Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    The Largest CRE Database in the US with Over 1 Million Listings

    510 State Street Elkhart, IN 46516

    View on Map
    For Sale
    $74,900

    Industrial, Vacant - Elkhart, IN

    Type:Industrial
    Property size:
    8,500 SF
    Added:
    Dec 21, 2025
    Days on Market:
    100
    Last Refresh:
    Mar 31 at 3:06 pm

    Property Features for 510 State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Industrial
    Bathrooms
    1
    Rooms
    Bathroom 1
    Parking
    2
    Parking features
    Other
    Interior features
    Other, 220 Volts, Three Phase
    Exterior features
    220 Volts, Three Phase
    Standard status
    Active
    APN
    20-06-04-355-008.000-012
    Size
    8,500 SF

    Taxes and HOA fees

    TaxAnnualAmount
    1700.18

    Utilities

    Heating system
    Other (Heating)

    Building Details

    Year built
    1900
    Floors in Building
    2
    Flooring type
    Other
    Building materials
    Other
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    Cory White

    Listing agent Cory White License #RB14028504

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

    Listing date Dec 21, 2025

    MLS# 202549437 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 Industrial Space For Sale

    This property offers approximately 8,500 square feet of space under a new roof and is zoned M1. Constructed with concrete floors on most of the upper level, the building has a robust structure. It is suitable for use as an auto repair shop. The property is sold as-is, where-is, and the seller will not make any repairs or remove the building's contents. Three-phase electric power is available. The square footage is estimated.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Auto shops

    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.

    Similar Places Nearby

    • RV Owner Tech Source — 1607 Morehouse Ave, Elkhart, IN 46516
    • CHUCK AUTOMOTIVE REPAIR — 1316 Princeton Blvd, Elkhart, IN 46516
    • Ruben`s Tires — 1327 S Main St ste 102, Elkhart, IN 46516
    • Best ignition shop — 500 Doctor M.L.K. Jr Dr, Elkhart, IN 46516
    • LRV Custom Painting LLC — 500 Doctor M.L.K. Jr Dr, Elkhart, IN 46516

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.962419
    Latitude
    41.683711

    Nearby Similar for Sale

    • $575,000

      Elkhart Office/Medical/Dental Opportunity

      Office building for sale in Elkhart, Indiana.
      105 N Nappanee Street, Elkhart, IN 46514
      View Details
    • $650,000

      Elkhart Bed & Breakfast Opportunity

      Bed & Breakfast with income potential in Elkhart, Indiana.
      529 S Second Street, Elkhart, IN 46516
      View Details
    • $225,900

      Versatile Mixed-Use Building in Elkhart

      Updated brick building with showroom, office, storage, and expansion potential.
      24266 County Road 45, Elkhart, IN 46516-6060
      View Details
    • $750,000
      1,054 SF

      Income-Producing Retreat on 9.3 Acres

      Income-generating property near Notre Dame with expansion potential.
      57507 Red Bud Lane, Elkhart, IN 46517
      View Details
    • $450,000

      Elkhart Restaurant/Bar with Liquor License

      Restaurant/Bar with liquor license on a 1-acre B-3 zoned property.
      57968 County Road 7, Elkhart, IN 46517
      View Details
    • $795,000

      Elkhart Mixed-Use Building For Sale

      Mixed-use building with storefronts and apartments in Elkhart, Indiana.
      121 & 123 S Main Street, Elkhart, IN 46516
      View Details
    • $3,378

      Elkhart Industrial Space For Sale

      M2 zoned industrial space suitable for various business types.
      1727 W Lusher Street, Elkhart, IN 46517
      View Details
    • $250,000
      2,904 SF

      Elkhart Fourplex: Turnkey Investment

      100% occupied fourplex with immediate income and long-term tenants.
      1433 W Franklin Street, Elkhart, IN 46516
      View Details
    • $625,000

      Elkhart House of Worship on 3 Acres

      5,116 SF church or special purpose property on 3 acres.
      2913 E Bristol St. Street, Elkhart, IN 46514
      View Details
    • $519,000

      Mixed-Use Building in Downtown Elkhart

      Mixed-use property with updates in downtown Elkhart, Indiana.
      600 S Main Street, Elkhart, IN 46516
      View Details
    • $189,900
      1,123 SF

      Elkhart Duplex: Investment Opportunity

      Two updated units on one tax key in Northside Elkhart.
      702-704 N West Boulevard, Elkhart, IN 46514-1830
      View Details
    • $175,000

      Elkhart Mixed-Use Commercial Building

      Renovated mixed-use building in high-traffic area with business and residential potential.
      23957 US 33, Elkhart, IN 46517
      View Details

    FAQs

    What type of property is this?
    Auto shop - 8,500 SF industrial space with M1 zoning in Elkhart.
    Where is this auto shop located?
    The property is located at 510 State Street Elkhart, IN.
    What is the asking price?
    The asking price for this property is $74,900.
    What are key features of this property?
    This property features: M1 Zoning allows for various commercial/industrial uses; Approximately 8,500 sq ft of space; Brand new roof
    (574) 596-3598
    We can help!
    Listing Contact
    Cory White
    Real Estate License ID: RB14028504
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!