21835 State Road 120, Elkhart, IN 46516
- Added:
- Aug 9, 2024
- Days on Market:
- 693
- Last Refresh:
- Jul 2 at 2:06 am
Property Features for 21835 State Road 120
General Information
- Property type
- Land
- Property subtype
- Other
- 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
Listing agent Lori Snyder License #RB14022203 (574) 849-5886
Listing office Berkshire Hathaway HomeServices Elkhart 1741 E Bristol St., Elkhart, IN (574) 293-1010
Listing date Aug 9, 2024
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.
HighLights
- 1.93‑acre commercial site zoned B‑2
- Building offers 1,400 SF and could be used as an office
- B‑2 zoning supports a wide range of uses including retail, business office, showrooms, and medical supply stores
- Located between a McDonald's restaurant and Dr. Toppings Dental Practice
- Waterway entry is directly to the north, suitable for marina‑type business
Overview
The site is described as being between a McDonald’s restaurant and a Dr. Toppings dental practice. The public remarks also note a marina-type opportunity, including a public waterway entry directly to the north of the property.
With B-2 zoning, the property is presented as suitable for several commercial categories, including convenience stores, liquor stores, medical supply stores, shopping center uses, bars/restaurants, business offices, showrooms, and a variety of retail/service tenants such as pet stores and photography. For buyers or operators, the combination of a developable, B-2 land parcel and an on-site building provides flexibility to support either an office-leaning use or retail-oriented program where zoning allows.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $26.7k | $19.08 |
| − Vacancy | −$1.0k | −$0.74 |
| EGI | $25.7k | $18.34 |
| − OpEx | −$7.7k | −$5.50 |
| NOI | $18.0k | $12.84 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Elkhart
- County
- Elkhart
- State
- Indiana
- Longitude
- -85.887573
- Latitude
- 41.703661
