Listing Agency: Latitude Commercial Show Phone

Listed By: Chandler Kimmel · License ##RB22001170 Show Phone

Source: Moodyscre

Added: May 29 Changed: Oct 10 Last Checked: Oct 12 at 5:33PM

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Investment Insights

Based on property information with market context.

This 2,784-square-foot medical office condo includes 9 exam rooms, a spacious reception area, a large waiting room, 2 restrooms, 1 private office, and a kitchenette. The layout previously served a pediatrician’s practice and is configured for medical office operations.

Located on Prairie Avenue in Highland, the property offers pylon signage and ample parking. The combination of exam rooms, patient areas, administrative space, and support facilities provides a defined medical-office layout within a condominium setting.

Key Highlights

• 2,784‑square‑foot medical office condo
• 9 exam rooms with reception and large waiting area
• 2 restrooms, 1 private office, and kitchenette

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$38,967

Cap Rate

9.08%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$779,340 $779.3K

Cap Rate 7%

$556,671 $556.7K

Cap Rate 9%

$432,967 $433.0K

Market Conditions

NOI Build-Up for 2,784 SF

Gross rent

$72.2K $25.92/SF

− Vacancy

−$7.2K −$2.59/SF

EGI

$64.9K $23.33/SF

− OpEx

−$26.0K −$9.33/SF

NOI

$39.0K $14.00/SF

Area

Lake County, IN

Vacancy

10.00%

Lease Rate

$25.92 /SF/Yr

Expense Ratio

40.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$779,340

Cap Rate 7%

$556,671

Cap Rate 9%

$432,967

Alternative Uses

Best Use

Healthcare Medical

$556.7K

$487.1K – $649.5K (±1% cap)

NOI $38,967 @ 7.0% cap · market cap 9.08%

Second Best

Office B

$504.5K

$441.4K – $588.6K (±1% cap)

NOI $35,314 @ 7.0% cap · market cap 8.23%

Theoretical Best

Specialty Retail

$777.2K

$680.0K – $906.7K (±1% cap)

NOI $54,403 @ 7.0% cap · market cap 12.68%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Medical Office Space

Suggested Use

Top Pick Grocery & Convenience Store Parking Lot & Garage Garden Center (Bike/Boat/Book/etc) Store Computer & Electronic Repair Carpet & Flooring Store

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

Location Intelligence

Trade Area within ½ mile

475

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 46322, IN

23,984

Population

10,791

Households

2.2

Avg Household Size

43

Median Age

30%

College-Educated

93%

High-School Grad

6.9 sq mi

ZIP Area

3,476

Density / Sq Mi

$76,219

Median Household Income

$47,458

Median Earnings

$1,202

Median Rent

$219,500

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 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 - Configured medical office with reception, waiting area, private office, kitchenette, and on-site parking.

Where is this medical office space located?

The property is located at 9735 Prairie Ave Highland, IN.

What is the asking price?

The asking price for this property is $429,000.

What are key features of this property?

This property features: 2,784‑square‑foot medical office condo; 9 exam rooms with reception and large waiting area; 2 restrooms, 1 private office, and kitchenette