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    Well-Maintained Office Units Title is generated by Realmo AI

    2603 Toledo Rd, Elkhart, IN 46516

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    New
    Pending
    $225,000

    Office, None - Elkhart, IN

    Type:Office
    Lot size:
    1.09 Acres
    Added:
    Jun 2, 2026
    Days on Market:
    3
    Last Refresh:
    Jun 4 at 7:06 am

    Property Features for 2603 Toledo Rd

    General Information

    Property type
    Commercial Sale
    Property subtype
    Office
    Bathrooms
    2
    Rooms
    Bathroom 1, Bathroom 2, Office
    Parking features
    Paved or Surfaced
    Interior features
    Block, Drywall, 220 Volts, Single Phase, Office Space, Reception Area
    Exterior features
    Fence, 220 Volts, Single Phase, Office Space, Reception Area
    Fencing
    Fenced
    Standard status
    Pending
    APN
    20-06-11-178-006.000-011
    Lot size
    1.09 Acres

    Taxes and HOA fees

    Tax Annual Amount
    7675

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas
    Cooling system
    Central Air, Multi Units

    Building Details

    Year built
    2004
    Floors in Building
    1
    Flooring type
    Laminate, Vinyl
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Steve Bottom

    Listing agent Steve Bottom License #RB14033315

    Listing office Realty Group Resources 215 Prairie St., Elkhart, IN

    Listing date Jun 2, 2026

    MLS# 202621386 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

    • Office space with a reception area and dedicated office room
    • 2‑unit office layout with two bathrooms
    • Central air cooling plus electric heating and forced air; natural gas also available
    • Built in 2004 with shingle roof and laminate/vinyl flooring
    • Paved/surfaced parking with fenced exterior
    • Single‑phase 220‑volt electric service

    Overview

    This offering consists of well-maintained office space configured as two separate units. The property is presented in move-in condition, making it practical for an owner-operator looking to occupy space or for a buyer seeking a two-unit office setup.

    Located at 2603 Toledo Rd in Elkhart, Indiana, the property benefits from easy access off a busy road. This roadside exposure and straightforward ingress/egress can be important for day-to-day operations and for clients traveling to the office.

    With two units on site, the property may fit a range of office users and ownership strategies that value separate tenancy or internal flexibility. Buyers and tenants can review the current layout and condition to confirm fit for their operational requirements, including how the two units can be utilized individually or in combination.
    Property Profile Location Intelligence

    Current Use by Public Records

    Quantum Views Studio ... Advertising Agency Quantum Views Corp Advertising Agency

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Gym & Fitness Center Building Supply Daycare Center Kitchen & Bath Showroom Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.92172
    Latitude
    41.675233

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    FAQs

    What type of property is this?
    Office units - Two well-maintained office units with straightforward access along a busy road in Elkhart.
    Where is this office units located?
    The property is located at 2603 Toledo Rd Elkhart, IN.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Office space with a reception area and dedicated office room; 2‑unit office layout with two bathrooms; Central air cooling plus electric heating and forced air; natural gas also available
    (574) 903-6004
    We can help!
    Listing Contact
    Steve Bottom
    Real Estate License ID: RB14033315
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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.

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    2603 Toledo Rd, Elkhart, IN 46516-5769
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