Flex Space with Warehouse
New
For Sale
$550,000
508 W Lincoln Ave, Goshen, IN 46526
Mixed commercial configuration with occupied warehouse space and additional area available for a new business use.
Property Size5,168 SF
Price / SF$106.42
Days on Market2
Property Features for 508 W Lincoln Ave
General Information
Standard status
Active
Size
5,168 SF
Building Details
Year Built
1963
Buildings
1
Listing Agency:
McKinnies Realty, LLC Elkhart
Listed By:
Joshua Schirr, Krissy Yoder
Source:
Callcriswell
Added: Sep 7
Last Checked: Sep 7 at 3:09PM
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 McKinnies Realty, LLC Elkhart
Investment Insights
Based on property information with market context.
This 5,168-square-foot flex property at 508 W Lincoln Ave in Goshen includes a mixed commercial layout with approximately half of the building currently leased for warehouse use. The balance is available for occupancy and offers space that can be adapted for a range of commercial concepts. The building formerly operated as a bakery, adding a prior food-service use to its operating history.
Built in 1963, the property combines an existing income component with additional usable area under the same roof. Its configuration may accommodate retail, office, food service, warehouse, or other commercial applications, subject to applicable requirements. The property is located in Goshen, Indiana, along W Lincoln Ave.
Built in 1963, the property combines an existing income component with additional usable area under the same roof. Its configuration may accommodate retail, office, food service, warehouse, or other commercial applications, subject to applicable requirements. The property is located in Goshen, Indiana, along W Lincoln Ave.
Key Highlights
- 5,168‑square‑foot flex property at 508 W Lincoln Ave in Goshen
- Approximately half of the building is leased for warehouse use
- Remaining building area is available for occupancy
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
$37,604
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
6.84%
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%
$752,080
$752.1K
Cap Rate 7%
$537,200
$537.2K
Cap Rate 9%
$417,822
$417.8K
Market Conditions
NOI Build-Up for 5,168 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
$49.0K $9.48/SF
− Vacancy
−$4.8K −$0.92/SF
EGI
$44.2K $8.56/SF
− OpEx
−$6.6K −$1.28/SF
NOI
$37.6K $7.28/SF
Area
Elkhart County, IN
Vacancy
9.70%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$752,080
Cap Rate 7%
$537,200
Cap Rate 9%
$417,822
Alternative Uses
Best Use
Warehouse
$537.2K
$470.1K – $626.7K
NOI $37,604 @ 7.0% cap · market cap 6.84%
Second Best
Industrial
$442.4K
$387.1K – $516.1K
NOI $30,968 @ 7.0% cap · market cap 5.63%
Theoretical Best
Specialty Retail
$956.8K
$837.2K – $1.12M
NOI $66,977 @ 7.0% cap · market cap 12.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,017
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46526, IN
33,170
Population
12,570
Households
2.6
Avg Household Size
36
Median Age
24%
College-Educated
82%
High-School Grad
67.1 sq mi
ZIP Area
494
Density / Sq Mi
$65,864
Median Household Income
$36,446
Median Earnings
$1,061
Median Rent
$192,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Mixed commercial configuration with occupied warehouse space and additional area available for a new business use.
Where is this flex space located?
The property is located at 508 W Lincoln Ave Goshen, IN.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 5,168‑square‑foot flex property at 508 W Lincoln Ave in Goshen; Approximately half of the building is leased for warehouse use; Remaining building area is available for occupancy
