estate Services, Inc.
(317) 454-7171
Listed By:
Melissa Blackwell · License #RB15000222
(317) 384-9756
Source:
Moodyscre
Added: Aug 10
Changed: Oct 15
Last Checked: Oct 15 at 12:43AM
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 Premier Commercial Real Estate Services, Inc.
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Investment Insights
Based on property information with market context.
This medical office condominium comprises three separate units totaling 6,330 square feet within a 15,437-square-foot building. Suite A1 is scheduled to become available July 1, 2027, creating a future occupancy option within the property.
The property is located at 373 Meridian Parke Lane in Greenwood, with access to US 31, County Line Road, and I 65. The surrounding area includes medical and professional users along with residential and commercial activity.
The property is located at 373 Meridian Parke Lane in Greenwood, with access to US 31, County Line Road, and I 65. The surrounding area includes medical and professional users along with residential and commercial activity.
Key Highlights
- 6,330 SF of a 15,437 SF building across three separate condo units
- Suite A1 available July 1, 2027
- Medical office condominium in a professional medical corridor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$79,900
Cap Rate
6.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,598,000
$1.6M
Cap Rate 7%
$1,141,429
$1.1M
Cap Rate 9%
$887,778
$887.8K
Market Conditions
NOI Build-Up for 6,330 SF
Gross rent
$125.3K $19.80/SF
− Vacancy
−$18.8K −$2.97/SF
EGI
$106.5K $16.83/SF
− OpEx
−$26.6K −$4.21/SF
NOI
$79.9K $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 Rate 5%
$1,598,000
Cap Rate 7%
$1,141,429
Cap Rate 9%
$887,778
Alternative Uses
Best Use
Office B
$1.14M
$998.8K – $1.33M
NOI $79,900 @ 7.0% cap · market cap 6.38%
Second Best
Healthcare Medical
$1.08M
$943.3K – $1.26M
NOI $75,462 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$1.60M
$1.40M – $1.86M
NOI $111,661 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
631
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46142, IN
32,052
Population
14,396
Households
2.2
Avg Household Size
40
Median Age
39%
College-Educated
94%
High-School Grad
14.9 sq mi
ZIP Area
2,151
Density / Sq Mi
$85,611
Median Household Income
$47,831
Median Earnings
$1,122
Median Rent
$266,000
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Similar Off Market Nearby
- Borlik Gregory DVM — 510 S State Rd 135, Greenwood, IN 46142
- Academy Animal Hospital — 510 S State Rd 135, Greenwood, IN 46142
- Mc Naul Erica DVM — 510 S State Rd 135, Greenwood, IN 46142
- Sheff, Jon DVM — 648 Treybourne Dr, Greenwood, IN 46142
- Meridian Veterinary Clinic & Hospital — 648 Treybourne Dr, Greenwood, IN 46142
Frequently Asked Questions
What type of property is this?
Medical Office Space - Three-unit professional medical property with convenient access to US 31, County Line Road, and I 65.
Where is this medical office space located?
The property is located at 373 Meridian Parke Lane Greenwood, IN.
What is the asking price?
The asking price for this property is $1,252,000.
What are key features of this property?
This property features: 6,330 SF of a 15,437 SF building across three separate condo units; Suite A1 available July 1, 2027; Medical office condominium in a professional medical corridor
