B-1 Zoned Commercial Building with
21807 State Road 120 Elkhart, IN 46516
For Sale
$295,000
COMMERCIAL - Elkhart, IN
Property Size1,392 SF
Lot Size0.53 Acres
Price / SF$211.93
Days on Market104
Property Features for 21807 State Road 120
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Offsite
Standard status
Active
APN
20-03-31-151-033.000-030
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
River View Pl S Pt Lots 9 & Lot 10 Ex E 5Ft Lot 10 & Ex Pt For Hwy
Tax Annual Amount
3300
Utilities
Cooling system
Central Air
Building Details
Year built
1958
Flooring type
Wood
Roof type
Shingle, Asphalt
Listing Agency:
RE/MAX Oak Crest - Elkhart
(574) 262-0770
Listed By:
Kevin Foy · License #RB14012672
(574) 536-9218
Added: Apr 17
Changed: Jul 6
Last Checked: Jul 29 at 5:06PM
MLS# 202613914
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.
Investment Insights
Based on property information with market context.
This B-1 zoned commercial property offers approximately 1,392 square feet of usable space on about 0.53 acres. The building includes a full basement that can support additional storage or workspace, along with a one-car garage for added convenience. On-site parking accommodates approximately eight vehicles, supporting customer and staff access.
Located at 21807 State Road 120 in Elkhart, the property is positioned in a high-traffic area, providing visibility for a range of retail, office, and service-oriented concepts. The site is described as a half-acre parcel with a configuration that can support flexible day-to-day operations.
The mix of features and B-1 zoning make this building well-suited for tenants seeking a versatile storefront or professional space, including options such as retail, office, and service-based businesses. It may also fit operators looking for a location that can handle mixed-use activity, with the basement providing extra room that can be adapted to a business’s workflow.
Located at 21807 State Road 120 in Elkhart, the property is positioned in a high-traffic area, providing visibility for a range of retail, office, and service-oriented concepts. The site is described as a half-acre parcel with a configuration that can support flexible day-to-day operations.
The mix of features and B-1 zoning make this building well-suited for tenants seeking a versatile storefront or professional space, including options such as retail, office, and service-based businesses. It may also fit operators looking for a location that can handle mixed-use activity, with the basement providing extra room that can be adapted to a business’s workflow.
Key Highlights
- Approximately 0.53‑acre B‑1 zoned commercial property with about 1,392 sq ft of usable space
- Flexible building layout with a full basement for additional storage or workspace
- Central air and wood flooring
Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- Vacancy
- income lost from leasable area expected to sit empty during the year — subtracted from gross rent.
- EGI (Effective Gross Income)
- gross rent minus vacancy losses — the realistic income before paying operating costs.
- OpEx (Operating Expenses)
- recurring costs to operate the property (property tax, insurance, utilities, maintenance, management) — excludes financing and capital improvements.
- NOI (Net Operating Income)
- income a property generates after operating costs but before financing and taxes.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.2k | $18.84 |
| − Vacancy | −$7.1k | −$5.07 |
| EGI | $19.2k | $13.77 |
| − OpEx | −$4.8k | −$3.44 |
| NOI | $14.4k | $10.33 |
1,392 SF · lease $18.84/SF/yr · vacancy 26.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$205.4K
$179.7K – $239.6K
NOI $14,378 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$257.7K
$225.5K – $300.7K
NOI $18,040 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Day care center - Versatile B-1 commercial building with full basement, garage, and on-site parking for multiple business uses.
Where is this day care center located?
The property is located at 21807 State Road 120 Elkhart, IN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: Approximately 0.53‑acre B‑1 zoned commercial property with about 1,392 sq ft of usable space; Flexible building layout with a full basement for additional storage or workspace; Central air and wood flooring
