135 Shortridge RdIndianapolis, IN 46219

Property Details for 135 Shortridge Rd

Year built

1974

Lot size

1.60 AC

Property size (Sq ft)

12,800 SF

Property type

Healthcare properties

Property subtype

Other office properties

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.

Location Insight

City

Indianapolis

County

Marion

State

Indiana

Latitude

39.7753

Longitude

-86.0401

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