Riverfront Office
For Sale
Contact for pricing
232-246 Waterfall Drive, Elkhart, IN 46516
Office building totaling 23,180 SF on the Elkhart River with balconies and decks.
Property Size23,180 SF
Lot Size3.49 Acres
Price / SF$129.21
Days on Market1578
Property Features for 232-246 Waterfall Drive
General Information
Standard status
Active
Size
23,180 SF
Lot size
3.49 Acres
Property subtype
OFFICE
Amenities
balconies
decks
Listing Agency:
Bradley Company | Elkhart
(574) 849-5002
Listed By:
Therese Geise · License #SP39402322
(574) 849-5002
Source:
Moodyscre
Added: Apr 6, 2022
Changed: Jul 26
Last Checked: Jul 26 at 4:39PM
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 Bradley Company | Elkhart
Investment Insights
Based on property information with market context.
This riverfront office building offers a total of 23,180 square feet set on 3.49 acres. The property includes balconies and decks, providing outdoor space that can support a variety of office uses.
The building is located on the Elkhart River in Downtown Elkhart, within walking distance to restaurants, county and city buildings, banking institutions, IUSB–Elkhart, and the public library. It is also situated within the Gateway Mile Fund District.
The asset is presented as a for-sale offering, with address and site details provided for 232–246 Waterfall Drive in Elkhart, Indiana.
The building is located on the Elkhart River in Downtown Elkhart, within walking distance to restaurants, county and city buildings, banking institutions, IUSB–Elkhart, and the public library. It is also situated within the Gateway Mile Fund District.
The asset is presented as a for-sale offering, with address and site details provided for 232–246 Waterfall Drive in Elkhart, Indiana.
Key Highlights
- 23,180 SF office building on 3.49 acres
- Located on the Elkhart River in Downtown Elkhart
- Balconies and decks included
Financial Insights For Office B
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 | $436.7k | $18.84 |
| − Vacancy | −$117.5k | −$5.07 |
| EGI | $319.2k | $13.77 |
| − OpEx | −$79.8k | −$3.44 |
| NOI | $239.4k | $10.33 |
23,180 SF · lease $18.84/SF/yr · vacancy 26.90% · expense 25.00%
Alternative Uses
Best Use
Office B
$3.42M
$2.99M – $3.99M
NOI $239,427 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.29M
$3.76M – $5.01M
NOI $300,413 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
1,019
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
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Frequently Asked Questions
What type of property is this?
Office building - Office building totaling 23,180 SF on the Elkhart River with balconies and decks.
Where is this office building located?
The property is located at 232-246 Waterfall Drive Elkhart, IN.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: 23,180 SF office building on 3.49 acres; Located on the Elkhart River in Downtown Elkhart; Balconies and decks included
