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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    370 Medical Dr Carmel, IN 46032-2916

    • Medical offices
    • 11,757 SF
    • 1.30 lot acres
    OFF-MARKET
    Value Estimations
    $600,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0708063
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Indiana Restorative Dentistry - Tyler J Thomas DMD MSD / Cosmetic Dentist / Dental Hygienist
    • Rearick Angie / Dentist
    • Wetli Erica / Dentist
    • Carmel Family Dentistry - Dr. Jessica Worthington / Dentist
    • Johnson Janet / Dentist

    Property Details for 370 Medical Dr

    Year built
    1977
    Construction
    WOOD
    Lot size
    1.30 lot acres
    Property size
    11,757 SF
    Property type
    Medical offices
    Property subtype
    Medical centers
    APN
    29-10-31-000-016.005-018
    APU
    291031000016005018

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $600,000

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $515,000
      Current use
      COMMERCIAL (GENERAL)
      $875,000
      Change: +71% Conversion: Easy
      INDUSTRIAL (GENERAL)
      $785,000
      Change: +53% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $715,000
      Change: +40% Conversion: Difficult

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Carmel
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1206
    Latitude
    39.9608
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $17,001
    $422,500
    $420,800
    $843,300
    -
    $422,500
    $420,800
    $843,300

    Comparable in this City

    • Value Estimation
      $1,565,000
      432,387 SF

      11720 Illinois St

      MEDICAL BUILDING • 432,387 SF
      11720 Illinois St, Carmel, IN 46032
      View Details
    • Value Estimation
      $650,000
      15,439 SF

      310 Medical Dr

      MEDICAL BUILDING • 15,439 SF
      310 Medical Dr, Carmel, IN 46032-3077
      View Details
    • Value Estimation
      $1,145,000
      40,804 SF

      11911 Meridian St

      MEDICAL BUILDING • 40,804 SF
      11911 Meridian St, Carmel, IN 46032-6904
      View Details
    • Value Estimation
      $660,000
      8,441 SF

      12425 Old Meridian St

      MEDICAL BUILDING • 8,441 SF
      12425 Old Meridian St, Carmel, IN 46032-8724
      View Details
    • Value Estimation
      $1,315,000
      34,176 SF

      11900 Pennsylvania St

      MEDICAL BUILDING • 34,176 SF
      11900 Pennsylvania St, Carmel, IN 46032-4693
      View Details
    • Value Estimation
      $930,000
      20,932 SF

      13590 Meridian St, Unit B

      MEDICAL BUILDING • 20,932 SF
      13590 Meridian St, Carmel, IN 46032-1555
      View Details

    Similar Nearby for Sale

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      Downtown Carmel Office/Retail Gem

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      Prime location with great visibility and impressive demographics.
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    • $400,000
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      Carmel Office Property For Sale

      Commercial property in Carmel, Indiana, suitable for office conversion.
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      View Details
    • Contact for pricing
      55 SF

      Carmel Office Suites Available

      Prime Carmel location with executive and private office suites available.
      9640-9650 Commerce Dr | Carmel, Carmel, IN 46032
      View Details
    • $11,000,000
      84,963 SF

      Two-Building Office Portfolio in Carmel

      Two-building office portfolio totaling ±84,963 RSF on 7.64 acres.
      11405-11495 N Pennsylvania St, Carmel, IN 46032
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    • $400,000
      Pending

      Carmel Land Ready For Development

      Carmel property designated for commercial development, sold as commercial.
      3744 W 97Th St, Carmel, IN 46032
      View Details

    Similar Nearby for Lease

    • $28 SF/Yr
      3,273 SF

      Carmel Medical Office Space Available

      Medical office space for lease near Ascension St. Vincent Carmel.
      13421 Old Meridian St, Carmel, IN 46032
      View Details
    • Contact for pricing
      5,321 SF

      Prime Carmel Medical Office Building

      5,321 SF Medical Office, Downtown Carmel
      1120 Aaa Way, Carmel, IN 46032
      View Details
    • Contact for pricing
      29,259 SF

      Carmel Medical Office Suites

      Prime Carmel location, medical office space available.
      13431 Old Meridian St, Carmel, IN 46032
      View Details
    • $7 SF/Yr
      6,249 SF

      Carmel Office Space Available

      Flexible workspace solutions in Carmel, IN.
      303 Congressional Blvd, Carmel, IN 46032
      View Details
    • $18 SF/Yr
      45,255 SF

      Carmel Executive Suites: Prime Location

      Class A Office Space, Multiple Suites Available
      755 Carmel Dr, Carmel, IN 46032
      View Details
    • Contact for pricing
      85,542 SF

      Carmel Medical Office Space for Lease

      Prime Carmel location, medical office suites available.
      13420 Meridian St, Carmel, IN 46032
      View Details
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    Carmel, IN 46032-2916
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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