135 Shortridge Rd Indianapolis, IN 46219

Property Details for 135 Shortridge Rd

Year built

1974

Lot size

1.60 lot acres

Property size

12,800 SF

Property type

Office Properties & Spaces

Property subtype

Medical offices

Description

This exceptional investment opportunity presents a two-building medical office complex totaling 12,800 square feet situated on a 1.6-acre lot in Indianapolis, Indiana. The property, located at 135-141 N Shortridge Rd, zip code 46219, is conveniently located just 0.4 miles from I-465, offering easy access to major transportation routes. Currently 70% occupied by medical tenants, the buildings boast 10 offices and 10 half-baths. Both buildings underwent extensive renovations in February 2024, including new HVAC systems, heaters, paint, and carpeting. Building 141 features a stair lift, enhancing accessibility. The property is zoned C1, allowing for a variety of permitted uses, and includes 60 parking spaces. The asking price is $1,280,000, representing a price per square foot of $100, with a current cap rate of 8% and a pro-forma cap rate of 11%. The pro-forma NOI is $178,129. This turnkey property offers significant potential for increased income and future development, making it an ideal investment for those seeking strong returns and long-term growth. Built in 1974, the property offers a blend of established tenancy and modern upgrades. The substantial lot size presents opportunities for expansion or additional development within the permitted zoning. This is a rare opportunity to acquire a well-maintained, strategically located medical office complex with significant upside potential.