Building Details

Year Built 1900

Buildings 1

Listing Agency: Berkshire Hathaway HomeServices Elkhart

Listed By: Toni Bontrager · License #RB14028845 Show Phone

Source: Kmsrealestategroup

Added: Oct 4 Last Checked: Oct 5 at 10:45PM

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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 Berkshire Hathaway HomeServices Elkhart

Investment Insights

Based on property information with market context.

At 2,548 square feet, this Middlebury property was built in 1900 and has served as an office for many years. Interior details include natural woodwork and a brick fireplace. The upper floor contains three bedrooms, a separate entrance, and an area that could accommodate a kitchenette. A finished recreation room and additional storage space are located in the basement.

Residential use or a combination of residential and commercial functions may be possible, subject to applicable zoning and approvals. No appliances are currently in place, leaving the kitchen and living areas for a future owner to configure.

Key Highlights

• 2,548‑square‑foot property built in 1900
• Previously used as an office for numerous years
• Upper level has three bedrooms and a separate entrance

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$23,993

Cap Rate

8.73%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$479,860 $479.9K

Cap Rate 7%

$342,757 $342.8K

Cap Rate 9%

$266,589 $266.6K

Market Conditions

NOI Build-Up for 2,548 SF

Gross rent

$41.3K $16.20/SF

− Vacancy

−$2.9K −$1.13/SF

EGI

$38.4K $15.07/SF

− OpEx

−$14.4K −$5.65/SF

NOI

$24.0K $9.42/SF

Area

Elkhart County, IN

Vacancy

7.00%

Lease Rate

$16.20 /SF/Yr

Expense Ratio

37.50%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$479,860

Cap Rate 7%

$342,757

Cap Rate 9%

$266,589

Alternative Uses

Best Use

Office B

$376.0K

$329.0K – $438.6K (±1% cap)

NOI $26,318 @ 7.0% cap · market cap 9.57%

Second Best

Mixed Use

$342.8K

$299.9K – $399.9K (±1% cap)

NOI $23,993 @ 7.0% cap · market cap 8.73%

Theoretical Best

Specialty Retail

$471.7K

$412.8K – $550.4K (±1% cap)

NOI $33,022 @ 7.0% cap · market cap 12.01%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Global Tax & Accounting ... Accounting Firm Krider Accounting PC Tax Preparation Greenfield Construction Construction Company

Suggested Use

Top Pick Building Supply Real Estate Agency Big Box & Wholesale Store Dental Office Hair Salon Pharmacy

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

231

Businesses Nearby

Explore this area Business Placement

Demographics for 46540, IN

12,552

Population

4,245

Households

3

Avg Household Size

33

Median Age

19%

College-Educated

71%

High-School Grad

59.4 sq mi

ZIP Area

211

Density / Sq Mi

$99,664

Median Household Income

$45,850

Median Earnings

$1,074

Median Rent

$297,800

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - Early-1900s woodwork and a brick fireplace bring historic detail to a property previously used as an office.

Where is this mixed-use property located?

The property is located at 112 S Main St Middlebury, IN.

What is the asking price?

The asking price for this property is $274,900.

What are key features of this property?

This property features: 2,548‑square‑foot property built in 1900; Previously used as an office for numerous years; Upper level has three bedrooms and a separate entrance