Evansville Medical Office Building For
For Sale
Contact for pricing
1125 Professional Blvd, Evansville, IN 47714
Single-tenant, triple-net leased medical office building in Evansville, Indiana.
Property Size16,872 SF
Price / SF$343.17
Days on Market703
Property Features for 1125 Professional Blvd
General Information
Standard status
Active
Size
16,872 SF
Total Parking Spaces
67
Property subtype
Office
Zoning
Commercial
Occupancy
100%
Lease Type
NNN
Net Operating Income
$522,307
Building Details
Year Built
1994
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Indianapolis
(317) 218-5334
Listed By:
Joseph DiSalvo · License #IN RB14051407
Source:
Crexi
Added: Sep 25, 2024
Changed: Aug 26
Last Checked: Aug 25 at 6:36PM
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.
The Evansville St. Vincent’s Surgery Center is a 16,872 square foot, single-tenant, triple-net (NNN) leased medical office building located in Evansville, Indiana. The property was built for and has been fully occupied by St. Vincent Hospitals, a part of Ascension Health, one of the premier healthcare providers in the region. The offering provides a stable cash flow opportunity for investors, supported by a strong tenant. St. Vincent Hospitals, a member of Ascension Health, is one of the largest non-profit healthcare systems in the U.S., offering a wide range of medical services including primary care, specialized treatments, and surgical procedures. The tenant’s longevity and commitment to this location underscore the strength of this investment opportunity. The building is well-positioned within a strategic market, surrounded by major medical and economic hubs in the broader Evansville MSA. The Evansville St. Vincent’s Surgery Center is an excellent and stable healthcare facility leased to one of the largest hospital networks in the United States, Ascension Health. The Tenant has shown a strong commitment to this location with a brand new extension that includes further investment into the location to help solidify their presence in this location well into the future. The subject property is located at 1125 Professional Boulevard, situated on the eastern side of Evansville directly south of the Ascension St. Vincent’s Evansville Hospital, the largest hospital in the Evansville market with over 500 beds. The Subject Property is surrounded by other medical office facilities, a local elementary school campus, dense populations of residential, and a substantial amount of retail amenities such as restaurants, grocery, service retailers, and the Washington Square Mall. Evansville serves as the commercial, medical, and educational hub for the Indiana/Kentucky/Illinois tristate region. Evansville is a critical healthcare hub for Southwestern Indiana and the surrounding areas.
Key Highlights
- Single‑tenant, NNN leased medical office building for passive income.
- Leased to St. Vincent Hospitals, part of Ascension Health.
- Recent lease extension shows tenant commitment.
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
$221,091
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
3.82%
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%
$4,421,820
$4.4M
Cap Rate 7%
$3,158,443
$3.2M
Cap Rate 9%
$2,456,567
$2.5M
Market Conditions
NOI Build-Up for 16,872 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
$404.9K $24.00/SF
− Vacancy
−$36.4K −$2.16/SF
EGI
$368.5K $21.84/SF
− OpEx
−$147.4K −$8.74/SF
NOI
$221.1K $13.10/SF
Area
Evansville, IN
Vacancy
9.00%
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%
$4,421,820
Cap Rate 7%
$3,158,443
Cap Rate 9%
$2,456,567
Alternative Uses
Best Use
Healthcare Medical
$3.16M
$2.76M – $3.68M
NOI $221,091 @ 7.0% cap · market cap 3.82%
Second Best
Office B
$2.93M
$2.57M – $3.42M
NOI $205,298 @ 7.0% cap · market cap 3.55%
Theoretical Best
Office A
$4.19M
$3.67M – $4.89M
NOI $293,200 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,716
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 47714, IN
32,827
Population
16,040
Households
2
Avg Household Size
36
Median Age
22%
College-Educated
87%
High-School Grad
8.0 sq mi
ZIP Area
4,103
Density / Sq Mi
$54,614
Median Household Income
$33,246
Median Earnings
$951
Median Rent
$124,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Single-tenant, triple-net leased medical office building in Evansville, Indiana.
Where is this medical office space located?
The property is located at 1125 Professional Blvd Evansville, IN.
What is the asking price?
The asking price for this property is $5,790,000.
What are key features of this property?
This property features: Single‑tenant, NNN leased medical office building for passive income.; Leased to St. Vincent Hospitals, part of Ascension Health.; Recent lease extension shows tenant commitment.
