Two-Story Multi-Tenant Retail
For Sale
Contact for pricing
Pending
902 E Westfield Blvd, Indianapolis, IN 46220
Contiguous retail parcels with two commercial buildings offering flexible ground- and second-floor space.
Property Size7,680 SF
Days on Market188
Property Features for 902 E Westfield Blvd
General Information
Standard status
Pending
Size
7,680 SF
Total Parking Spaces
18
Property subtype
Retail
Zoning
ZO01
Occupancy
100%
Lease Type
NNN
Building Details
Buildings
2
Stories
2
Units
3
Tenancy
Multi
Listing Agency:
RP Lux Company
Listed By:
Stephen Flanagan · License #IN rb16001253
Source:
Crexi
Added: Mar 4
Changed: Aug 8
Last Checked: Jul 24 at 4:39PM
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
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
$82,640
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
3.21%
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%
$1,652,800
$1.7M
Cap Rate 7%
$1,180,571
$1.2M
Cap Rate 9%
$918,222
$918.2K
Market Conditions
NOI Build-Up for 7,680 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
$129.0K $16.80/SF
− Vacancy
−$11.0K −$1.43/SF
EGI
$118.1K $15.37/SF
− OpEx
−$35.4K −$4.61/SF
NOI
$82.6K $10.76/SF
Area
Indianapolis, IN
Vacancy
8.50%
Lease Rate
$16.80 /SF/Yr
Expense Ratio
30.00%
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%
$1,652,800
Cap Rate 7%
$1,180,571
Cap Rate 9%
$918,222
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,453
Businesses Nearby
Explore this area
Business Placement
Demographics for 46220, IN
36,078
Population
17,524
Households
2.1
Avg Household Size
37
Median Age
67%
College-Educated
98%
High-School Grad
11.7 sq mi
ZIP Area
3,084
Density / Sq Mi
$103,735
Median Household Income
$58,867
Median Earnings
$1,330
Median Rent
$329,700
Median Home Value
Market
Vacancy Rate% for Retail in Indianapolis, IN
Questions? Ask Rey
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Frequently Asked Questions
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
