Day Care Property with
For Sale
$295,000
21807 State Road 120 Rd, Elkhart, IN 46516
B-1-zoned commercial property with flexible space, a garage, and on-site parking.
Property Size1,392 SF
Lot Size0.53 Acres
Price / SF$211.93
Days on Market98
Property Features for 21807 State Road 120 Rd
General Information
Standard status
Active
Size
1,392 SF
Total Parking Spaces
8
Lot size
0.53 Acres
Zoning
B-1
Amenities
full basement
one-car garage
Building Details
Year Built
1958
Buildings
1
Listing Agency:
RE/MAX Oak Crest - Elkhart
Listed By:
Kevin Foy · License #RB14012672
(574) 536-9218
Source:
Spencerchildersgroup
Added: Jul 9
Changed: Oct 8
Last Checked: Oct 7 at 3:39PM
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 Oak Crest - Elkhart
Investment Insights
Based on property information with market context.
This B-1-zoned commercial property at 21807 State Road 120 Rd in Elkhart, Indiana, offers 1,392 square feet of usable space on approximately 0.53 acres. Built in 1958, the building includes a full basement that can provide additional storage or workspace, along with a one-car garage.
On-site parking accommodates approximately eight cars. The property is positioned in a high-traffic area and has been identified for day care, office, salon, retail, and other service-oriented uses. Its location, basement, garage, and parking support a range of business configurations within the stated B-1 zoning.
On-site parking accommodates approximately eight cars. The property is positioned in a high-traffic area and has been identified for day care, office, salon, retail, and other service-oriented uses. Its location, basement, garage, and parking support a range of business configurations within the stated B-1 zoning.
Key Highlights
- 1,392 square feet of usable space
- Approximately 0.53 acres
- B‑1 zoning
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,378
Cap Rate
4.87%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,560
$287.6K
Cap Rate 7%
$205,400
$205.4K
Cap Rate 9%
$159,756
$159.8K
Market Conditions
NOI Build-Up for 1,392 SF
Gross rent
$26.2K $18.84/SF
− Vacancy
−$7.1K −$5.07/SF
EGI
$19.2K $13.77/SF
− OpEx
−$4.8K −$3.44/SF
NOI
$14.4K $10.33/SF
Area
Elkhart County, IN
Vacancy
26.90%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$287,560
Cap Rate 7%
$205,400
Cap Rate 9%
$159,756
Alternative Uses
Best Use
Office B
$205.4K
$179.7K – $239.6K
NOI $14,378 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$257.7K
$225.5K – $300.7K
NOI $18,040 @ 7.0% cap · market cap 6.12%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
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Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Day care center - B-1-zoned commercial property with flexible space, a garage, and on-site parking.
Where is this day care center located?
The property is located at 21807 State Road 120 Rd Elkhart, IN.
What is the asking price?
The asking price for this property is $295,000.
What are key features of this property?
This property features: 1,392 square feet of usable space; Approximately 0.53 acres; B‑1 zoning
