Mixed-Use Property with
For Sale
$295,000
21807 State Road 120, Elkhart, IN 46516
COMMERCIAL, Elkhart, IN
Property Size1,392 SF
Lot Size0.53 Acres
Price / SF$211.93
Days on Market149
Property Features for 21807 State Road 120
General Information
Property type
Commercial Sale
Property subtype
Other
Rooms
Basement
Parking features
Offsite
Subdivision
River View / Riverview
Lot features
Suburb
Directions
CR 17 to SR 120 Head east
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
Legal Description
River View Pl S Pt Lots 9 & Lot 10 Ex E 5Ft Lot 10 & Ex Pt For Hwy
Utilities
Cooling system
Central Air
Building Details
Year built
1958
Flooring type
Wood
Roof type
Asphalt, Shingle
Listing Agency:
RE/MAX Oak Crest - Elkhart · RE/MAX International
(574) 262-0770
Listed By:
Kevin Foy · License #RB14012672
(574) 536-9218
Added: Apr 17
Changed: Sep 12
Last Checked: Sep 12 at 10:06PM
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 mixed-use commercial property occupies approximately 0.53 acres at 21807 State Road 120 in Elkhart, Indiana. The building dates to 1958 and includes a full basement, a one-car garage, wood flooring, and central air conditioning. Shingle and asphalt roofing complete the existing improvements.
B-1 zoning supports commercial applications including retail, office, and service-oriented uses. The property is positioned along State Road 120 in Elkhart County, providing a visible setting for a range of business operations. Its basement adds supplementary storage or work area, while the garage offers additional enclosed utility space.
B-1 zoning supports commercial applications including retail, office, and service-oriented uses. The property is positioned along State Road 120 in Elkhart County, providing a visible setting for a range of business operations. Its basement adds supplementary storage or work area, while the garage offers additional enclosed utility space.
Key Highlights
- Approximately 0.53‑acre commercial parcel
- B‑1 zoning for commercial use
- Full basement for additional storage or workspace
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$13,107
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$262,140
$262.1K
Cap Rate 7%
$187,243
$187.2K
Cap Rate 9%
$145,633
$145.6K
Market Conditions
NOI Build-Up for 1,392 SF
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.
Gross rent
$22.6K $16.20/SF
− Vacancy
−$1.6K −$1.13/SF
EGI
$21.0K $15.07/SF
− OpEx
−$7.9K −$5.65/SF
NOI
$13.1K $9.42/SF
Area
Elkhart County, IN
Vacancy
7.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$262,140
Cap Rate 7%
$187,243
Cap Rate 9%
$145,633
Alternative Uses
Best Use
Mixed Use
$187.2K
$163.8K – $218.5K
NOI $13,107 @ 7.0% cap · market cap 4.44%
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
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Explore this area
Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - B-1 zoning supports a range of commercial, office, retail, and service-oriented applications.
Where is this mixed-use property 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 commercial parcel; B‑1 zoning for commercial use; Full basement for additional storage or workspace
