Flex Warehouse with
For Sale
Contact for pricing
2111 Cassopolis St, Elkhart, IN 46514
Flex warehouse with climate-controlled storage, dedicated office/showroom space, and overhead roll-up door access.
Property Size4,330 SF
Price / SF$80.83
Days on Market165
Property Features for 2111 Cassopolis St
General Information
Standard status
Active
Size
4,330 SF
Property subtype
Mixed Use, Office, Retail, Special Purpose
Warehouse & Industrial
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Built
1999
Buildings
1
Stories
1
Listing Agency:
McKinnies Realty
Listed By:
Arpita Shah · License #RB20001564
(574) 271-3440
Source:
Crexi
Added: Mar 25
Changed: Aug 25
Last Checked: Sep 5 at 12:24PM
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 McKinnies Realty
Investment Insights
Based on property information with market context.
This commercial flex property includes approximately 925 sq ft of office/showroom space and 3,405 sq ft of attached, climate-controlled warehouse area. A partially finished basement provides additional storage flexibility. Built in 1999, the warehouse is served by separate gas heating and cooling systems and includes 3-phase electric service and an overhead roll-up door for larger vehicle access.
The property is located along a busy roadway with convenient access and strong visibility. It is served by a private well with available connection to city water, and an upgraded 6-inch sewer line is in place. Shared driveway access is provided, with paved parking in both the front and rear.
An additional 0.67-acre parcel is included to the west (Parcel #: 20-02-29-403-004.000-026), offering flexibility for expansion or additional investment uses.
The property is located along a busy roadway with convenient access and strong visibility. It is served by a private well with available connection to city water, and an upgraded 6-inch sewer line is in place. Shared driveway access is provided, with paved parking in both the front and rear.
An additional 0.67-acre parcel is included to the west (Parcel #: 20-02-29-403-004.000-026), offering flexibility for expansion or additional investment uses.
Key Highlights
- Approx. 4,330 SF total building area with 925 SF office/showroom and 3,405 SF attached climate‑controlled warehouse.
- Warehouse has separate gas heating and cooling, plus 3‑phase electric service for operational capacity.
- Overhead roll‑up door provides vehicle access to the climate‑controlled warehouse space.
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
$31,507
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
9.00%
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%
$630,140
$630.1K
Cap Rate 7%
$450,100
$450.1K
Cap Rate 9%
$350,078
$350.1K
Market Conditions
NOI Build-Up for 4,330 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
$41.0K $9.48/SF
− Vacancy
−$4.0K −$0.92/SF
EGI
$37.1K $8.56/SF
− OpEx
−$5.6K −$1.28/SF
NOI
$31.5K $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%
$630,140
Cap Rate 7%
$450,100
Cap Rate 9%
$350,078
Alternative Uses
Best Use
Office B
$638.9K
$559.1K – $745.4K
NOI $44,725 @ 7.0% cap · market cap 12.78%
Second Best
Warehouse
$450.1K
$393.8K – $525.1K
NOI $31,507 @ 7.0% cap · market cap 9.00%
Theoretical Best
Specialty Retail
$801.7K
$701.5K – $935.3K
NOI $56,117 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Yes
Heavy power
Location Intelligence
Trade Area within ½ mile
275
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
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 - Flex warehouse with climate-controlled storage, dedicated office/showroom space, and overhead roll-up door access.
Where is this flex space located?
The property is located at 2111 Cassopolis St Elkhart, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Approx. 4,330 SF total building area with 925 SF office/showroom and 3,405 SF attached climate‑controlled warehouse.; Warehouse has separate gas heating and cooling, plus 3‑phase electric service for operational capacity.; Overhead roll‑up door provides vehicle access to the climate‑controlled warehouse space.
