<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>144</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001689405</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <issuerInfo>
      <issuerCik>0001677576</issuerCik>
      <issuerName>INNOVATIVE INDUSTRIAL PROPERTIES INC</issuerName>
      <secFileNumber>001-37949</secFileNumber>
      <issuerAddress>
        <com:street1>1389 CENTER DRIVE</com:street1>
        <com:street2>SUITE 200</com:street2>
        <com:city>PARK CITY</com:city>
        <com:stateOrCountry>UT</com:stateOrCountry>
        <com:zipCode>84098</com:zipCode>
      </issuerAddress>
      <issuerContactPhone>(858) 997-3332</issuerContactPhone>
      <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Stecher David</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
      <relationshipsToIssuer>
        <relationshipToIssuer>Director</relationshipToIssuer>
      </relationshipsToIssuer>
    </issuerInfo>
    <securitiesInformation>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <brokerOrMarketmakerDetails>
        <name>Charles Schwab Corp.</name>
        <address>
          <com:street1>3000 Schwab Way</com:street1>
          <com:city>Westlake</com:city>
          <com:stateOrCountry>TX</com:stateOrCountry>
          <com:zipCode>76262</com:zipCode>
        </address>
      </brokerOrMarketmakerDetails>
      <noOfUnitsSold>7599</noOfUnitsSold>
      <aggregateMarketValue>550927.50</aggregateMarketValue>
      <noOfUnitsOutstanding>28331833</noOfUnitsOutstanding>
      <approxSaleDate>02/28/2025</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/14/2024</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Grants</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>7599</amountOfSecuritiesAcquired>
      <paymentDate>06/14/2024</paymentDate>
      <natureOfPayment>N/A</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>Shares are being sold from trust acct: Stecher Family Trust
Shares for sale were acquired at various periods between 12/21/17 and 6/14/24</remarks>
    <noticeSignature>
      <noticeDate>02/28/2025</noticeDate>
      <signature>DAVID STECHER</signature>
    </noticeSignature>
  </formData>
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144
0001689405
XXXXXXXX
LIVE
0001677576
INNOVATIVE INDUSTRIAL PROPERTIES INC
001-37949
1389 CENTER DRIVE
SUITE 200
PARK CITY
UT
84098
(858) 997-3332
Stecher David
Director
Common
Charles Schwab Corp.
3000 Schwab Way
Westlake
TX
76262
7599
550927.50
28331833
02/28/2025
NYSE
Common
06/14/2024
Stock Grants
Issuer
N
7599
06/14/2024
N/A
Y
Shares are being sold from trust acct: Stecher Family Trust
Shares for sale were acquired at various periods between 12/21/17 and 6/14/24
02/28/2025
DAVID STECHER