Single-Tenant Medical
For Sale
$4,714,286
711 E 38Th St, Indianapolis, IN 46205
Freestanding clinic occupied under a long-term NNN lease with scheduled contractual rent increases.
Property Size12,424 SF
Lot Size1.33 Acres
Price / SF$379.45
Days on Market123
Property Features for 711 E 38Th St
General Information
Standard status
Active
Size
12,424 SF
Lot size
1.33 Acres
Property subtype
Commercial
Occupancy
100%
Lease Term
±12 Years
Net Operating Income
$330,000
Additional Details
Cap Rate
6.75%
Building Details
Building Size
12,424 SF
Year Built
1993
Buildings
1
Tenancy
Single
Owner Occupied
No
Abandoned
No
Listing Agency:
Matthews Real Estate Investment Services
Listed By:
Kyle Mackulak · License #02055597 (CA)
(310) 919-5835
Source:
Matthews
Added: Jun 16
Changed: Oct 7
Last Checked: Oct 16 at 5:39AM
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 Matthews Real Estate Investment Services
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Investment Insights
Based on property information with market context.
This freestanding medical office property contains 12,424 square feet on 1.33 acres and was constructed in 1993. The facility is fully occupied by Oak Street Health MSO, LLC, a wholly owned subsidiary of CVS Health, and operates as a single-tenant healthcare clinic.
The lease has approximately 12.4 years remaining, includes 10% rental increases every five years, and provides two 5-year renewal options. Located at 711 E. 38th Street in Indianapolis, the property is positioned within an established residential corridor with access to major transportation routes and surrounding population density supporting its healthcare-oriented setting.
The lease has approximately 12.4 years remaining, includes 10% rental increases every five years, and provides two 5-year renewal options. Located at 711 E. 38th Street in Indianapolis, the property is positioned within an established residential corridor with access to major transportation routes and surrounding population density supporting its healthcare-oriented setting.
Key Highlights
- 12,424‑square‑foot freestanding medical facility on 1.33 acres
- 100% occupied by Oak Street Health MSO, LLC
- Approximately 12.4 years remaining on the NNN lease
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$164,593
Cap Rate
3.49%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,291,860
$3.3M
Cap Rate 7%
$2,351,329
$2.4M
Cap Rate 9%
$1,828,811
$1.8M
Market Conditions
NOI Build-Up for 12,424 SF
Gross rent
$298.2K $24.00/SF
− Vacancy
−$23.9K −$1.92/SF
EGI
$274.3K $22.08/SF
− OpEx
−$109.7K −$8.83/SF
NOI
$164.6K $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%
$3,291,860
Cap Rate 7%
$2,351,329
Cap Rate 9%
$1,828,811
Alternative Uses
Best Use
Healthcare Medical
$2.35M
$2.06M – $2.74M
NOI $164,593 @ 7.0% cap · market cap 3.49%
Second Best
Office B
$2.34M
$2.05M – $2.73M
NOI $164,034 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$3.09M
$2.71M – $3.61M
NOI $216,476 @ 7.0% cap · market cap 4.59%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
556
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46205, IN
27,531
Population
14,756
Households
1.9
Avg Household Size
34
Median Age
51%
College-Educated
93%
High-School Grad
6.2 sq mi
ZIP Area
4,440
Density / Sq Mi
$65,756
Median Household Income
$48,138
Median Earnings
$1,087
Median Rent
$278,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Indianapolis, IN
Frequently Asked Questions
What type of property is this?
Medical Office Space - Freestanding clinic occupied under a long-term NNN lease with scheduled contractual rent increases.
Where is this medical office space located?
The property is located at 711 E 38Th St Indianapolis, IN.
What is the asking price?
The asking price for this property is $4,714,286.
What are key features of this property?
This property features: 12,424‑square‑foot freestanding medical facility on 1.33 acres; 100% occupied by Oak Street Health MSO, LLC; Approximately 12.4 years remaining on the NNN lease
