Building Details

Year Built 1950

Buildings 1

Listing Agency: Bright Star Real Estate Services LLC

Listed By: Richard Carpenter · License #RB23001651 Show Phone

Source: Callcriswell

Added: Jul 30 Changed: Oct 13 Last Checked: Oct 7 at 5:48PM

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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

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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.

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 / Yr

$32,825

Cap Rate

7.31%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$656,500 $656.5K

Cap Rate 7%

$468,929 $468.9K

Cap Rate 9%

$364,722 $364.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 3,486 SF

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 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 (±1% cap)

NOI $44,743 @ 7.0% cap · market cap 9.97%

Second Best

Mixed Use

$468.9K

$410.3K – $547.1K (±1% cap)

NOI $32,825 @ 7.0% cap · market cap 7.31%

Theoretical Best

Specialty Retail

$645.4K

$564.7K – $753.0K (±1% cap)

NOI $45,179 @ 7.0% cap · market cap 10.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Storefront properties

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply Parking Lot & Garage Big Box & Wholesale Store HVAC Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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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