Building Details

Year Built 1988

Abandoned No

Listing Agency: Century 21 Scheetz - Carmel

Listed By: Mark Harris · License #RB14045088 Show Phone

Source: Spencerchildersgroup

Added: Sep 28 Changed: Oct 2 Last Checked: Oct 5 at 11:21PM

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Investment Insights

Based on property information with market context.

This 1,800-square-foot medical office property was built in 1988 and previously served as a medical office for 15 years. It is located on a corner within Regency Centre, across from Community North Hospital.

I-69 and I-465 are immediately accessible. The property is in northeast Indianapolis, with Geist, Fishers, and Castleton identified among the surrounding communities.

Key Highlights

• 1,800‑square‑foot medical office property
• Previously used as a medical office for 15 years
• Corner location within Regency Centre, across from Community North Hospital

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,846

Cap Rate

5.96%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$476,920 $476.9K

Cap Rate 7%

$340,657 $340.7K

Cap Rate 9%

$264,956 $265.0K

Market Conditions

NOI Build-Up for 1,800 SF

Gross rent

$43.2K $24.00/SF

− Vacancy

−$3.5K −$1.92/SF

EGI

$39.7K $22.08/SF

− OpEx

−$15.9K −$8.83/SF

NOI

$23.8K $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%

$476,920

Cap Rate 7%

$340,657

Cap Rate 9%

$264,956

Alternative Uses

Best Use

Healthcare Medical

$340.7K

$298.1K – $397.4K (±1% cap)

NOI $23,846 @ 7.0% cap · market cap 5.96%

Second Best

Office B

$339.5K

$297.1K – $396.1K (±1% cap)

NOI $23,765 @ 7.0% cap · market cap 5.94%

Theoretical Best

Office A

$448.0K

$392.0K – $522.7K (±1% cap)

NOI $31,363 @ 7.0% cap · market cap 7.84%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Dr. Gerald Levin, ... Dental Office Team Green Law Law Firm Dr. Preston Peachee Alternative Medicine Practice Reina Sul Lee-Jung Alternative Medicine Practice The Brain Center Crisis Center

Suggested Use

Top Pick Real Estate Agency Parking Lot & Garage (Bike/Boat/Book/etc) Store Bakery Law Firm Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

1,762

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46256, IN

22,598

Population

10,118

Households

2.2

Avg Household Size

43

Median Age

57%

College-Educated

96%

High-School Grad

11.1 sq mi

ZIP Area

2,036

Density / Sq Mi

$86,529

Median Household Income

$55,021

Median Earnings

$1,136

Median Rent

$277,800

Median Home Value

Market

Vacancy Rate% for Office in Indianapolis, IN

17.4% 2019

17.8% 2020

19.1% 2021

19.3% 2022

22.2% 2023

22.8% 2024

21.4% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this medical office space located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Medical Office Space - A former medical office occupies a corner position at Regency Centre, opposite Community North Hospital.

Where is this medical office space located?

The property is located at 8202 Clearvista Pkwy Indianapolis, IN.

What is the asking price?

The asking price for this property is $400,000.

What are key features of this property?

This property features: 1,800‑square‑foot medical office property; Previously used as a medical office for 15 years; Corner location within Regency Centre, across from Community North Hospital