Commercial Land Zoned
For Sale
$330,000
21835 State Road 120, Elkhart, IN 46516
LAND - Elkhart, IN
Property Size1,400 SF
Lot Size1.93 Acres
Price / SF$235.71
Days on Market739
Property Features for 21835 State Road 120
General Information
Property type
Land
Property subtype
Other
Lot features
Cul-De-Sac, 0-2.9999, Other Buildings
Elementary school
Bristol
Middle school
Pierre Moran
High school
Elkhart
Elementary school district
Elkhart Community Schools
Middle school district
Elkhart Community Schools
High school district
Elkhart Community Schools
Directions
Directly behind McDonalds and Dr. Topping Dentistry. Located at the corner of ST RD 120 and County Rd 17. Great visibility from CR 17
Subdivision
Elkhart County
Standard status
Active
APN
20-03-31-151-044.000-030
Lot size
1.93 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
Burson Minor Subdivision, Lot 1 Secondary Plat A Part of the Northwest Quarter of Section 31, Township 38 North, Range 6 East, Washington Township, Elkhart County Indiana
Tax Annual Amount
2258
Legal Description
Burson Minor Subdivision, Lot 1 Secondary Plat A Part of the Northwest Quarter of Section 31, Township 38 North, Range 6 East, Washington Township, Elkhart County Indiana
Listing Agency:
Berkshire Hathaway HomeServices Elkhart
(574) 293-1010
Listed By:
Lori Snyder · License #RB14022203
(574) 849-5886
Added: Aug 9, 2024
Changed: Aug 16
Last Checked: Aug 17 at 3:06PM
MLS# 202430164
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.
This commercial land offering totals 1.93 acres and is zoned B-2. An existing building on the site is described as approximately 1,400 SF and could be used as an office. The B-2 zoning is noted as supporting a wide range of retail and service uses, including convenience stores, liquor stores, medical supply stores, shopping center uses, bar/restaurant, business office, showrooms, pet stores, and photography.
The property is addressed at 21835 State Road 120 in Elkhart, Indiana, and is described as nestled between a McDonald’s restaurant and Dr. Toppings Dental practice. The listing also references suitability for a marina-type business with public waterway entry directly to the north of the property.
The value is stated as primarily being in the land, supported by the presence of the existing building footprint and the B-2 zoning for compatible commercial uses.
The property is addressed at 21835 State Road 120 in Elkhart, Indiana, and is described as nestled between a McDonald’s restaurant and Dr. Toppings Dental practice. The listing also references suitability for a marina-type business with public waterway entry directly to the north of the property.
The value is stated as primarily being in the land, supported by the presence of the existing building footprint and the B-2 zoning for compatible commercial uses.
Key Highlights
- 1.93‑acre commercial land parcel
- Zoned B‑2
- Existing building on‑site, described at 1,400 SF and usable as an office
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
$14,461
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
4.38%
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%
$289,220
$289.2K
Cap Rate 7%
$206,586
$206.6K
Cap Rate 9%
$160,678
$160.7K
Market Conditions
NOI Build-Up for 1,400 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
$26.4K $18.84/SF
− Vacancy
−$7.1K −$5.07/SF
EGI
$19.3K $13.77/SF
− OpEx
−$4.8K −$3.44/SF
NOI
$14.5K $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 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%
$289,220
Cap Rate 7%
$206,586
Cap Rate 9%
$160,678
Alternative Uses
Best Use
Office B
$206.6K
$180.8K – $241.0K
NOI $14,461 @ 7.0% cap · market cap 4.38%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$259.2K
$226.8K – $302.4K
NOI $18,144 @ 7.0% cap · market cap 5.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
112
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Commercial land - Commercial land zoned B-2 with an existing building that could be used as an office.
Where is this commercial land located?
The property is located at 21835 State Road 120 Elkhart, IN.
What is the asking price?
The asking price for this property is $330,000.
What are key features of this property?
This property features: 1.93‑acre commercial land parcel; Zoned B‑2; Existing building on‑site, described at 1,400 SF and usable as an office
