Freestanding Medical Office
For Sale
$259,999
417 W 38th Street, Anderson, IN 46013
Freestanding building with five exam or treatment rooms, accessible restrooms, basement storage, and parking for about 12–13 vehicles.
Property Size1,584 SF
Price / SF$164.14
Days on Market159
Property Features for 417 W 38th Street
General Information
Standard status
Active
Size
1,584 SF
Total Parking Spaces
13
Property subtype
Office
Amenities
security cameras
handicap ramp access
3
Parking.
Assigned Parking Space.
Building Details
Year Built
1925
Listing Agency:
F.C. Tucker Company
(317) 570-3800
Listed By:
Rizwan Bashir · License #RB24001271
Source:
Xome
Added: Mar 19
Changed: Aug 23
Last Checked: Aug 22 at 4:44PM
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 F.C. Tucker Company
Investment Insights
Based on property information with market context.
This freestanding 1,584 SF commercial building is designed for medical, spa, wellness, and other service-based office uses. The interior layout includes five exam or treatment rooms, with three rooms having sinks, plus a private office, break room, and two handicap-accessible restrooms. A spacious basement provides additional storage. Recent updates include fresh paint, new flooring, updated doors, and a newer A/C system. The property also features security cameras and handicap ramp access.
Located in South Anderson’s established 38th Street Professional Park near 38th Street and Fairview Street, the building offers visibility and convenient access. On-site parking is available for approximately 12–13 vehicles, supporting day-to-day operations and patient or client visits.
As a turnkey option with dedicated treatment-room space, accessible restrooms, and enclosed storage, the building can serve owner-users or tenants seeking a ready-to-operate professional facility.
Located in South Anderson’s established 38th Street Professional Park near 38th Street and Fairview Street, the building offers visibility and convenient access. On-site parking is available for approximately 12–13 vehicles, supporting day-to-day operations and patient or client visits.
As a turnkey option with dedicated treatment-room space, accessible restrooms, and enclosed storage, the building can serve owner-users or tenants seeking a ready-to-operate professional facility.
Key Highlights
- Freestanding 1,584 SF commercial building in South Anderson’s 38th Street Professional Park
- Layout includes 5 exam/treatment rooms (3 with sinks) plus a private office
- Two handicap‑accessible restrooms and handicap ramp access
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
$20,855
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
8.02%
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%
$417,100
$417.1K
Cap Rate 7%
$297,929
$297.9K
Cap Rate 9%
$231,722
$231.7K
Market Conditions
NOI Build-Up for 1,584 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
$30.8K $19.44/SF
− Vacancy
−$3.0K −$1.89/SF
EGI
$27.8K $17.55/SF
− OpEx
−$7.0K −$4.39/SF
NOI
$20.9K $13.17/SF
Area
Madison County, IN
Vacancy
9.70%
Lease Rate
$19.44 /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%
$417,100
Cap Rate 7%
$297,929
Cap Rate 9%
$231,722
Alternative Uses
Best Use
Office B
$297.9K
$260.7K – $347.6K
NOI $20,855 @ 7.0% cap · market cap 8.02%
Second Best
Healthcare Medical
$273.8K
$239.6K – $319.5K
NOI $19,167 @ 7.0% cap · market cap 7.37%
Theoretical Best
Office A
$365.1K
$319.5K – $425.9K
NOI $25,556 @ 7.0% cap · market cap 9.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
177
Businesses Nearby
Explore this area
Business Placement
Demographics for 46013, IN
18,288
Population
9,062
Households
2
Avg Household Size
43
Median Age
17%
College-Educated
92%
High-School Grad
20.9 sq mi
ZIP Area
875
Density / Sq Mi
$49,557
Median Household Income
$35,000
Median Earnings
$891
Median Rent
$120,400
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?
Office building - Freestanding building with five exam or treatment rooms, accessible restrooms, basement storage, and parking for about 12–13 vehicles.
Where is this office building located?
The property is located at 417 W 38th Street Anderson, IN.
What is the asking price?
The asking price for this property is $259,999.
What are key features of this property?
This property features: Freestanding 1,584 SF commercial building in South Anderson’s 38th Street Professional Park; Layout includes 5 exam/treatment rooms (3 with sinks) plus a private office; Two handicap‑accessible restrooms and handicap ramp access
