Medical Office Space with Open
For Sale
$1,675,000
6635 E 21st Street, Indianapolis, IN 46219
Commercial Sale, Indianapolis, IN
Property Size7,548 SF
Lot Size1.20 Acres
Price / SF$221.91
Days on Market81
Property Features for 6635 E 21st Street
General Information
Property type
Commercial Sale
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
Tax Annual Amount
11096
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) 883-9125
Added: Jul 13
Changed: Oct 1
Last Checked: Oct 1 at 11:06PM
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.
Previously used as a medical office, this 7,548-square-foot property has three private offices, four restrooms, a conference room, a break room, and a large waiting area. A substantial open room adds flexible interior space. The building has ADA-accessible features and sits on a 1.2-acre parcel zoned C-1.
Recent building and site work includes a new roof and water heater, eight gas furnaces and AC units, LED lighting, motion-sensored flood lights, and a resurfaced parking lot. Two parking lots provide nearly 50 spaces, and multiple entrances serve the building at 6635 E 21st Street in Indianapolis.
Recent building and site work includes a new roof and water heater, eight gas furnaces and AC units, LED lighting, motion-sensored flood lights, and a resurfaced parking lot. Two parking lots provide nearly 50 spaces, and multiple entrances serve the building at 6635 E 21st Street in Indianapolis.
Key Highlights
- 7,548 SF medical office property on a 1.2‑acre parcel
- Three private offices, four restrooms, conference room, break room, and waiting area
- Large open interior room and ADA‑accessible features
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
5.97%
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 5.97%
Second Best
Office B
$1.42M
$1.25M – $1.66M
NOI $99,656 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$1.88M
$1.64M – $2.19M
NOI $131,516 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - An ADA-accessible floor plan combines private offices and meeting space with a substantial open interior area.
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 $1,675,000.
What are key features of this property?
This property features: 7,548 SF medical office property on a 1.2‑acre parcel; Three private offices, four restrooms, conference room, break room, and waiting area; Large open interior room and ADA‑accessible features
