Multi-Tenant Commercial Building with
For Sale
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1021 E Kercher Rd, Goshen, IN 46526
Condominium-style multi-tenant building with flexible suites and a drive-through food-services end.
Property Size12,000 SF
Price / SF$150
Days on Market1061
Property Features for 1021 E Kercher Rd
General Information
Standard status
Active
Size
12,000 SF
Property subtype
OFFICE
Building Details
Tenancy
Multi
Listing Agency:
RE/MAX Results
(260) 490-1590
Listed By:
Steve Miller · License #CO88900013
(574) 238-1436
Source:
Moodyscre
Added: Oct 17, 2023
Changed: Sep 10
Last Checked: Sep 11 at 6:16AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Results
Investment Insights
Based on property information with market context.
Aesthetically pleasing, condominium-style multi-tenant commercial building designed for suite ownership or leasing. The property offers versatile space that can be tailored to accommodate units of 2,400 square feet or more, making it suitable for a range of uses including office or retail.
The west end is designed for food services and includes a drive-through, while the east end is leased to a popular barbecue restaurant. The property is positioned in a high-traffic area near an industrial park and residential communities, and it is adjacent to a proposed new subdivision with 1,400 homes.
The west end is designed for food services and includes a drive-through, while the east end is leased to a popular barbecue restaurant. The property is positioned in a high-traffic area near an industrial park and residential communities, and it is adjacent to a proposed new subdivision with 1,400 homes.
Key Highlights
- Condominium‑style multi‑tenant building with flexible suite options for owning or leasing
- Suites can be configured for 2,400 SF or more
- West end designed for food services and includes a drive‑through
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
$155,520
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
8.64%
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%
$3,110,400
$3.1M
Cap Rate 7%
$2,221,714
$2.2M
Cap Rate 9%
$1,728,000
$1.7M
Market Conditions
NOI Build-Up for 12,000 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
$216.0K $18.00/SF
− Vacancy
−$8.6K −$0.72/SF
EGI
$207.4K $17.28/SF
− OpEx
−$51.8K −$4.32/SF
NOI
$155.5K $12.96/SF
Area
Elkhart County, IN
Vacancy
4.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$3,110,400
Cap Rate 7%
$2,221,714
Cap Rate 9%
$1,728,000
Alternative Uses
Best Use
Specialty Retail
$2.22M
$1.94M – $2.59M
NOI $155,520 @ 7.0% cap · market cap 8.64%
Second Best
Office B
$1.77M
$1.55M – $2.07M
NOI $123,948 @ 7.0% cap · market cap 6.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
198
Businesses Nearby
Explore this area
Business Placement
Demographics for 46526, IN
33,170
Population
12,570
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
67.1 sq mi
ZIP Area
494
Density / Sq Mi
$65,864
Median Household Income
$36,446
Median Earnings
$1,061
Median Rent
$192,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Condominium-style multi-tenant building with flexible suites and a drive-through food-services end.
Where is this office units located?
The property is located at 1021 E Kercher Rd Goshen, IN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: Condominium‑style multi‑tenant building with flexible suite options for owning or leasing; Suites can be configured for 2,400 SF or more; West end designed for food services and includes a drive‑through
