Flex Space with Office and
For Sale
Contact for pricing
17819 Commerce Drive, Westfield, IN 46074
EI zoning supports office, medical, production, recreation, and warehousing uses.
Property Size17,692 SF
Price / SF$169.29
Days on Market138
Property Features for 17819 Commerce Drive
General Information
Standard status
Active
Size
17,692 SF
Total Parking Spaces
30
Property subtype
Office, Industrial
Zoning
EI
Investment Type
Owner/User
Building Details
Year Built
1997
Stories
1
Listing Agency:
Bradley Company Indianapolis
(317) 213-6692
Listed By:
Kevin Dick · License #In RB14042386
Source:
Crexi
Added: Apr 15
Changed: Aug 29
Last Checked: Aug 29 at 11:31PM
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 Bradley Company Indianapolis
Investment Insights
Based on property information with market context.
This 17,692-square-foot flex property, built in 1997, combines approximately 55% office area with 45% warehouse space. The configuration supports an owner-user seeking a blended workplace and industrial environment within one building.
Enclosed Industrial (EI) zoning allows food production, office, medical, professional and trade school, indoor recreation, light industrial, construction, and warehousing or distribution uses. The property is located at 17819 Commerce Drive in Westfield, Indiana, within Hamilton County, with proximity to downtown Westfield and Grand Park.
Enclosed Industrial (EI) zoning allows food production, office, medical, professional and trade school, indoor recreation, light industrial, construction, and warehousing or distribution uses. The property is located at 17819 Commerce Drive in Westfield, Indiana, within Hamilton County, with proximity to downtown Westfield and Grand Park.
Key Highlights
- 17,692‑square‑foot flex property built in 1997
- Approximately 55% office and 45% warehouse space
- Enclosed Industrial (EI) zoning
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
$232,928
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
7.78%
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%
$4,658,560
$4.7M
Cap Rate 7%
$3,327,543
$3.3M
Cap Rate 9%
$2,588,089
$2.6M
Market Conditions
NOI Build-Up for 17,692 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
$343.9K $19.44/SF
− Vacancy
−$33.4K −$1.89/SF
EGI
$310.6K $17.55/SF
− OpEx
−$77.6K −$4.39/SF
NOI
$232.9K $13.17/SF
Area
Hamilton County, IN
Vacancy
9.70%
Lease Rate
$19.44 /SF/Yr
Expense Ratio
25.00%
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%
$4,658,560
Cap Rate 7%
$3,327,543
Cap Rate 9%
$2,588,089
Alternative Uses
Best Use
Office B
$3.33M
$2.91M – $3.88M
NOI $232,928 @ 7.0% cap · market cap 7.78%
Second Best
Warehouse
$1.17M
$1.02M – $1.36M
NOI $81,551 @ 7.0% cap · market cap 2.72%
Theoretical Best
Office A
$4.08M
$3.57M – $4.76M
NOI $285,445 @ 7.0% cap · market cap 9.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46074, IN
42,598
Population
17,118
Households
2.5
Avg Household Size
36
Median Age
61%
College-Educated
97%
High-School Grad
36.4 sq mi
ZIP Area
1,170
Density / Sq Mi
$123,580
Median Household Income
$60,250
Median Earnings
$1,550
Median Rent
$400,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - EI zoning supports office, medical, production, recreation, and warehousing uses.
Where is this flex space located?
The property is located at 17819 Commerce Drive Westfield, IN.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 17,692‑square‑foot flex property built in 1997; Approximately 55% office and 45% warehouse space; Enclosed Industrial (EI) zoning
