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Property profile & analytics
OFF-MARKET
Estimated value
$1,210,000
Medical Office Space
5230 Stop 11th Rd Indianapolis, IN 46237-6398
Individually Owned
22-yr Hold
~
Est. High Equity
Property ID
US31-0524344
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2008
Construction
STEEL FRAME
Total area
44,294 SF
Lot
11.05 ac (481,296 SF)
Zoning code
ZO01
APN
49-15-15-107-043.000-300
UPID
US31-0524344
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Diabetes & Endocrinology Specialists Medical Clinic
-
Psychiatric Specialists - Niezer, Joseph, MD Physician
-
Dr. Drew W Bright MD Pediatrician Physician
-
St Francis Bariatric Weight Weigh Station
-
Nicolai James P MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$735k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.69M
Blend (final)
Blend
$1.21M
Owner & transaction history
Indiana Heart Physicians Build · 22 yrs held
Indiana Heart Physicians Build
since 2004
1 recorded transaction
Zoning & alternative use
ZO01 · Indianapolis, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
code of ordinances
Top alternative use upside
Commercial (general)
$1.9M
+32.1%
Warehouse, storage
$1.7M
+14.9%
Retail stores
$1.6M
+13.9%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Indianapolis submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Indianapolis submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$735,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,440,000
Current use
COMMERCIAL (GENERAL)
$1,900,000
Change: +32% · Conversion: Easy
WAREHOUSE, STORAGE
$1,655,000
Change: +15% · Conversion: Difficult
RETAIL STORES
$1,640,000
Change: +14% · Conversion: Difficult
Blend value · Realmo final
$1.21M
Range $1.09M – $1.33M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$27 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Assessed value
$12,651,200
Assessed 2023
Previous assessed
$12,651,200
+0.0% YoY
Assessed land
$2,805,200
Assessed improvement
$9,846,000
Land market value
$2,805,200
Improvement market value
$9,846,000
Total market value
$12,651,200
Applied tax rate
300.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2008
Construction
STEEL FRAME
Heating
NONE
Stories
2
Total area
44,294 SF
Lot
11.05 ac (481,296 SF)
Zoning code
ZO01
APN
49-15-15-107-043.000-300
UPID
US31-0524344
Jurisdiction
MARION
Zoning & alternative use
ZO01 · Indianapolis, INZoning ZO01 · permitted uses
ZO01 · Indianapolis, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
code of ordinances
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.4M
COMMERCIAL (GENERAL)
Est. value
$1.9M
WAREHOUSE, STORAGE
Est. value
$1.7M
RETAIL STORES
Est. value
$1.6M
MEDICAL BUILDING Current
COMMERCIAL (GENERAL)
WAREHOUSE, STORAGE
RETAIL STORES
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2008
Construction
STEEL FRAME
Heating
NONE
Stories
2
Lot
11.05 ac
Current owner
From public records · entity-resolved
Indiana Heart Physicians Build
Individual
Mailing address
8111 S EMERSON AVE, INDIANAPOLIS, IN 46237-8601
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2004
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jun 24, 2004
—
Indiana Heart Physicians Build
Community Ch Of Southport INC
Warranty Deed
$9,225,000 · Fifth Third Bank Central INC
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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