Mixed-Use Building With Fenced
For Sale
$449,000
23440 Us 33, Elkhart, IN 46517
B-2 zoning, multiple access points, and outdoor storage support a range of commercial applications.
Property Size3,486 SF
Price / SF$128.80
Days on Market31
Property Features for 23440 Us 33
General Information
Standard status
Active
Size
3,486 SF
Zoning
B-2
Site & Location
Highway Access
Yes
Road Access
Yes
Amenities
fenced outdoor area
Building Details
Year Built
1950
Buildings
1
Listing Agency:
Bright Star Real Estate Services LLC
(269) 340-2261
Listed By:
Richard Carpenter · License #RB23001651
Source:
Callcriswell
Added: Jul 30
Changed: Aug 28
Last Checked: Aug 29 at 12:31PM
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 Bright Star Real Estate Services LLC
Investment Insights
Based on property information with market context.
This mixed-use commercial building contains 3,486 square feet and was built in 1950. The property includes two parcels with B-2 zoning, along with a fenced outdoor area that can provide additional storage or operational space. Improvements include a roof and furnaces installed in 2016, a new 4-inch well completed in 2022, and updated lighting from 2022.
Access is available from US 33 and CR 113, providing multiple entry points. The configuration and zoning are suited to owner-users, investors, contractors, service businesses, and retail operations, subject to applicable requirements. The combination of interior commercial space, outdoor area, and two zoned parcels offers flexibility for a variety of business uses.
Access is available from US 33 and CR 113, providing multiple entry points. The configuration and zoning are suited to owner-users, investors, contractors, service businesses, and retail operations, subject to applicable requirements. The combination of interior commercial space, outdoor area, and two zoned parcels offers flexibility for a variety of business uses.
Key Highlights
- 3,486‑square‑foot mixed‑use building constructed in 1950
- Two parcels with B‑2 zoning
- Multiple access points from US 33 and CR 113
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
$32,825
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
7.31%
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%
$656,500
$656.5K
Cap Rate 7%
$468,929
$468.9K
Cap Rate 9%
$364,722
$364.7K
Market Conditions
NOI Build-Up for 3,486 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
$56.5K $16.20/SF
− Vacancy
−$4.0K −$1.13/SF
EGI
$52.5K $15.07/SF
− OpEx
−$19.7K −$5.65/SF
NOI
$32.8K $9.42/SF
Area
Elkhart County, IN
Vacancy
7.00%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
37.50%
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%
$656,500
Cap Rate 7%
$468,929
Cap Rate 9%
$364,722
Alternative Uses
Best Use
Retail
$639.2K
$559.3K – $745.7K
NOI $44,743 @ 7.0% cap · market cap 9.97%
Second Best
Mixed Use
$468.9K
$410.3K – $547.1K
NOI $32,825 @ 7.0% cap · market cap 7.31%
Theoretical Best
Specialty Retail
$645.4K
$564.7K – $753.0K
NOI $45,179 @ 7.0% cap · market cap 10.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
261
Businesses Nearby
53k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 72%
Shops & Services 20%
Electronics 8%
Home Improvements & Furnishings 1%
Starbucks
Dining
23,883 visits/mo
0.5 miles
Phillips 66
Shops & Services
7,344 visits/mo
0.4 miles
Wings Etc.
Dining
6,670 visits/mo
0.4 miles
Wingstop
Dining
4,317 visits/mo
0.5 miles
AT&T
Electronics
4,214 visits/mo
0.5 miles
Demographics for 46517, IN
24,006
Population
9,915
Households
2.4
Avg Household Size
36
Median Age
15%
College-Educated
81%
High-School Grad
36.9 sq mi
ZIP Area
651
Density / Sq Mi
$53,263
Median Household Income
$34,649
Median Earnings
$942
Median Rent
$168,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - B-2 zoning, multiple access points, and outdoor storage support a range of commercial applications.
Where is this mixed-use property located?
The property is located at 23440 Us 33 Elkhart, IN.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 3,486‑square‑foot mixed‑use building constructed in 1950; Two parcels with B‑2 zoning; Multiple access points from US 33 and CR 113
