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    17300 Westfield Blvd Westfield, IN 46074

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    For Lease
    Contact for pricing

    Prime 4.32-acre commercial lot, high-growth area.

    Lot size:
    62,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    415
    This exceptional 4.32-acre commercial land parcel, located at 17300 Westfield Boulevard in Westfield, Indiana, presents a unique investment opportunity. Zoned for commercial use within Hamilton County (zip code 46074), this single-tenant property offers significant potential for development. The site boasts a total buildable area of 62,000 square feet, providing ample space for a variety of commercial ventures. Its strategic location near the intersection of US 31 and SR 32 ensures high visibility and accessibility, capitalizing on the rapid growth of central Indiana. The property is ideally suited for a Class A medical office building, aligning with the current market demand for high-quality medical facilities in this thriving community. This is a rare chance to acquire a substantial land parcel in a prime location poised for significant future appreciation. The property is currently undeveloped, offering complete flexibility for custom design and construction to meet specific business needs. Prospective buyers will find this location highly attractive due to its proximity to major transportation arteries and a rapidly expanding population base. This is an exceptional opportunity to establish a presence in a dynamic and prosperous market. The property is slated for completion in the first quarter of 2025.

    Property Features for 17300 Westfield Blvd

    General Information

    Property type
    Land
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    62,000 SF

    Unit(s) available at that property

    Space
    Size
    2,397 SF

    We can help!

    Listing Contact
    Robert Butcher
    Robert Butcher

    Learn more

    Property Insight Report

    HighLights

    • Class A medical office building.
    • Strong tenant roster.
    • Brand new construction.
    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1326542
    Latitude
    40.0397024

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    FAQs

    What type of property is this?
    Land - Prime 4.32-acre commercial lot, high-growth area.
    Where is this land located?
    The property is located at 17300 Westfield Blvd Westfield, IN.
    What are key features of this property?
    This property features: Class A medical office building.; Strong tenant roster.; Brand new construction.
    Request Owner's contact information
    17300 Westfield Blvd Westfield, IN 46074
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    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
    17300 Westfield Blvd Westfield, IN 46074
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    We can help!
    Listing Contact
    Robert Butcher
    Robert Butcher
    Real Estate License ID: IN RB18000445
    Learn more
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