Two-Story Multi-Tenant Retail
902 E Westfield Blvd Indianapolis, IN 46220
For Sale
Contact for pricing
Contiguous retail parcels with two commercial buildings offering flexible ground- and second-floor space.
Property Size7,680 SF
Price / SF$335
Days on Market142
Property Features for 902 E Westfield Blvd
General Information
- Standard status
- Active
- Size
- 7,680 SF
- Property subtype
- Retail
Listing Agency:
RP Lux Company
Listed By:
Stephen Flanagan · License #IN rb16001253
Source:
Crexi
Added: Mar 4
Changed: Jul 23
Last Checked: Jul 23 at 9:37AM
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 RP Lux Company
Investment Insights
Based on property information with market context.
902 & 908 E Westfield Blvd presents a multi-tenant commercial investment opportunity built across two contiguous parcels. The site includes two commercial buildings totaling approximately 7,680 square feet, with flexible ground-floor and second-floor spaces suitable for retail or general commercial use. The property is currently occupied by three tenants under a predominantly NNN lease structure. Documented capital improvements include multiple HVAC replacements between 2015 and 2025, along with well-maintained roofing systems.
The property is zoned C-4 (Commercial) and is adjacent to the Broad Ripple Canal, supporting a mixed-use corridor setting. The site also includes approximately 18 on-site parking spaces.
As a contiguous retail configuration, the buildings are set up to accommodate multiple in-place tenants while maintaining flexibility across both levels for appropriate retail or general commercial uses.
The property is zoned C-4 (Commercial) and is adjacent to the Broad Ripple Canal, supporting a mixed-use corridor setting. The site also includes approximately 18 on-site parking spaces.
As a contiguous retail configuration, the buildings are set up to accommodate multiple in-place tenants while maintaining flexibility across both levels for appropriate retail or general commercial uses.
Key Highlights
- Two contiguous parcels at 902 & 908 E Westfield Blvd with two commercial buildings totaling about 7,680 SF
- Flexible ground‑floor and second‑floor spaces suitable for retail or general commercial use
- Occupied by three tenants under a predominantly NNN lease structure
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $129.0k | $16.80 |
| − Vacancy | −$11.0k | −$1.43 |
| EGI | $118.1k | $15.37 |
| − OpEx | −$35.4k | −$4.61 |
| NOI | $82.6k | $10.76 |
7,680 SF · lease $16.80/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$1.18M
$1.03M – $1.38M
NOI $82,640 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.91M
$1.67M – $2.23M
NOI $133,816 @ 7.0% cap · market cap 5.20%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Runners Forum-Broad Ripple
Clothing & Fashion Store
FAQs
What type of property is this?
Retail space - Contiguous retail parcels with two commercial buildings offering flexible ground- and second-floor space.
Where is this retail space located?
The property is located at 902 E Westfield Blvd Indianapolis, IN.
What is the asking price?
The asking price for this property is $2,572,800.
What are key features of this property?
This property features: Two contiguous parcels at 902 & 908 E Westfield Blvd with two commercial buildings totaling about 7,680 SF; Flexible ground‑floor and second‑floor spaces suitable for retail or general commercial use; Occupied by three tenants under a predominantly NNN lease structure
