<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:com="http://www.sec.gov/edgar/common">
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    <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>2500</noOfUnitsSold>
      <aggregateMarketValue>199200.00</aggregateMarketValue>
      <noOfUnitsOutstanding>28039830</noOfUnitsOutstanding>
      <approxSaleDate>11/15/2023</approxSaleDate>
      <securitiesExchangeName>NYSE</securitiesExchangeName>
    </securitiesInformation>
    <securitiesToBeSold>
      <securitiesClassTitle>common</securitiesClassTitle>
      <acquiredDate>12/16/2019</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Plan</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>601</amountOfSecuritiesAcquired>
      <paymentDate>12/16/2019</paymentDate>
      <natureOfPayment>NA</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>common</securitiesClassTitle>
      <acquiredDate>07/13/2020</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Plan</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>1482</amountOfSecuritiesAcquired>
      <paymentDate>07/13/2020</paymentDate>
      <natureOfPayment>NA</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>10/05/2021</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Plan</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>160</amountOfSecuritiesAcquired>
      <paymentDate>10/05/2021</paymentDate>
      <natureOfPayment>NA</natureOfPayment>
    </securitiesToBeSold>
    <securitiesToBeSold>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <acquiredDate>06/10/2022</acquiredDate>
      <natureOfAcquisitionTransaction>Stock Plan</natureOfAcquisitionTransaction>
      <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
      <isGiftTransaction>N</isGiftTransaction>
      <amountOfSecuritiesAcquired>257</amountOfSecuritiesAcquired>
      <paymentDate>06/10/2022</paymentDate>
      <natureOfPayment>NA</natureOfPayment>
    </securitiesToBeSold>
    <nothingToReportFlagOnSecuritiesSoldInPast3Months>Y</nothingToReportFlagOnSecuritiesSoldInPast3Months>
    <remarks>Being sold out of: L STECHER &amp; D STECHER TTEE STECHER FAMILY TRUST</remarks>
    <noticeSignature>
      <noticeDate>11/15/2023</noticeDate>
      <signature>David Stecher</signature>
    </noticeSignature>
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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
2500
199200.00
28039830
11/15/2023
NYSE
common
12/16/2019
Stock Plan
Issuer
N
601
12/16/2019
NA
common
07/13/2020
Stock Plan
Issuer
N
1482
07/13/2020
NA
Common
10/05/2021
Stock Plan
Issuer
N
160
10/05/2021
NA
Common
06/10/2022
Stock Plan
Issuer
N
257
06/10/2022
NA
Y
Being sold out of: L STECHER & D STECHER TTEE STECHER FAMILY TRUST
11/15/2023
David Stecher