980 N Meridian St Portland, IN 47371
Property profile & analytics
980 N Meridian St Portland, IN 47371
- Medical Office Space
- 2,768 SF
- 0.46 lot acres
Property ID
US31-1356074
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.
Location Intelligence
Current Use by Public Records
- Medical Office Space
Property Details for 980 N Meridian St
- Year built
- 2022
- Construction
- WOOD
- Lot size
- 0.46 lot acres
- Property size
- 2,768 SF
- Property type
- Medical Office Space
- Property subtype
- Medical centers
- APN
- 38-07-17-404-028.000-034
- APU
- 380717404028000034
Description
This exceptional investment opportunity presents a 2,713 square foot, state-of-the-art medical office building in Portland, Indiana. Built in 2022, the property boasts a long-term, net-lease agreement with Fast Pace Urgent Care, a well-established national tenant with over 275 locations. The lease commenced July 22, 2022, and extends until November 29, 2037, providing a substantial remaining term of approximately 13 years. The property features 26 parking spaces and sits on a 0.46-acre lot. The asking price is $2,230,000, representing a 6.55% cap rate based on a current Net Operating Income (NOI) of $146,068. The lease includes three 5-year renewal options, with multiple 10% rental increases built in, projecting a cap rate increase to 7.21% by 2027 and 7.93% by 2032. The property enjoys high visibility at a main intersection with significant daily traffic (17,155+ vehicles per day). Portland offers a strong employment base, including major employers like Tyson Foods and FCC (Indiana), LLC, and is conveniently located near IU Jay Hospital and other medical facilities. The city's favorable demographics, with average household incomes of approximately $83,000 within a 10-mile radius, and its low cost of living make it an attractive location. This recession-resistant investment is ideally suited for 1031 exchange buyers, offering minimal management responsibilities as the tenant is responsible for all operating expenses, real estate taxes, and insurance.
Value Estimations
based on Realmo’s proprietary methodology
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CAP approach
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Comparable approach
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Alternative Use
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Location Insight
- Map
- Local Demand
- City
- Portland
- County
- Jay
- State
- Indiana
- Longitude
- -84.9786
- Latitude
- 40.4424
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
$17,132
$67,400
$492,600
$560,000
-
$67,400
$492,600
$560,000
