Two-Story Mixed-Use
For Sale
$450,000
112 S Main Street, Nappanee, IN 46550
COMMERCIAL, Nappanee, IN
Property Size4,200 SF
Lot Size0.07 Acres
Price / SF$107.14
Days on Market15
Property Features for 112 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Lot features
City
Directions
From US 6 (Market St) in downtown Nappanee, turn south onto SR 19/S Main St. Property is located just south of Market St on S Main St at 112 S Main St.
Subdivision
Elkhart County
Standard status
Active
APN
20-13-36-429-016.000-021
Lot size
0.07 Acres
Taxes and HOA fees
Tax Year
2026
Tax Description
ORIG PLAT OF NAPPANEE S1/3 EX N 6IN LOT 2 (TIF 80)
Tax Annual Amount
5490
Legal Description
ORIG PLAT OF NAPPANEE S1/3 EX N 6IN LOT 2 (TIF 80)
Utilities
Cooling system
Central Air, Multi Units
Building Details
Year built
1910
Flooring type
Laminate, Wood
Roof type
Shingle, Flat
Listing Agency:
Paradigm Realty Solutions
(574) 626-8432
Listed By:
Joshua Vida · License #RB14030173
(574) 361-3933
Added: Aug 14
Changed: Aug 26
Last Checked: Aug 28 at 10:06AM
MLS# 202633330
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.
Investment Insights
Based on property information with market context.
Built in 1910, this two-story brick property provides approximately 4,200 sq ft across a commercial main floor and an upper-level apartment. The 2,700 sq ft commercial area includes electrical and plumbing improvements, while the 1,500 sq ft residential unit has been renovated to the studs and features an open layout, natural light, new HVAC, kitchen, and bath. Laminate and wood flooring are present throughout the building.
The apartment has a private entrance with stairway access from Main Street. The property also offers street and rear parking access, plus alley frontage along Cartoon Alley, a public mural walkway in downtown Nappanee. Roofing includes a new roof over the residential section and part of the commercial area, while the approximately 1,200 sq ft rear roof section is older and maintained. The commercial HVAC system is older and in good working order.
The apartment has a private entrance with stairway access from Main Street. The property also offers street and rear parking access, plus alley frontage along Cartoon Alley, a public mural walkway in downtown Nappanee. Roofing includes a new roof over the residential section and part of the commercial area, while the approximately 1,200 sq ft rear roof section is older and maintained. The commercial HVAC system is older and in good working order.
Key Highlights
- Approximately 4,200 sq ft total: 2,700 commercial and 1,500 residential
- 0.07‑acre downtown property at 112 S Main Street, Nappanee, IN 46550‑1917
- Upper apartment renovated to studs with new HVAC, kitchen, bath, and open layout
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
$39,548
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
8.79%
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%
$790,960
$791.0K
Cap Rate 7%
$564,971
$565.0K
Cap Rate 9%
$439,422
$439.4K
Market Conditions
NOI Build-Up for 4,200 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
$68.0K $16.20/SF
− Vacancy
−$4.8K −$1.13/SF
EGI
$63.3K $15.07/SF
− OpEx
−$23.7K −$5.65/SF
NOI
$39.5K $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 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%
$790,960
Cap Rate 7%
$564,971
Cap Rate 9%
$439,422
Alternative Uses
Best Use
Office B
$619.7K
$542.3K – $723.0K
NOI $43,382 @ 7.0% cap · market cap 9.64%
Second Best
Mixed Use
$565.0K
$494.4K – $659.1K
NOI $39,548 @ 7.0% cap · market cap 8.79%
Theoretical Best
Specialty Retail
$777.6K
$680.4K – $907.2K
NOI $54,432 @ 7.0% cap · market cap 12.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
1
Residential units
Single-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 46550, IN
12,679
Population
4,656
Households
2.7
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
71.6 sq mi
ZIP Area
177
Density / Sq Mi
$80,403
Median Household Income
$42,843
Median Earnings
$867
Median Rent
$232,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown brick property combines flexible commercial space with an updated apartment and separate Main Street access.
Where is this mixed-use property located?
The property is located at 112 S Main Street Nappanee, IN.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Approximately 4,200 sq ft total: 2,700 commercial and 1,500 residential; 0.07‑acre downtown property at 112 S Main Street, Nappanee, IN 46550‑1917; Upper apartment renovated to studs with new HVAC, kitchen, bath, and open layout
