Single-Story Flex
For Sale
$1,800,000
727 E Main Street, Westfield, IN 46074
Commercial Sale, Westfield, IN
Property Size6,000 SF
Lot Size0.64 Acres
Price / SF$300
Days on Market80
Property Features for 727 E Main Street
General Information
Property type
Residential
Property subtype
Office
Zoning
GB
Parking features
Assigned
Elementary school district
Westfield-Washington Schools
Middle school district
Westfield-Washington Schools
High school district
Westfield-Washington Schools
Directions
GPS Friendly
Subdivision
2913 - Hamilton - Washington
Standard status
Active
APN
291006000005402015
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Acreage .64, Section 6, Township 18, Range 4, Westfield Center, Section 1, Lot 2, Irregular Shape
Legal Description
Acreage .64, Section 6, Township 18, Range 4, Westfield Center, Section 1, Lot 2, Irregular Shape
Listing Agency:
WKRP Indy Real Estate
(317) 698-2700
Listed By:
Curtis Lee Whitesell
(317) 203-9577
Added: Jun 10
Changed: Aug 20
Last Checked: Aug 28 at 9:06PM
MLS# 22107459
Copyright © 2026 MIBOR Service Corporation. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property is a 6,000 SF single-story office building on 0.64 acres with an adaptable interior and 18-foot clear ceiling heights. Its configuration can accommodate office, showroom, retail, or combined commercial uses, with a storefront option and monument signage oriented toward Main Street. Assigned parking is available on site.
Located just east of downtown Westfield’s redevelopment district, the property is near Grand Junction Plaza, restaurants, shops, and other destinations. The US-31 interchange is approximately one mile away, while I-465 is about 13 minutes from the property and the airport is approximately 40 minutes away. Carmel, Noblesville, and the greater Indianapolis metro are also within an easy commute.
Located just east of downtown Westfield’s redevelopment district, the property is near Grand Junction Plaza, restaurants, shops, and other destinations. The US-31 interchange is approximately one mile away, while I-465 is about 13 minutes from the property and the airport is approximately 40 minutes away. Carmel, Noblesville, and the greater Indianapolis metro are also within an easy commute.
Key Highlights
- 6,000 SF single‑story office building on 0.64 acres
- 18‑foot clear ceiling heights support flexible commercial layouts
- Storefront option for office, showroom, retail, or combined use
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
$78,994
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
4.39%
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%
$1,579,880
$1.6M
Cap Rate 7%
$1,128,486
$1.1M
Cap Rate 9%
$877,711
$877.7K
Market Conditions
NOI Build-Up for 6,000 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
$116.6K $19.44/SF
− Vacancy
−$11.3K −$1.89/SF
EGI
$105.3K $17.55/SF
− OpEx
−$26.3K −$4.39/SF
NOI
$79.0K $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%
$1,579,880
Cap Rate 7%
$1,128,486
Cap Rate 9%
$877,711
Alternative Uses
Best Use
Office B
$1.13M
$987.4K – $1.32M
NOI $78,994 @ 7.0% cap · market cap 4.39%
Second Best
Industrial
$325.4K
$284.7K – $379.6K
NOI $22,776 @ 7.0% cap · market cap 1.27%
Theoretical Best
Office A
$1.38M
$1.21M – $1.61M
NOI $96,805 @ 7.0% cap · market cap 5.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
411
Businesses Nearby
Under-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
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Frequently Asked Questions
What type of property is this?
Flex space - Main Street exposure, monument signage, and storefront adaptability support office, showroom, or retail configurations.
Where is this flex space located?
The property is located at 727 E Main Street Westfield, IN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 6,000 SF single‑story office building on 0.64 acres; 18‑foot clear ceiling heights support flexible commercial layouts; Storefront option for office, showroom, retail, or combined use
