Elkhart Retail Space For
For Sale
Contact for pricing
3365 S Main St, Elkhart, IN 46517
Retail space with high visibility on Main Street and US 20.
Property Size3,482 SF
Price / SF$371.91
Days on Market1668
Property Features for 3365 S Main St
General Information
Standard status
Active
Size
3,482 SF
Property subtype
Retail
Lease Type
NNN
Building Details
Year Built
1996
Listing Agency:
Bradley Company Elkhart
(574) 849-5002
Listed By:
Therese Geise · License #IN SP39402322
Source:
Crexi
Added: Feb 2, 2022
Changed: Aug 14
Last Checked: Aug 26 at 1:44AM
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 3,482-square-foot retail space benefits from visibility on both Main Street and the US 20 Bypass. Access is available on Shaffer, south of the US 20 Bypass and north of the Concord Mall shopping area.
Key Highlights
- Visibility via both Main Street and US 20 Bypass
- Access on Shaffer
- Located South of the US 20 Bypass
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
$44,692
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
3.45%
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%
$893,840
$893.8K
Cap Rate 7%
$638,457
$638.5K
Cap Rate 9%
$496,578
$496.6K
Market Conditions
NOI Build-Up for 3,482 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
$66.4K $19.08/SF
− Vacancy
−$2.6K −$0.74/SF
EGI
$63.8K $18.34/SF
− OpEx
−$19.2K −$5.50/SF
NOI
$44.7K $12.84/SF
Area
Elkhart County, IN
Vacancy
3.90%
Lease Rate
$19.08 /SF/Yr
Expense Ratio
30.00%
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%
$893,840
Cap Rate 7%
$638,457
Cap Rate 9%
$496,578
Alternative Uses
Best Use
Retail
$638.5K
$558.7K – $744.9K
NOI $44,692 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$644.7K
$564.1K – $752.1K
NOI $45,127 @ 7.0% cap · market cap 3.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
233
Businesses Nearby
13k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 59%
Apparel 28%
Electronics 14%
Taco Bell
Dining
7,419 visits/mo
0.1 miles
Play It Again Sports
Apparel
3,492 visits/mo
0.2 miles
ABC Warehouse
Electronics
1,748 visits/mo
0.4 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?
Retail space - Retail space with high visibility on Main Street and US 20.
Where is this retail space located?
The property is located at 3365 S Main St Elkhart, IN.
What is the asking price?
The asking price for this property is $1,295,000.
What are key features of this property?
This property features: Visibility via both Main Street and US 20 Bypass; Access on Shaffer; Located South of the US 20 Bypass
