Updated Office Unit with
New
For Sale
Contact for pricing
1607 Chester Blvd, Richmond, IN 47374
Flexible professional setting with front windows, signage, and rear parking for client and staff access.
Property Size1,246 SF
Price / SF$159.71
Days on Market6
Property Features for 1607 Chester Blvd
General Information
Standard status
Active
Size
1,246 SF
Total Parking Spaces
10
Property subtype
Special Purpose
Building Details
Year Built
1950
Listing Agency:
Ryan Cate Auctions & Real Estate LLC
Listed By:
Ryan Cate
(765) 960-5708
Source:
Crexi
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 9:53PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Ryan Cate Auctions & Real Estate LLC
Investment Insights
Based on property information with market context.
This 1,246-square-foot office unit at 1607 Chester Blvd in Richmond, Indiana, was built in 1950 and has been updated for a polished commercial setting. The interior offers a flexible layout that can accommodate professional office, medical or dental, wellness, and specialty business uses. Expansive front windows, maintained landscaping, and exterior signage contribute to a customer-facing presentation.
A convenient accessibility ramp supports visitor entry, while the rear parking area provides 8-10 parking spaces. The property combines adaptable interior space with practical features for businesses seeking an established office location.
A convenient accessibility ramp supports visitor entry, while the rear parking area provides 8-10 parking spaces. The property combines adaptable interior space with practical features for businesses seeking an established office location.
Key Highlights
- 1,246 SF office unit in Richmond, IN
- Updated commercial property built in 1950
- Flexible layout for office, medical/dental, wellness, or specialty business uses
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$8,684
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$173,680
$173.7K
Cap Rate 7%
$124,057
$124.1K
Cap Rate 9%
$96,489
$96.5K
Market Conditions
NOI Build-Up for 1,246 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$16.4K $13.20/SF
− Vacancy
−$2.0K −$1.58/SF
EGI
$14.5K $11.62/SF
− OpEx
−$5.8K −$4.65/SF
NOI
$8.7K $6.97/SF
Area
Wayne County, IN
Vacancy
12.00%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$173,680
Cap Rate 7%
$124,057
Cap Rate 9%
$96,489
Alternative Uses
Best Use
Healthcare Medical
$124.1K
$108.6K – $144.7K
NOI $8,684 @ 7.0% cap · market cap 4.36%
Second Best
Office B
$48.0K
$42.0K – $56.0K
NOI $3,361 @ 7.0% cap · market cap 1.69%
Theoretical Best
Mixed Use
$156.2K
$136.7K – $182.2K
NOI $10,934 @ 7.0% cap · market cap 5.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
350
Businesses Nearby
Explore this area
Business Placement
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional setting with front windows, signage, and rear parking for client and staff access.
Where is this office units located?
The property is located at 1607 Chester Blvd Richmond, IN.
What is the asking price?
The asking price for this property is $199,000.
What are key features of this property?
This property features: 1,246 SF office unit in Richmond, IN; Updated commercial property built in 1950; Flexible layout for office, medical/dental, wellness, or specialty business uses
