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Sandra Eskenazi Mental Health Center 3419 English Ave 15,000 SF Office Building Indianapolis, IN 46201 $4,445,000 ($296.33/SF) 6.75% Cap Rate
Investment Highlights
- NNN lease structure with minimal landlord responsibilities
- Contractual rent escalations tied to CPI or 2.25% minimum
- Located in Indianapolis, a major healthcare hub with strong medical employment base and institutional presence
- 7+ years of remaining lease term providing near-term income security
- Operates as a hospital-licensed outpatient mental health center, part of a large regional health system
Executive Summary
The subject property is a newly redeveloped, 15,000-square-foot hospital-licensed outpatient medical facility located in Indianapolis, built in 2023 as a build-to-suit for Eskenazi Health. The asset is 100% leased to The Health and Hospital Corporation of Marion County under a 10-year NNN lease with 7.67 years remaining at the time of offering and current annual rent of $300,000. The tenant invested approximately $3.3 million into the buildout, highlighting long-term commitment to the site. The offering was marketed at $4.45 million, reflecting a 6.75% cap rate, with contractual rent increases based on CPI or a 2.25% annual minimum, including a notable step-up scheduled in 2027.
Property Facts
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
15,000 SF
Building Class
B
Year Built
2023
Price
$4,445,000
Price Per SF
$296.33
Cap Rate
6.75%
NOI
$300,038
Tenancy
Single
Building Height
1 Story
Typical Floor Size
15,000 SF
Building FAR
0.05
Lot Size
6.29 AC
Opportunity Zone
Yes
Zoning
ZO01
Parking
65 Spaces (4.33 Spaces per 1,000 SF Leased)
Amenities
- Wheelchair Accessible
1 1
Fairly walkable
40/100
Exceptionally drivable
100/100
Limited public transit
30/100
Fairly bikeable
40/100
Property Taxes
| Parcel Number | 49-10-08-144-007.000-101 | Improvements Assessment | $1,503,800 |
| Land Assessment | $323,200 | Total Assessment | $1,827,000 |
Property Taxes
Parcel Number
49-10-08-144-007.000-101
Land Assessment
$323,200
Improvements Assessment
$1,503,800
Total Assessment
$1,827,000
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