Medical Office Condo with Exam
For Sale
Contact for pricing
9735 Prairie Ave, Highland, IN 46322
Configured medical office with reception, waiting area, private office, kitchenette, and on-site parking.
Property Size2,784 SF
Price / SF$154.09
Days on Market94
Property Features for 9735 Prairie Ave
General Information
Standard status
Active
Size
2,784 SF
Property subtype
OFFICE
Amenities
pylon signage
Listing Agency:
Latitude Commercial
(219) 218-8200
Listed By:
Chandler Kimmel · License #RB16000975
(219) 218-8200
Source:
Moodyscre
Added: May 29
Changed: Aug 29
Last Checked: Aug 29 at 8:11PM
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 Latitude Commercial
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.
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 = 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
$25,256
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
5.89%
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%
$505,120
$505.1K
Cap Rate 7%
$360,800
$360.8K
Cap Rate 9%
$280,622
$280.6K
Market Conditions
NOI Build-Up for 2,784 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
$46.8K $16.80/SF
− Vacancy
−$4.7K −$1.68/SF
EGI
$42.1K $15.12/SF
− OpEx
−$16.8K −$6.05/SF
NOI
$25.3K $9.07/SF
Area
Vermillion County, IN
Vacancy
10.00%
Lease Rate
$16.80 /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%
$505,120
Cap Rate 7%
$360,800
Cap Rate 9%
$280,622
Alternative Uses
Best Use
Healthcare Medical
$360.8K
$315.7K – $420.9K
NOI $25,256 @ 7.0% cap · market cap 5.89%
Second Best
Office B
$360.8K
$315.7K – $420.9K
NOI $25,256 @ 7.0% cap · market cap 5.89%
Theoretical Best
Office A
$492.5K
$431.0K – $574.6K
NOI $34,477 @ 7.0% cap · market cap 8.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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- North Central Veterinary Clinic — 2425 Ridge Rd, Highland, IN 46322
- Emergency Veterinary Care Centers — Ultra Highland Plza, 8501 Indianapolis Blvd, Highland, IN 46322
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
