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    61245 County Road 7 Elkhart, IN 46517

    Sponsored
    For Sale
    Contact for pricing

    Vacant Land - Elkhart, IN

    Lot size:
    380.00 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 5 at 9:06 am

    Property Features for 61245 County Road 7

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active
    Parking features
    Garage
    Lot size
    380.00 Acres

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Rex D Schrader

    Schrader Real Estate and Auction Company, Inc. (260) 244-7606

    Listing agent Eugene Klingaman 8004512709x100

    Listing date Feb 3, 2026

    MLS# 11624694 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Prime Farmland and Hunting Land

    The property consists of 380+/- acres of land with possibilities ranging from farmland to hunting and potential building sites. The land is divided into 16 tracts. Tract 1 contains 42+/- acres of nearly all tillable, well-drained farmland featuring Crosier & Brookston loam. Tract 2 offers 37.5+/- acres of tillable, level, productive soils. Tracts 1 & 2 are systematically tiled for drainage. Tract 3 includes 10+/- acres of tillable farmland with frontage on CR 28 and signs of deer traffic. Tract 4 features 14+/- acres of nearly all tillable farmland with over 450' of level road frontage along CR 28. Tract 5 is 14+/- acres of tillable farmland. Tract 6 is 45+/- acres of productive tillable farmland, featuring Crosier Loam & Brookston Loam soils and is systematically tiled. Tract 7 is a 21+/- acre tract featuring predominantly Crosier Loam soils. Tract 8 is 48+/- acres of nearly all tillable farmland, featuring predominantly Crosier Loam & Muskego Muck. Tract 9 is 20+/- acres with level road frontage on CR 7/Oakland Ave. Tract 10 is 15+/- acres of level bare land with access to a small pond shared with Tract 11. Tract 11 is 19+/- acres with easy access from CR 7/Oakland Ave. Tract 12 is 20.5+/- acres of nearly all productive tillable farmland. Tract 13 is 37+/- acres of nearly all tillable farmland, that features predominantly, Crosier loam soils. Tract 14 is 9+/- acres of mostly all tillable farmland. Tract 15 is 14+/- acres containing mixed hardwood trees. Tract 16 is 14+/- acres offering mature hardwood trees.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hunting land

    Suggested Use

    Restaurant Auto Repair Shop Hotel & Motel Auto Parts Store Kitchen & Bath Showroom Storage Facility HVAC Service Garden Center Discount Store Electronics & Wireless Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.98401
    Latitude
    41.605378

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    FAQs

    What type of property is this?
    Agricultural land - 380+/- acres of farmland, hunting, and development potential near Elkhart.
    Where is this agricultural land located?
    The property is located at 61245 County Road 7 Elkhart, IN.
    What is the asking price?
    The asking price for this property is $1.00.
    What are key features of this property?
    This property features: - 380+/- acres of land offering diverse possibilities: farmland, hunting, and potential building sites.; - Prime farmland with excellent yielding soils (Crosier & Brookston loam) and systematic tiling for superior drainage.; - Excellent location near the city of Elkhart, Indiana.
    (800) 451-2709
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    61245 County Road 7 Elkhart, IN 46517
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    Elkhart, IN 46517
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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
    61245 County Road 7 Elkhart, IN 46517
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    We can help!
    Listing Contact
    Rex D Schrader
    (800) 451-2709
    Learn more
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