Former Medical Office and Community
For Sale
$1,750,000
6635 E 21st Street, Indianapolis, IN 46219
Former medical office with ADA-accessible layout, multiple entrances, and ample off-street parking.
Property Size7,548 SF
Price / SF$231.85
Days on Market41
Property Features for 6635 E 21st Street
General Information
Standard status
Active
Size
7,548 SF
Total Parking Spaces
50
Zoning
C-1
Additional Details
Highway Access
Yes
Amenities
Attached, Common
Building Details
Building Size
7,548 SF
Stories
1
Listing Agency:
Keller Williams Indy South
(317) 882-5900
Listed By:
Shelly Johnson · License #RB14043056
Source:
Evrealestate
Added: Jul 15
Changed: Aug 24
Last Checked: Aug 23 at 2:23AM
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 Indy South
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.
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
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
Lease Details
Yes
Highway access
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 - 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 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 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
