Medical Office
For Sale
$1,750,000
6635 E 21st Street, Indianapolis, IN 46219
Commercial Sale, Indianapolis, IN
Property Size7,548 SF
Lot Size1.20 Acres
Price / SF$231.85
Days on Market48
Property Features for 6635 E 21st Street
General Information
Property type
Residential
Property subtype
Office
Zoning
C-1
Elementary school district
MSD Warren Township
Middle school district
MSD Warren Township
High school district
MSD Warren Township
Directions
GPS Friendly
Subdivision
4905 - Marion - Warren
Standard status
Active
APN
490735116002000774
Lot size
1.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Pt W1/2 Ne1/4 S35 T16 R4 Beg 177.94' E Of Nw Core 154.89' S 263.05' W 154.89' N 263.05' To Beg.935 Ac
Legal Description
Pt W1/2 Ne1/4 S35 T16 R4 Beg 177.94' E Of Nw Core 154.89' S 263.05' W 154.89' N 263.05' To Beg.935 Ac
Building Details
Floors in Building
1
Listing Agency:
Keller Williams Indy Metro Partners · Keller Williams Realty
(317) 882-5900
Listed By:
Shelly Johnson · License #RB14043056
(317) 882-5900
Added: Jul 13
Changed: Aug 28
Last Checked: Aug 29 at 12:06PM
MLS# 22113764
Copyright © 2026 Broker Listing Cooperative®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This former medical office in Indianapolis features an ADA-accessible interior with three private offices, four restrooms, a conference room, break room, and a generous waiting area. A large open room provides adaptable interior capacity for functions such as treatment, classroom, sanctuary, activity, showroom, or collaborative work. Multiple entrances support separate access for staff, clients, and visitors.
Recent property improvements include a new roof, water heater, eight gas furnaces and AC units, motion-sensored flood lights, LED lighting, and a resurfaced parking lot. The property includes two parking lots with nearly 50 spaces and is zoned C-1 on a 1.2-acre site. Its existing layout and building systems support continued medical use or other professional, community, or institutional applications identified for the property.
Recent property improvements include a new roof, water heater, eight gas furnaces and AC units, motion-sensored flood lights, LED lighting, and a resurfaced parking lot. The property includes two parking lots with nearly 50 spaces and is zoned C-1 on a 1.2-acre site. Its existing layout and building systems support continued medical use or other professional, community, or institutional applications identified for the property.
Key Highlights
- 7,548 SF former medical office with ADA‑accessible layout
- Three private offices, four restrooms, conference room, break room, and large waiting area
- Large open room adaptable for treatment, classroom, sanctuary, activity, showroom, or collaborative workspace
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
$99,996
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
5.71%
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%
$1,999,920
$2.0M
Cap Rate 7%
$1,428,514
$1.4M
Cap Rate 9%
$1,111,067
$1.1M
Market Conditions
NOI Build-Up for 7,548 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
$181.2K $24.00/SF
− Vacancy
−$14.5K −$1.92/SF
EGI
$166.7K $22.08/SF
− OpEx
−$66.7K −$8.83/SF
NOI
$100.0K $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%
$1,999,920
Cap Rate 7%
$1,428,514
Cap Rate 9%
$1,111,067
Alternative Uses
Best Use
Healthcare Medical
$1.43M
$1.25M – $1.67M
NOI $99,996 @ 7.0% cap · market cap 5.71%
Second Best
Office B
$1.42M
$1.25M – $1.66M
NOI $99,656 @ 7.0% cap · market cap 5.69%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,516 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46219, IN
36,556
Population
17,028
Households
2.1
Avg Household Size
38
Median Age
26%
College-Educated
86%
High-School Grad
13.0 sq mi
ZIP Area
2,812
Density / Sq Mi
$57,811
Median Household Income
$38,995
Median Earnings
$991
Median Rent
$177,000
Median Home Value
Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Medical Office Space - ADA-accessible former medical facility with multiple entrances, two parking lots, and flexible interior spaces.
Where is this medical office space located?
The property is located at 6635 E 21st Street 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 with ADA‑accessible layout; Three private offices, four restrooms, conference room, break room, and large waiting area; Large open room adaptable for treatment, classroom, sanctuary, activity, showroom, or collaborative workspace
