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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    16915 Westfield Park Rd Westfield, IN 46074-9374

    • Warehouses
    • 15,765 SF
    • 2.35 lot acres
    OFF-MARKET
    Last Sale
    Mar 27, 2023
    $4,150,000
    Value Estimations
    $3,610,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0356250
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Sunbelt Rentals / (Bike/Boat/Book/etc) Store / Rental Equipment Company

    Property Details for 16915 Westfield Park Rd

    Year built
    1995
    Construction
    TYPE NOT SPECIFIED
    Lot size
    2.35 lot acres
    Property size
    15,765 SF
    Property type
    Warehouses
    APN
    29-09-01-000-018.901-015
    APU
    290901000018901015

    Value Estimations

    based on Realmo’s proprietary methodology

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $2,275,000
      Current use
      RETAIL STORES
      $5,235,000
      Change: +130% Conversion: Moderate
      COMMERCIAL (GENERAL)
      $4,995,000
      Change: +120% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $4,555,000
      Change: +100% Conversion: Easy

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1386
    Latitude
    40.0331
    CBSA code
    26900
    CBSA name
    INDIANAPOLIS-CARMEL-ANDERSON, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $22,517
    $296,100
    $670,900
    $967,000
    -
    $296,100
    $670,900
    $967,000

    Comparable in this City

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      $3,235,000
      25,775 SF

      360 186th St

      WAREHOUSE, STORAGE • 25,775 SF
      360 186th St, Westfield, IN 46074-0794
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    • Value Estimation by Request
      315 SF

      3525 State Rd 32

      STORAGE YARD, OPEN STORAGE • 315 SF
      3525 State Rd 32, Westfield, IN 46074-9363
      View Details
    • Value Estimation
      $12,150,000
      173,206 SF

      545 State Rd 32

      WAREHOUSE, STORAGE • 173,206 SF
      545 State Rd 32, Westfield, IN 46074
      View Details
    • Value Estimation
      $45,125,000
      346,590 SF

      19000 Grand Park Blvd

      WAREHOUSE, STORAGE • 346,590 SF
      19000 Grand Park Blvd, Westfield, IN 46074-6803
      View Details
    • Value Estimation
      $545,000
      8,440 SF

      2404 Es St

      STORAGE YARD, OPEN STORAGE • 8,440 SF
      2404 Es St, Westfield, IN 46074-9016
      View Details
    • Value Estimation by Request
      1,300 SF

      16515 Southpark Dr Ste, Unit 112

      WAREHOUSE, STORAGE • 1,300 SF
      16515 Southpark Dr Ste, Westfield, IN 46074-8599
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      159,850 SF

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      Renovated Retail in Westfield Heart

      Remodeled retail property with variance for salon use.
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      Development Land on US 31

      Development land with frontage on US 31 in Westfield, IN.
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      Land Near Grand Park Sports

      8.75 acre corner lot near Grand Park Sports Complex.
      1187 E 186Th St, Westfield, IN 46074
      View Details
    • $299,900
      0.41 Acres

      Residential Lots in Golf Community

      Residential lots in Westfield, IN, within a championship golf community.
      374 Old Ashbury Rd, Westfield, IN 46074
      View Details
    • $5,175,000
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      Westfield Commercial Land - 45 Acres

      Prime Commercial Land, Westfield, IN
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      View Details

    Similar Nearby for Lease

    • $18 SF/Yr
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      Westfield, IN Warehouse Space

      Large Warehouse Space Available, Hamilton County
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      22,500 SF

      New Industrial Space, Westfield, IN

      New industrial building with suites available for lease in Westfield.
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    • $8 SF/Yr

      Westfield Warehouse Space Available

      40,000 SF warehouse with easy access to U.S. 31.
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      View Details
    • $8 SF/Yr
      106,267 SF

      Prime Hamilton County Manufacturing Space

      106,267 SF Multi-Tenant Industrial Building
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      View Details
    • Contact for pricing
      56,628 SF

      Legends Crossing: Westfield Retail Opportunity

      Prime Westfield retail, near Grand Park.
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      View Details
    • Contact for pricing
      946 SF

      Westfield Meijer Retail Space

      Prime in-store retail, high traffic.
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      View Details
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    Westfield, IN 46074-9374
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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
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