Medical Office and Professional
For Sale
$2,271,000
7353 East 21st St, Indianapolis, IN 46219
Office space positioned for medical and professional tenants with close access to a major hospital campus and regional corridors.
Property Size12,140 SF
Price / SF$187.07
Days on Market50
Property Features for 7353 East 21st St
General Information
Standard status
Active
Size
12,140 SF
Property subtype
Office
Additional Details
Cap Rate
8.02%
Building Details
Year Built
1993
Listing Agency:
Marcus & Millichap - Indianapolis
(317) 218-5346
Listed By:
Forest Bender · License #License(s): IN: RB14049223
(317) 218-5346
Source:
Marcusmillichap
Added: Jun 16
Changed: Jul 10
Last Checked: Aug 4 at 2:53AM
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 Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
This offering provides medical office and professional office space suited to healthcare-related and service-oriented tenants. The property is positioned to support everyday client and staff access along established medical and professional corridors.
Located on the east side of Indianapolis on E. 21st St., the property is less than one mile from Community Hospital East, a major regional healthcare campus serving the east side of the market. It also sits near the N. Shadeland Ave. retail corridor, offering walkable daily needs supported by nearby grocery, QSR, and service retail. For broader reach, the area provides direct connectivity to the I-70 and I-465 interchange corridor, which supports access across Marion County and surrounding suburbs.
For prospective tenants, the site’s proximity to Community Hospital East and its placement within a medical and professional services environment can help align with the needs of medical, dental, and general office users seeking a dependable, client-facing address. The surrounding mix of healthcare and professional users, combined with nearby retail convenience and regional roadway connectivity, supports practical day-to-day operations.
Located on the east side of Indianapolis on E. 21st St., the property is less than one mile from Community Hospital East, a major regional healthcare campus serving the east side of the market. It also sits near the N. Shadeland Ave. retail corridor, offering walkable daily needs supported by nearby grocery, QSR, and service retail. For broader reach, the area provides direct connectivity to the I-70 and I-465 interchange corridor, which supports access across Marion County and surrounding suburbs.
For prospective tenants, the site’s proximity to Community Hospital East and its placement within a medical and professional services environment can help align with the needs of medical, dental, and general office users seeking a dependable, client-facing address. The surrounding mix of healthcare and professional users, combined with nearby retail convenience and regional roadway connectivity, supports practical day-to-day operations.
Key Highlights
- Office building built in 1993
- Less than 1 mile from Community Hospital East
- About 7 miles west to downtown Indianapolis via I‑70
Financial Insights For Healthcare Medical
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $291.4k | $24.00 |
| − Vacancy | −$23.3k | −$1.92 |
| EGI | $268.1k | $22.08 |
| − OpEx | −$107.2k | −$8.83 |
| NOI | $160.8k | $13.25 |
12,140 SF · lease $24.00/SF/yr · vacancy 8.00% · expense 40.00%
Alternative Uses
Best Use
Healthcare Medical
$2.30M
$2.01M – $2.68M
NOI $160,831 @ 7.0% cap · market cap 7.08%
Second Best
Office B
$2.29M
$2.00M – $2.67M
NOI $160,284 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$3.02M
$2.64M – $3.53M
NOI $211,527 @ 7.0% cap · market cap 9.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
219
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
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Office space positioned for medical and professional tenants with close access to a major hospital campus and regional corridors.
Where is this medical office space located?
The property is located at 7353 East 21st St Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,271,000.
What are key features of this property?
This property features: Office building built in 1993; Less than 1 mile from Community Hospital East; About 7 miles west to downtown Indianapolis via I‑70
