Medical Office with Large Open
6635 E 21st Street, Indianapolis, IN 46219
For Sale
$1,675,000
Commercial Sale, Indianapolis, IN
Property Size7,548 SF
Lot Size1.20 Acres
Price / SF$221.91
Days on Market118
Property Features for 6635 E 21st Street
General Information
Property type
Property subtype
Zoning
Elementary school district
Middle school district
High school district
Directions
Subdivision
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Building Details
Floors in Building
Buildings
Listing Agency:
Keller Williams Indy Metro Partners · Keller Williams Realty
Listed By:
Shelly Johnson · License #RB14043056
(317) 882-5900
Added: Jul 13
Changed: Nov 4
Last Checked: Nov 7 at 12:06AM
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.
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Investment Insights
Based on property information with market context.
Previously configured for medical use, this 7,548-square-foot property has an ADA-accessible layout with three private offices, four restrooms, a conference room, a break room, and a large waiting area. A substantial open room offers additional interior space. Recent property work includes a roof, water heater, eight gas furnaces, air-conditioning units, motion-activated floodlights, LED lighting, and resurfacing of the parking lot.
The 1.2-acre site in Indianapolis has two parking areas with nearly 50 spaces and multiple building entrances. The property is zoned C-1. Its existing room mix and open area provide a range of interior configurations for professional or community-oriented uses.
The 1.2-acre site in Indianapolis has two parking areas with nearly 50 spaces and multiple building entrances. The property is zoned C-1. Its existing room mix and open area provide a range of interior configurations for professional or community-oriented uses.
Key Highlights
- 7,548‑square‑foot former medical office on 1.2 acres
- Three private offices, four restrooms, conference room, break room, and large waiting area
- Large open interior room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$99,996
Cap Rate
5.97%
Suggested Prices Based on Cap Rates
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
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 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.
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Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Under-served
Demand for This Use
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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
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Market
Properties on Market for Medical Office Space in Indianapolis
Vacancy Rate% for Office in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Medical Office Space - An ADA-accessible interior includes private offices, a conference room, and a generous waiting 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‑square‑foot former medical office on 1.2 acres; Three private offices, four restrooms, conference room, break room, and large waiting area; Large open interior room
