Updated Office Unit with
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$148.48
Days on Market52
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: Oct 14
Last Checked: Oct 16 at 7:49AM
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
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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 / Yr
$8,684
Cap Rate
4.69%
Suggested Prices Based on Cap Rates
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
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 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 4.69%
Second Best
Office B
$48.0K
$42.0K – $56.0K
NOI $3,361 @ 7.0% cap · market cap 1.82%
Theoretical Best
Mixed Use
$156.2K
$136.7K – $182.2K
NOI $10,934 @ 7.0% cap · market cap 5.91%
Zoning and permitted uses should be independently verified with authorities.
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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 $185,000.
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
