Property tours are available by appointment ONLY on February 2 and February 7. Please contact Anna Bowman to schedule a site tour at abowman@bradleyco.com or 260-423-4311. Investment Highlights: ±98,453 SF, multi-tenant, medical office building ±10% Occupancy with value-add through either lease-up or redevelopment Due to its location and current market dynamics, the Ritter Professional Building is an excellent upside opportunity for a prospective Buyer/Developer Revised C-1 zoning allows for a broad array of permitted uses High Parking Ratio (4/1000 SF with the ability to expand parking) Proximal to professional offices, retail services and across the street from Community-East Hospital and the new $120 million state mental health facility currently under construction. Investment Overview: Ritter Professional Building is a four-story medical office building located at 5502- 5508 East 16th Street in Indianapolis, Indiana. Ritter Professional Building is prominently located across the street from Community-East Hospital at the intersection of N. Ritter Avenue and E. 16th Street. Built in 1962 and renovated in 1994, the property is professionally managed and features a two-story atrium, attractive insulated and textured exterior, abundant free parking in two multi-level attached parking garages, as well as ground level parking lots adjacent to the building. The Ritter Professional Building offers ample on-site parking with over 4 parking spaces per 1,000 square feet with expansion possible to 40 new parking spaces. The property benefits from revised C-1 zoning which allows for a broad array of permitted uses to include: Health Services Uses; Assisted Living, Medical Office Building; Senior Citizens’ Center; Adult Day Care; Religious Uses, and more. Situated in the Lawrence/East County Submarket, the site is easily accessible and is located ±25 minutes from the Indianapolis International Airport. The building is proximal to professional offices, retail services and across the street from Community-East Hospital and the new 159-bed, $120 million state mental health facility currently under construction. The new Neuro-Diagnostic Institute and Advanced Treatment Center is scheduled to begin serving patients in late 2018. Click here for more info on Community Hospital EastThe 2016 total population and average household income within a five-mile radius is ±276,296 and ±$46,118 respectively with continued population growth expected. Due to its location and current market dynamics, the Ritter Professional Building offers excellent upside opportunities for a prospective Buyer/Developer through a variety of different options: Keep the building ‘as is’ and lease the available ±88,056 SF at market rates to bring up the NOI, creating value and holding, or selling it in a few years. Redevelop the property as Assisted living development or residential development with retail on the ground level (revised C-1 zoning allows for a broad array of permitted uses). Upgrade or redevelop the property/site as a state-of-the-art medical office building and benefit from the Building’s superior location across from Community East Hospital which creates a great opportunity for medical offices and/or retail uses on ground level. This property will be auctioned on Monday, February 13 - Wednesday, February 15 . The price displayed is the starting bid amount of $400,000. For information and to register to bid on this property, please visit Ten-X.com.
