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    223 S Main Street Elkhart, IN 46514

    View on Map
    New
    For Sale
    $599,900

    Office - Business Service,Office/Showroom,Professional,Service,Vacant

    Type:Office
    Lot size:
    0.31 Acres
    Added:
    Apr 3, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 6 at 4:06 am

    Property Features for 223 S Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Kitchen, Office
    Interior features
    Block, Drywall, Other, 110 Volts, 220 Volts, Single Phase, Alley, Basement, Conveyor, Delivery Door, Display Room, Office Space, Reception Area
    Exterior features
    110 Volts, 220 Volts, Single Phase, Alley, Basement, Conveyor, Delivery Door, Display Room, Office Space, Reception Area
    Standard status
    Active
    APN
    20-06-05-410-023.000-012
    Lot size
    0.31 Acres

    Taxes and HOA fees

    Tax Annual Amount
    21295.34

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1890
    Floors in Building
    2
    Flooring type
    Carpet, Laminate, Tile, Wood
    Building materials
    Brick
    Roof type
    Flat, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Nicolas Wyse
    Nicolas Wyse

    Listing agent Nicolas Wyse License #RB14045263

    Listing office RE/MAX Results 2134 Elkhart Rd., Goshen, IN

    Listing date Apr 3, 2026

    MLS# 202611540 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.

    Overview

    Elkhart Downtown Investment Opportunity

    This downtown Elkhart property presents an investment opportunity with immediate income and potential for increased value. Currently operating as a multi-tenant office and coworking space, the building features several occupied suites and additional space available for lease. The property's flexible layout can accommodate a variety of professional or retail uses. An established tenant anchors the property, which also benefits from ample parking and a strong location within a growing downtown corridor. The property is suitable for an investor or owner-operator seeking to enhance value through increased occupancy. It is also well-suited for a retail user looking for a prominent downtown location with the ability to offset costs through existing tenant income. The building was re-roofed in 2024 and is located at 223 S Main Street, Elkhart, IN 46514. The lot size is 0.31 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Beverly S Peters, ... Law Firm Corwin-Cripe Law, LLC Law Firm Doran Blackmond Norton ... Law Firm That's Dancing Studio Training Center Taig Marks Inc Advertising Agency

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.973029
    Latitude
    41.685386

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    FAQs

    What type of property is this?
    Coworking space - Multi-tenant office and coworking space with income and upside potential.
    Where is this coworking space located?
    The property is located at 223 S Main Street Elkhart, IN.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: Immediate income from existing multi‑tenant office and coworking space.; Strong downtown location in a growing corridor with ample parking.; Upside potential through lease‑up of vacant suites.
    (574) 584-4009
    We can help!
    Listing Contact
    Nicolas Wyse
    Nicolas Wyse
    Real Estate License ID: RB14045263
    Learn More
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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
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