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    191St St Westfield, IN 46074

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    For Sale
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    Exceptional land parcel near Grand Park Sports Campus.

    Lot size:
    40.18 Acres

    Property Features for 191St St

    General Information

    Lot size
    40.18 Acres

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    Listing Contact
    Annie Scott
    Annie Scott
    Source: Moodyscre

    Listing Agency: F.C. Tucker Company Listing Agent: Annie Scott

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

    Learn more

    Overview

    Prime Westfield Development Opportunity

    This prime land is located on 191st Street in Westfield, positioning it in the heart of one of Indiana’s fastest-growing and most dynamic areas. The property sits directly across from the Grand Park Sports Campus, a nationally renowned, 400-acre destination featuring baseball diamonds, multipurpose fields, and the Indianapolis Colts Training Camp. Just south of the site is Chatham Hills, an exclusive community offering luxury homes, a championship golf course, and amenities. To the east, the Monon Trail provides a link to Westfield’s walkability and connectivity. Grand Park Village is taking shape nearby, featuring mixed-use developments with retail, residential, and entertainment spaces. The Grand Park District Master Plan includes a planned 10,000-seat stadium and downtown-style growth. The land is ideally positioned to leverage growth, offering easy access and existing utilities. The property is not divisible and is being sold as a 2 parcel package. Farm lease rights currently apply, ensuring that the land remains active while its future is planned. Envisioned uses include a mixed-use residential and retail development, a hospitality or sports-focused project, or a new community hub.
    Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    Westfield
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.159422
    Latitude
    40.064233

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    FAQs

    What type of property is this?
    Land - Exceptional land parcel near Grand Park Sports Campus.
    Where is this land located?
    The property is located at 191St St Westfield, IN.
    What is the asking price?
    The asking price for this property is $13,390,000.
    What are key features of this property?
    This property features: - Prime development land directly across from Grand Park Sports Campus, a nationally renowned 400-acre destination.; - Located in Westfield, one of Indiana's fastest-growing areas with strong economic drivers and a growing population.; - Close proximity to Chatham Hills, an exclusive luxury community with a championship golf course.
    (317) 902-8622 Call to check price and availability
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    191St St Westfield, IN 46074
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    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
    191St St Westfield, IN 46074
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Annie Scott
    Annie Scott
    (317) 902-8622
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