Mixed-Use Property with
21807 State Road 120, Elkhart, IN 46516
For Sale
$295,000
COMMERCIAL, Elkhart, IN
Property Size1,392 SF
Lot Size0.53 Acres
Price / SF$211.93
Days on Market205
Property Features for 21807 State Road 120
General Information
Property type
Property subtype
Rooms
Parking features
Subdivision
Lot features
Directions
Standard status
APN
Lot size
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Cooling system
Building Details
Year built
Flooring type
Roof type
Listing Agency:
RE/MAX Oak Crest - Elkhart · RE/MAX International
(574) 262-0770
Listed By:
Kevin Foy
(574) 536-9218
Added: Apr 17
Changed: Oct 16
Last Checked: Nov 7 at 4:06AM
MLS# 202613914
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use commercial property occupies approximately 0.53 acres at 21807 State Road 120 in Elkhart, Indiana. The building dates to 1958 and includes a full basement, a one-car garage, wood flooring, and central air conditioning. Shingle and asphalt roofing complete the existing improvements.
B-1 zoning supports commercial applications including retail, office, and service-oriented uses. The property is positioned along State Road 120 in Elkhart County, providing a visible setting for a range of business operations. Its basement adds supplementary storage or work area, while the garage offers additional enclosed utility space.
B-1 zoning supports commercial applications including retail, office, and service-oriented uses. The property is positioned along State Road 120 in Elkhart County, providing a visible setting for a range of business operations. Its basement adds supplementary storage or work area, while the garage offers additional enclosed utility space.
Key Highlights
- Approximately 0.53‑acre commercial parcel
- B‑1 zoning for commercial use
- Full basement for additional storage or workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$13,107
Cap Rate
4.44%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$262,140
$262.1K
Cap Rate 7%
$187,243
$187.2K
Cap Rate 9%
$145,633
$145.6K
Market Conditions
NOI Build-Up for 1,392 SF
Gross rent
$22.6K $16.20/SF
− Vacancy
−$1.6K −$1.13/SF
EGI
$21.0K $15.07/SF
− OpEx
−$7.9K −$5.65/SF
NOI
$13.1K $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%
$262,140
Cap Rate 7%
$187,243
Cap Rate 9%
$145,633
Alternative Uses
Best Use
Mixed Use
$187.2K
$163.8K – $218.5K
NOI $13,107 @ 7.0% cap · market cap 4.44%
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
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
185
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Frequently Asked Questions
What type of property is this?
Mixed-use property - B-1 zoning supports a range of commercial, office, retail, and service-oriented applications.
Where is this mixed-use property located?
The property is located at 21807 State Road 120 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: Approximately 0.53‑acre commercial parcel; B‑1 zoning for commercial use; Full basement for additional storage or workspace
