Elkhart Commercial Property for
For Sale
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232-246 Waterfall Dr, Elkhart, IN 46516
Commercial property in Elkhart, Indiana, with revitalization projects underway.
Property Size23,180 SF
Price / SF$129.21
Days on Market1660
Property Features for 232-246 Waterfall Dr
General Information
Standard status
Active
Size
23,180 SF
Property subtype
Office
Lease Type
NNN
Building Details
Year Built
1985
Listing Agency:
Bradley Company Elkhart
Listed By:
Therese Geise · License #IN SP39402322
(574) 849-5002
Source:
Crexi
Added: Apr 1, 2022
Changed: Oct 11
Last Checked: Oct 16 at 6:28AM
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
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Located in Elkhart, Indiana, known as the RV Capital of the world, this commercial property offers an opportunity within a region undergoing revitalization. Several major projects are underway to revitalize downtown, including a state-of-the-art aquatic and fitness center. The property comprises 23,180 square feet.
Key Highlights
- Located in Elkhart, the RV Capital of the world.
- Downtown revitalization projects are underway.
- State‑of‑the‑art aquatic and fitness center being built.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$239,427
Cap Rate
7.99%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,788,540
$4.8M
Cap Rate 7%
$3,420,386
$3.4M
Cap Rate 9%
$2,660,300
$2.7M
Market Conditions
NOI Build-Up for 23,180 SF
Gross rent
$436.7K $18.84/SF
− Vacancy
−$117.5K −$5.07/SF
EGI
$319.2K $13.77/SF
− OpEx
−$79.8K −$3.44/SF
NOI
$239.4K $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 Rate 5%
$4,788,540
Cap Rate 7%
$3,420,386
Cap Rate 9%
$2,660,300
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.
How Realmo checks its estimates
Property Analytics
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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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - Commercial property in Elkhart, Indiana, with revitalization projects underway.
Where is this office building located?
The property is located at 232-246 Waterfall Dr 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: Located in Elkhart, the RV Capital of the world.; Downtown revitalization projects are underway.; State‑of‑the‑art aquatic and fitness center being built.
