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Former Medical Office and Community Space

6635 E 21st Indianapolis, IN 46219

New
6635 E 21st, Indianapolis, IN, 46219
$1,750,000
For Sale
Claim this Listing
$1,750,000

Former medical office with ADA-accessible layout, multiple entrances, and ample off-street parking.

Property Size7,548 SF
Price / SF$231.85
AddedJul 15
Days on Market1
Last RefreshJul 15 at 3:09 am

Property Features for 6635 E 21st

General Information

Standard status
Active
Size
7,548 SF
Property subtype
Medical/Healthcare

Building Details

Year Built
1990

Listing office Keller Williams Commercial | Johnson Realty

Listing date Jul 15, 2026

Source Thebrokerlist

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 Keller Williams Commercial | Johnson Realty


Investment Insights

Based on property information with market context.

This former medical office building provides a flexible, ADA-accessible interior with room for multiple uses. The layout includes three private offices, a conference room, break room, a large waiting area, and a substantial open room that could support a variety of professional or community functions. The property also has four restrooms. Recent improvements are noted throughout, including a new roof, new water heater, eight gas furnaces and AC units, motion-sensored flood lights, new LED lighting, and a resurfaced parking lot.

The property includes multiple entrances and two parking lots with nearly 50 spaces, supporting access for staff, clients, and visitors. It is located along East 21st Street on Indianapolis’ east side with convenient connectivity to I-70/Shadeland Avenue, providing straightforward access to downtown Indianapolis, I-465, and surrounding Central Indiana communities.

The building’s configuration—private offices, restrooms, and a large open room—can accommodate both appointment-based and gathering-style environments, depending on the tenant’s operational needs.

Key Highlights

  • 7,548 SF former medical office built in 1990 with an ADA‑accessible layout
  • Flexible interior layout with three private offices, conference room, break room, and large waiting area plus a huge open room
  • Four restrooms including multiple private office and meeting/break spaces

Local Financial Insights For Healthcare Medical

Simulate Cap Rate and NOI

NOI Build-Up
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.

Component $ $/SF
Gross rent $181.2k $24.00
− Vacancy −$14.5k −$1.92
EGI $166.7k $22.08
− OpEx −$66.7k −$8.83
NOI $100.0k $13.25
7,548 SF · lease $24.00/SF/yr · vacancy 8.00% · expense 40.00%

Alternative Uses

Best Use
Healthcare Medical
$1.43M
$1.25M – $1.67M (±1% cap)
NOI $99,996 @ 7.0% cap · market cap 5.71%
Second Best
Office B
$1.42M
$1.25M – $1.66M (±1% cap)
NOI $99,656 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M (±1% cap)
NOI $131,516 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with local authorities.

Property Analytics

Location Intelligence

Current Use by Public Records

Dr. Megan O'bryan Physician Fiducial Business Centers, ... Consultant RCG Indianapolis Medical Clinic Meliyah Harris Counselor Samantha Saxman Physician

Suggested Use

Real Estate Agency Law Firm Dental Office Parking Lot & Garage Electrical Service Garden Center Kitchen & Bath Showroom Restaurant Furniture & Home Goods Grocery & Convenience Store

Zoning and permitted uses should be independently verified with local authorities.

FAQs

What type of property is this?
Medical Office Space - Former medical office with ADA-accessible layout, multiple entrances, and ample off-street parking.
Where is this medical office space located?
The property is located at 6635 E 21st Indianapolis, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: 7,548 SF former medical office built in 1990 with an ADA‑accessible layout; Flexible interior layout with three private offices, conference room, break room, and large waiting area plus a huge open room; Four restrooms including multiple private office and meeting/break spaces
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