Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    17415 Gray Rd Westfield, IN 46062

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    New medical office buildings in Westfield, Indiana, for lease.

    Property Features for 17415 Gray Rd

    General Information

    Standard status
    Active

    We can help!

    Listing Contact
    Connor Oke
    Source: Crexi

    Listing Agency: Bellagio Real Estate Partners Listing Agent: Connor Oke

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Class A Medical Office Development

    Bellagio Real Estate Partners presents a new Class A medical office development at the southwest corner of SR 32 and Gray Road in Westfield, Indiana. The development features approximately 10,000 SF medical office buildings, part of a planned 28,600 SF multi-building medical office campus positioned along SR 32. The site offers accessibility, strong surrounding demographics, and proximity to multiple hospital systems. It is suited for a range of medical and professional office users. Lease terms and tenant improvement allowances are negotiable and will be structured based on tenant credit, use, and overall lease economics. The project will be developed under a PUD permitting General Office uses, providing flexibility for medical, healthcare, and professional office tenants seeking a long-term presence in one of the fastest-growing submarkets in the Indianapolis MSA.
    Location Intelligence

    Current Use by Public Records

    Medical Office Space

    Suggested Use

    Real Estate Agency Law Firm Restaurant Hair Salon Building Supply Gym & Fitness Center Accounting Firm Daycare Center Auto Repair Shop Kitchen & Bath Showroom

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Animal Eye Clinic

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.0493
    Latitude
    40.0666

    Nearby Similar for Lease

    • $495 /Mo
      4,500 SF

      Retail Space in Westfield, IN

      Retail property available for lease in Westfield, Indiana.
      770 Pawtucket Dr, Westfield, IN 46074
      View Details
    • $8 SF/Yr

      Westfield Warehouse Space Available

      40,000 SF warehouse with easy access to U.S. 31.
      2000 E 196Th St, Westfield, IN 46074
      View Details
    • $18 SF/Yr
      2,641 SF

      Westfield Office Space For Rent

      Office space available for lease in Westfield, Indiana.
      17827 Commerce Dr, Westfield, IN 46074
      View Details
    • Contact for pricing
      14,000 SF

      Westfield Commercial Property For Rent

      Commercial property available for rent, close to US 31.
      17408 Tiller Ct, Westfield, IN 46074
      View Details
    • New
      Contact for pricing

      Westfield Office/Warehouse Flex Space

      Versatile flex space suitable for retail, office, or showroom.
      16462 Southpark Dr, Westfield, IN 46074
      View Details
    • Contact for pricing
      1,732 SF

      Westfield Retail and Restaurant Space

      Retail and restaurant spaces in a neighborhood shopping destination.
      14631-14655 N Gray Rd, Westfield, IN
      View Details
    • Contact for pricing
      22,500 SF

      New Industrial Space, Westfield, IN

      New industrial building with suites available for lease in Westfield.
      16465 Southpark Dr, Westfield, IN 46074
      View Details
    • Contact for pricing

      Retail Space Inside Meijer

      Prime retail opportunity within high-traffic Meijer stores in the Midwest.
      225 W Springmill Pointe Dr, Westfield, IN 46074
      View Details
    • Contact for pricing
      1,560 SF

      Retail Space Near Monon Trail

      1,560 SF retail space with multiple access points.
      829 E State Road 32, Westfield, IN 46074
      View Details
    • Contact for pricing

      Office Space with Private Entrance

      Office space with private entrance available for lease in 2026.
      17827 Commerce Dr, Westfield, IN 46074
      View Details
    • Contact for pricing
      17,000 SF

      Westfield Warehouse Space Available

      17,000 SF warehouse space for lease in Westfield, Indiana.
      20418 Commerce Park Dr, Westfield, IN
      View Details
    • Contact for pricing

      Retail Space Near Life Time

      Retail space available near Life Time Fitness in Westfield, IN.
      Westfield In, Westfield, IN 46074
      View Details

    FAQs

    What type of property is this?
    Medical Office Space - New medical office buildings in Westfield, Indiana, for lease.
    Where is this medical office space located?
    The property is located at 17415 Gray Rd Westfield, IN.
    What are key features of this property?
    This property features: - Class A medical office development in a rapidly growing Indianapolis submarket.; - **Excellent accessibility and high visibility** location at the corner of SR 32 and Gray Road.; - Proximity to multiple hospital systems.
    Request Owner's contact information
    17415 Gray Rd Westfield, IN 46062
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    17415 Gray Rd
    Westfield, IN 46062
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    17415 Gray Rd Westfield, IN 46062
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Listing Contact
    Connor Oke
    Real Estate License ID: RB23002366
    Learn More
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!