For Sale
$1,280,000

135 Shortridge RdIndianapolis, IN 46219

Turnkey Medical Office, High ROI Potential

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

Highlights

  • $1,280,000 asking price for a 12,800 SF medical office building in Indianapolis, IN.
  • Class B, owner-user investment opportunity with a gross lease.
  • Single-tenant occupancy at 70%, offering an 8.00% cap rate and a pro-forma cap rate of 11.00%.
  • 12,800 square feet, $100/SF, with a pro-forma NOI of $178,129.
  • Two buildings on a 1.6-acre lot, built in 1974 and renovated in 2024, featuring 60 parking spaces.
  • C1 zoning, located 0.4 miles from I-465.

Property Details for 135 Shortridge Rd

Property type
Office properties, Medical offices
Square Feet
12,800 SF
Class
B
Year Built/Renovated
1974/2024
Buildings
2
Stories
2
Lot Size (sq. ft)
69,696 SF

Location Insight

City
Indianapolis
County
Marion
State
Indiana
Latitude
39.7752869
Longitude
-86.0401219
135 Shortridge Rd, Indianapolis, Indiana

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135 Shortridge Rd
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