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    209 S 2Nd St Elkhart, IN 46514

    Sponsored
    For Lease
    $1,200 /Mo ($4 SF/Yr)

    Office, Professional - Elkhart, IN

    Type:Office
    Property size:
    3,095 SF
    Lot size:
    0.17 Acres
    Days on Market:
    9
    Last Refresh:
    Jan 27 at 2:06 am

    Property Features for 209 S 2Nd St

    General Information

    Property type
    Commercial Lease
    Property subtype
    Office
    Standard status
    Active
    APN
    20-06-05-409-013.000-012
    Parking
    7
    Interior features
    Drywall, Reception Area
    Size
    3,095 SF
    Lot size
    0.17 Acres

    Taxes and HOA fees

    Expense value
    4500
    Expense
    Security Deposit

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1915
    Floors in Building
    2
    Flooring type
    Carpet, Tile
    Building materials
    Brick
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Nick Foy

    WBBC Corp dba RE/MAX Excellence (574) 262-0770

    Listing agent Nick Foy (574) 262-0770 License #RB17000064

    Listing date Jan 19, 2026

    MLS# 202337260 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.

    Learn more

    Property Insight Report

    Overview

    Downtown Elkhart Renovated Office Space

    Located one block west of Main Street at 209 S 2nd Street, this office space is situated on a highly trafficked one-way street in downtown Elkhart. The property, renovated in 2020, offers over 3,000 square feet of space on the lower floor, comprising five office rooms, a reception area, a storage room, and two bathrooms. Updates include new carpet, paint, an office kitchen, and bathrooms. The building also features a new water heater, furnace, and air conditioning system. The property includes parking spaces in front, as well as a private parking lot in the back with alley access. The upstairs contains studio apartments with private entrances. The 0.17-acre lot is centrally located on a busy street next to other businesses and the courthouse. The property is suitable for office or professional use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lauren Marie Cleaning ... Commercial Cleaning Service

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.97452
    Latitude
    41.685463

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    FAQs

    What type of property is this?
    Office space - Renovated office space in downtown Elkhart with parking.
    Where is this office space located?
    The property is located at 209 S 2Nd St Elkhart, IN.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: - Prime downtown Elkhart location, one block west of Main Street and next to the courthouse.; - 3,000+ SF of lower floor office space with 5 offices, reception area, storage, and 2 bathrooms.; - Renovated in 2020 with new carpet, paint, office kitchen, and bathrooms.
    (574) 538-8801
    Request Owner's contact information
    209 S 2Nd St Elkhart, IN 46514
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    Elkhart, IN 46514
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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
    209 S 2Nd St Elkhart, IN 46514
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    We can help!
    Listing Contact
    Nick Foy
    Real Estate License ID: RB17000064
    (574) 538-8801
    Learn more
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