Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Main Street Mixed-Use Space Title is generated by Realmo AI

    121 S Main Street, Elkhart, IN 46516

    View on Map
    Claim this Listing
    For Lease
    $3,000/Mo $7 SF/Yr (calc)

    Mixed Use - Elkhart, IN

    Type:Mixed Use
    Property size:
    4,912 SF
    Lot size:
    0.18 Acres
    Added:
    Mar 23, 2026
    Days on Market:
    50
    Last Refresh:
    May 11 at 8:06 am

    Property Features for 121 S Main Street

    General Information

    Property type
    Commercial Lease
    Property subtype
    Mixed Use
    Interior features
    Drywall, Alley, Basement, Display Window(s), Office Space, Reception Area
    Standard status
    Active
    APN
    20-06-05-406-026.000-012
    Size
    4,912 SF
    Lot size
    0.18 Acres

    Utilities

    Cooling system
    Multi Units

    Building Details

    Year built
    1888
    Floors in Building
    3
    Flooring type
    Carpet
    Building materials
    Brick
    Roof type
    Flat
    Architectural style
    Other

    We can help!

    Listing Contact
    Andrew Myers

    Listing agent Andrew Myers License #RB14031728

    Listing office Myers Trust Real Estate 2809 A Ferndale Road, Elkhart, IN

    Listing date Mar 23, 2026

    MLS# 202609808 Listing URL

    Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime main street location
    • Large 4,912 SF main floor space suitable for office or retail
    • Includes display window(s), office space, and reception area
    • Flexible space: Owner willing to alter space size
    • Lease rate of $3,000/month NNN
    • Features basement and multi‑unit cooling

    Overview

    This mixed-use property features a large storefront on Main Street, offering approximately 4,912 square feet of main floor space suitable for office or retail use. The owner is open to altering the space's size. Shared restrooms are available with 123 S Main St. The lease rate is $3,000 per month NNN. The taxes listed are prorated to the square footage of the space. The property is located in Elkhart, Indiana.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.973594
    Latitude
    41.686583

    Nearby Similar for Lease

    • $1,600/Mo

      Professional Office Space in Elkhart

      Professional office space in a high-visibility Elkhart location.
      1751 E Bristol Street, Elkhart, IN 46514
      View Details
    • $2,495/Mo

      Elkhart Mixed-Use Building For Lease

      3240 SF building with shop and office space available.
      1640 E Bristol Street, Elkhart, IN 46514
      View Details
    • $1,500/Mo

      Elkhart Retail Space For Rent

      Retail space available in Elkhart, Indiana, on a busy corridor.
      1620 Cassopolis Street, Elkhart, IN 46514
      View Details
    • $1,250/Mo

      Storefront in Elkhart, Indiana

      Storefront with shared restrooms available for lease in Elkhart.
      123 S Main Street, Elkhart, IN 46516
      View Details
    • $3,500/Mo

      Creative Space in Elkhart, IN

      Creative space with high ceilings, natural light, and unique features.
      701 Randolph Streets, Elkhart, IN 46514
      View Details
    • $1,000/Mo

      Commercial Suites on Beardsley Avenue

      Well-maintained commercial suites available for lease in Elkhart, Indiana.
      1600 W Beardsley Avenue, Elkhart, IN 46514
      View Details
    • $9,376/Mo

      Elkhart Office Building For Lease

      Professional office space with high visibility and ample parking.
      631 County Road 17, Elkhart, IN 46516
      View Details
    • $2,500/Mo

      Elkhart Mixed-Use Property for Rent

      1,625 sqft mixed-use property with office and storage space.
      228 W Marion Street, Elkhart, IN 46516
      View Details
    • $3 SF/Yr

      Versatile Mixed-Use Spaces Available

      Varied spaces for rent, ideal for small businesses and startups.
      421 S Second Street, Elkhart, IN 46514
      View Details
    • $12 SF/Yr

      Well-Maintained Office Building For Rent

      Excellent condition, plentiful parking, and flexible layout for multiple users.
      317 W Franklin St, Elkhart, IN 46516
      View Details
    • Contact for pricing

      Elkhart Retail/Warehouse Space Available

      Retail or warehouse space with frontage on a main thoroughfare.
      1521 Cassopolis St., Elkhart, IN 46514
      View Details
    • $18 SF/Yr

      Elkhart Office Space for Lease

      Professional office space in Elkhart's Central Business District.
      230 N. Main St., Elkhart, IN 46516
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Versatile 4,912 SF space suitable for office or retail.
    Where is this mixed-use property located?
    The property is located at 121 S Main Street Elkhart, IN.
    What is the lease rate?
    The lease rate is $3,000 /Mo.
    What are key features of this property?
    This property features: Prime main street location; Large 4,912 SF main floor space suitable for office or retail; Includes display window(s), office space, and reception area
    (574) 320-1214
    We can help!
    Listing Contact
    Andrew Myers
    Real Estate License ID: RB14031728
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    121 S Main Street, Elkhart, IN 46516
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!