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    Development Opportunity Near Arbor Lakes Title is generated by Realmo AI

    22538 Pine Arbor Drive, Elkhart, IN 46516

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    For Sale
    $850,000

    11-acre development site with high visibility and frontage.

    Type:Land
    Property size:
    11 SF
    Price / SF:
    $77,272/SF
    Added:
    Dec 3, 2025
    Days on Market:
    170
    Last Refresh:
    Apr 5 at 8:14 pm

    Property Features for 22538 Pine Arbor Drive

    General Information

    Standard status
    Active
    Size
    11 SF
    Property subtype
    Land

    We can help!

    Listing Contact
    John Piraccini
    John Piraccini

    Listing agent John Piraccini

    Listing office

    Listing date Dec 3, 2025

    Source Cbcworldwide

    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 John Piraccini

    HighLights

    • Excellent development opportunity on approx. 11 acres with high visibility (1,000 FT on Toledo Rd) and frontage (530 FT on Pine Arbor Dr).
    • Located just off U.S. 20 Bypass and CR 17 with high daily traffic counts.
    • Proximity to major industrial area (2 miles) with reputable businesses.
    • Easy access to regional locations: 4 miles from downtown Elkhart, 5.5 miles from Indiana Toll Road, 9 miles from Downtown Goshen.
    • Located in Concord School District.
    • Proximity to future 315‑acre industrial park (less than 15 miles away, completion by end of 2025).

    Overview

    This 11-acre property presents an excellent development opportunity, situated in front of the Arbor Lakes Apartments complex. It features 1,000 feet of visible exposure on Toledo Rd and 530 feet of frontage on Pine Arbor Dr. The location offers convenient access to various parts of the region, positioned just off the U.S. 20 Bypass, which sees 24,000 cars daily, and CR 17, with 25,000 cars daily. Located within the Concord School District, the property is approximately 2 miles from a large industrial area that houses reputable businesses, including Thor Motor Coach, Siemens Healthcare, Godfrey Marine, Forest River, Lippert Components, Welch Packing, and Carpenter Co. It is also 4 miles from downtown Elkhart, 5.5 miles from the Indiana Toll Road Interchange, and 9 miles from Downtown Goshen. The U.S. 20 Bypass provides an easy route from Elkhart to South Bend and beyond. Furthermore, Goshen, IN, less than 15 miles away, is projected to complete a 315-acre industrial park southeast of the Elkhart County Fairgrounds by the end of 2025. The property is zoned R: Residential and has 479,160 sqft.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Arbor Lakes Apartments Real Estate Agency Aadvantage Suites Vacation Rental Arbor Lakes management ... Corporate Office

    Suggested Use

    Law Firm Restaurant Real Estate Agency Hair Salon Dental Office Nail Salon Gym & Fitness Center Pharmacy Daycare Center Bar & Pub

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9002
    Latitude
    41.6687

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    FAQs

    What type of property is this?
    Land - 11-acre development site with high visibility and frontage.
    Where is this land located?
    The property is located at 22538 Pine Arbor Drive Elkhart, IN.
    What is the asking price?
    The asking price for this property is $850,000.
    What are key features of this property?
    This property features: Excellent development opportunity on approx. 11 acres with high visibility (1,000 FT on Toledo Rd) and frontage (530 FT on Pine Arbor Dr).; Located just off U.S. 20 Bypass and CR 17 with high daily traffic counts.; Proximity to major industrial area (2 miles) with reputable businesses.
    (574) 243-9522
    We can help!
    Listing Contact
    John Piraccini
    John Piraccini
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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    22538 Pine Arbor Drive, Elkhart, IN 46516
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