Current Use by Public Records
- Sandra Eskenazi Mental Health Center / Medical Clinic
Property Details for 3419 English Ave
- Property type
- Office Spaces
- Property subtype
- Medical Office Space
Description
This exceptional investment opportunity presents a fee-simple interest in a newly renovated, 15,000-square-foot medical office building located at 3419 English Ave, Indianapolis, IN 46201. The property boasts a single-tenant, net-lease agreement with Eskenazi Health, a highly creditworthy tenant (AA+ rating from S&P and Aa1 from Moody's), extending until November 30, 2033. This represents a remaining lease term of nine years. The building, constructed in 2023, serves as Eskenazi Health's largest Mental Health Primary Care & Opioid Treatment Facility. The asking price is $4,615,000, translating to a price per square foot of $307.67 and a compelling 6.50% capitalization rate based on a net operating income (NOI) of $300,000. Rental increases are projected based on the Consumer Price Index (CPI) data from the past three years. The property is a single-story building, fully occupied (100% occupancy), and represents a below-replacement-cost acquisition. Eskenazi Health, the public hospital division of the Health & Hospital Corporation of Marion County, has invested over $3.4 million in tenant improvements. The total redevelopment cost was $6,849,000. This property offers a strong, stable investment with a long-term lease and a tenant with an exceptional credit rating. The property is classified as a hospital-licensed outpatient center and primary care facility.
Value Estimations
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Indianapolis
- County
- Marion
- State
- Indiana
- Longitude
- -86.1089
- Latitude
- 39.7587
