Medical Condo with Exam
For Sale
Contact for pricing
373 Meridian Parke Lane Suite B, Greenwood, IN 46142
Medical condo suite with 13 exam rooms, nurse stations, and separate waiting rooms for efficient patient flow.
Property Size5,864 SF
Price / SF$170.52
Days on Market73
Property Features for 373 Meridian Parke Lane Suite B
General Information
Standard status
Active
Size
5,864 SF
Property subtype
Office
Zoning
CM
Building Details
Year Built
1998
Listing Agency:
AG Commercial Real Estate
Listed By:
Andrew Gutwein · License #RB14035840
Source:
Crexi
Added: Jun 17
Changed: Aug 27
Last Checked: Aug 26 at 9:32AM
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 AG Commercial Real Estate
Investment Insights
Based on property information with market context.
Built in 1998, this meticulously maintained medical condo unit is designed for high-volume efficiency and patient comfort. The layout includes a shared lobby with two separate waiting rooms and private entrances. Inside, the space is comprehensively equipped with 13 exam rooms and two dedicated nurse stations, supported by four physician offices. Additional administrative space includes a large file room/reception area and a breakroom for staff convenience. A basement provides significant additional storage capacity.
The unit is located within a thriving development that includes retail, medical, and professional services. The property is described as benefiting from high visibility and excellent accessibility within the surrounding area.
For medical practices and service providers seeking a ready-to-operate facility, the configuration supports both clinical exam activity and day-to-day administration within a single, purpose-built suite. With private entrances, multiple exam rooms, nurse stations, and built-in staff and storage areas, the space can accommodate teams that need efficient patient processing alongside organized records and workspace.
The unit is located within a thriving development that includes retail, medical, and professional services. The property is described as benefiting from high visibility and excellent accessibility within the surrounding area.
For medical practices and service providers seeking a ready-to-operate facility, the configuration supports both clinical exam activity and day-to-day administration within a single, purpose-built suite. With private entrances, multiple exam rooms, nurse stations, and built-in staff and storage areas, the space can accommodate teams that need efficient patient processing alongside organized records and workspace.
Key Highlights
- Built in 1998 medical condo unit originally occupied and well maintained
- 13 exam rooms plus 2 dedicated nurse stations
- Separate waiting rooms with shared lobby and private entrances
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
$74,018
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
7.40%
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%
$1,480,360
$1.5M
Cap Rate 7%
$1,057,400
$1.1M
Cap Rate 9%
$822,422
$822.4K
Market Conditions
NOI Build-Up for 5,864 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
$116.1K $19.80/SF
− Vacancy
−$17.4K −$2.97/SF
EGI
$98.7K $16.83/SF
− OpEx
−$24.7K −$4.21/SF
NOI
$74.0K $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%
$1,480,360
Cap Rate 7%
$1,057,400
Cap Rate 9%
$822,422
Alternative Uses
Best Use
Office B
$1.06M
$925.2K – $1.23M
NOI $74,018 @ 7.0% cap · market cap 7.40%
Second Best
Healthcare Medical
$998.7K
$873.8K – $1.17M
NOI $69,907 @ 7.0% cap · market cap 6.99%
Theoretical Best
Office A
$1.48M
$1.29M – $1.72M
NOI $103,441 @ 7.0% cap · market cap 10.34%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 Office Space - Medical condo suite with 13 exam rooms, nurse stations, and separate waiting rooms for efficient patient flow.
Where is this medical office space located?
The property is located at 373 Meridian Parke Lane Suite B Greenwood, IN.
What is the asking price?
The asking price for this property is $999,950.
What are key features of this property?
This property features: Built in 1998 medical condo unit originally occupied and well maintained; 13 exam rooms plus 2 dedicated nurse stations; Separate waiting rooms with shared lobby and private entrances
