Flex Warehouse with
For Sale
$450,000
1505 Elkhart Rd, Goshen, IN 46526
Heated warehouse includes overhead furnaces, garage and service doors, plus showroom and office space.
Property Size5,025 SF
Price / SF$89.55
Days on Market100
Property Features for 1505 Elkhart Rd
General Information
Standard status
Active
Size
5,025 SF
Taxes and HOA fees
Annual Taxes
$6,876
Amenities
off street parking
Building Details
Stories
2
Listing Agency:
EXP Realty
(888) 501-7085
Listed By:
Rodger Pendl
(574) 532-5005
Source:
Exprealty
Added: May 28
Changed: Sep 3
Last Checked: Aug 11 at 1:35PM
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 EXP Realty
Investment Insights
Based on property information with market context.
This flex-style property includes showroom/office space, warehouse area, and a second-floor office. The warehouse is heated and features two overhead furnaces, along with a garage door and service entry doors. Off-street parking is available.
The building is positioned on Elkhart Road in Goshen, and the public remarks note high traffic count at the location.
The current configuration supports a combined retail or office front with back-of-house warehouse operations, with separate levels for office use.
The building is positioned on Elkhart Road in Goshen, and the public remarks note high traffic count at the location.
The current configuration supports a combined retail or office front with back-of-house warehouse operations, with separate levels for office use.
Key Highlights
- Heated warehouse with two overhead furnaces, plus garage door and service entry doors
- Showroom/office space of approximately 2,136 SF
- Second‑floor office space of approximately 489 SF
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
$36,564
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
8.13%
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%
$731,280
$731.3K
Cap Rate 7%
$522,343
$522.3K
Cap Rate 9%
$406,267
$406.3K
Market Conditions
NOI Build-Up for 5,025 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
$47.6K $9.48/SF
− Vacancy
−$4.6K −$0.92/SF
EGI
$43.0K $8.56/SF
− OpEx
−$6.5K −$1.28/SF
NOI
$36.6K $7.28/SF
Area
Elkhart County, IN
Vacancy
9.70%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$731,280
Cap Rate 7%
$522,343
Cap Rate 9%
$406,267
Alternative Uses
Best Use
Office B
$741.5K
$648.8K – $865.1K
NOI $51,903 @ 7.0% cap · market cap 11.53%
Second Best
Warehouse
$522.3K
$457.1K – $609.4K
NOI $36,564 @ 7.0% cap · market cap 8.13%
Theoretical Best
Specialty Retail
$930.3K
$814.1K – $1.09M
NOI $65,124 @ 7.0% cap · market cap 14.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
440
Businesses Nearby
Under-served
Demand for This Use
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Heated warehouse includes overhead furnaces, garage and service doors, plus showroom and office space.
Where is this flex space located?
The property is located at 1505 Elkhart Rd Goshen, 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: Heated warehouse with two overhead furnaces, plus garage door and service entry doors; Showroom/office space of approximately 2,136 SF; Second‑floor office space of approximately 489 SF
