Turnkey Medical Office
For Sale
Contact for pricing
950 W JEFFERSON ST, Franklin, IN 46131
Move-in-ready medical/office space with central HVAC, two entrances, and an unfinished basement for storage or future buildout.
Property Size3,000 SF
Price / SF$144.67
Days on Market122
Property Features for 950 W JEFFERSON ST
General Information
Standard status
Active
Size
3,000 SF
Class
B
Total Parking Spaces
10
Property subtype
Mixed Use
Zoning
MXC-Mixed Use
Lease Type
NNN
Investment Type
Owner/User
Amenities
fireplace
central heating and A/C
two entrances
covered front porch
one-car attached garage
Building Details
Year Built
1949
Buildings
1
Stories
1
Units
10
Listing Agency:
Horizon Property Group
Listed By:
Derrick Christy · License #IN
Source:
Crexi
Added: May 12
Changed: Aug 27
Last Checked: Sep 10 at 5:51AM
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 Horizon Property Group
Investment Insights
Based on property information with market context.
This turnkey medical/office property totals approximately 3,000 square feet, including 1,724 square feet on the main level and an additional 1,276 square feet in an unfinished basement. The main level is configured with five private offices, a reception area with a fireplace, a kitchen/laboratory with storage, and a full bathroom with a shower. Two entrances provide convenient access, and the property also includes central heating and A/C. Additional amenities include a covered front porch and a one-car attached garage.
Located at 950 W Jefferson St in Franklin, IN, the building is described as being near Johnson Memorial Health and Downtown Franklin, in a highly accessible commercial corridor.
The unfinished basement is suitable for storage today and can support expansion or future buildout, while the existing layout is designed to accommodate medical, wellness, or professional office operations that require immediate occupancy.
Located at 950 W Jefferson St in Franklin, IN, the building is described as being near Johnson Memorial Health and Downtown Franklin, in a highly accessible commercial corridor.
The unfinished basement is suitable for storage today and can support expansion or future buildout, while the existing layout is designed to accommodate medical, wellness, or professional office operations that require immediate occupancy.
Key Highlights
- Approximately 3,000 SF medical/office space: 1,724 SF main level plus 1,276 SF unfinished basement
- Configured for office use with five private offices and a reception area with fireplace
- Kitchen/laboratory with storage and a full bathroom with shower
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
$37,868
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
8.73%
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%
$757,360
$757.4K
Cap Rate 7%
$540,971
$541.0K
Cap Rate 9%
$420,756
$420.8K
Market Conditions
NOI Build-Up for 3,000 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
$59.4K $19.80/SF
− Vacancy
−$8.9K −$2.97/SF
EGI
$50.5K $16.83/SF
− OpEx
−$12.6K −$4.21/SF
NOI
$37.9K $12.62/SF
Area
Johnson County, IN
Vacancy
15.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$757,360
Cap Rate 7%
$540,971
Cap Rate 9%
$420,756
Alternative Uses
Best Use
Office B
$541.0K
$473.4K – $631.1K
NOI $37,868 @ 7.0% cap · market cap 8.73%
Second Best
Healthcare Medical
$510.9K
$447.1K – $596.1K
NOI $35,764 @ 7.0% cap · market cap 8.24%
Theoretical Best
Office A
$756.0K
$661.5K – $882.0K
NOI $52,920 @ 7.0% cap · market cap 12.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
467
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
Demographics for 46131, IN
32,869
Population
13,151
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
92%
High-School Grad
126.0 sq mi
ZIP Area
261
Density / Sq Mi
$81,914
Median Household Income
$44,797
Median Earnings
$1,114
Median Rent
$227,800
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in-ready medical/office space with central HVAC, two entrances, and an unfinished basement for storage or future buildout.
Where is this medical office space located?
The property is located at 950 W JEFFERSON ST Franklin, IN.
What is the asking price?
The asking price for this property is $434,000.
What are key features of this property?
This property features: Approximately 3,000 SF medical/office space: 1,724 SF main level plus 1,276 SF unfinished basement; Configured for office use with five private offices and a reception area with fireplace; Kitchen/laboratory with storage and a full bathroom with shower
