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    306 Park St Westfield, IN 46074
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    306 Park St, Westfield, IN 46074

    View on Map
    • Office Units
    • 1,427 SF
    For Sale
    $2,450,000
    View Listing →
    Westfield Land Parcel For Sale For Sale
    $2,450,000

    Westfield Land Parcel For Sale

    Large lot suitable for restaurants, office, or medical use.

    306 Park Street, Westfield, IN 46074
    View Listing
    Property ID
    US31-0085680
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neal Construction Inc / Construction Company / General Contractor

    Property Details for 306 Park St

    Year built
    1950
    Property type
    Office Units

    Description

    This exceptional mixed-use property, located at 306 Park St in Westfield, Indiana, presents a unique investment opportunity. The 1,427 square foot building, built in 1950, is currently 100% occupied as a creative office space and is listed at $1,590,000 ($1,114.23/sq ft). Situated on a substantial 27,878 square foot lot, this property offers significant potential for expansion or redevelopment. Its prime location within Westfield's Grand Junction Development provides unparalleled access to the vibrant community amenities and the extensive trail system. The proximity to Grand Park further enhances its appeal, placing it at the heart of a thriving area with high foot traffic and visibility. The property's versatility makes it suitable for a variety of uses, including restaurants, additional office space, medical facilities, or as a key component of a larger development project. This is a rare opportunity to acquire a significant property in a rapidly growing area of Hamilton County, Indiana, with a strong existing tenant base and immense future potential. The zip code is 46074.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Westfield
    County
    Hamilton
    State
    Indiana
    Longitude
    -86.1311092
    Latitude
    40.0409692

    Comparable in this City

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      Westfield Land Parcel For Sale

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      306 Park St, Westfield, IN 46074
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      Westfield Land For Sale

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      Land Near US 31 Westfield

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      Westfield Land Parcel For Sale

      Large lot suitable for restaurants, office, or medical use.
      306 Park St, Westfield, IN 46074
      View Details
    • Contact for pricing

      Westfield Land For Sale

      0.73 acres of land available in Westfield, Indiana.
      111 N East St, Westfield, IN 46074
      View Details
    • $350,000
      0.39 Acres

      Residential Lots in Golf Community

      Residential lots in Westfield's championship golf community with resort-style amenities.
      20310 Chatham Creek Dr, Westfield, IN 46074
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      Land Near Grand Park Campus

      6.93 acres of commercial land near Grand Park.
      18704 Chad Hittle Dr, Westfield, IN 46074
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      Open Industrial Land Near Grand Park

      Open industrial land zoned for outside storage near Grand Park.
      947 In-32, Westfield, IN 46074
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      Land Near US 31 Westfield

      21.52 acres of land with frontage on US 31.
      Us Highway 31, Westfield, IN 46074
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      Westfield Office/Warehouse Flex Space

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      Office Space with Private Entrance

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      Westfield Warehouse with Office Space

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      Westfield Warehouse with Office Space

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      13,048 SF

      Westfield Mixed-Use Development Opportunity

      64-acre mixed-use development with retail, residential, medical, and hospitality components.
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    View Listing
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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.

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