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    Downtown Office/Retail Space Available Title is generated by Realmo AI

    516 S Main St., Elkhart, IN 46516

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    For Sale
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    Office and retail spaces in Elkhart's central business district.

    Property size:
    3,442 SF
    Price / SF:
    $0.01/SF
    Added:
    Jan 27, 2026
    Days on Market:
    115
    Last Refresh:
    Jan 6 at 9:17 pm

    Property Features for 516 S Main St.

    General Information

    Standard status
    Active
    Size
    3,442 SF

    Building Details

    Year Built
    1910

    Properties For Sale

    at 516 S Main St. Contact us

    We can help!

    Listing Contact
    Edward McClintick

    Listing agent Edward McClintick License #0303307

    Listing office Joseph Walter Realty, LLC

    Listing date Jan 27, 2026

    Source Bradleyco

    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 Joseph Walter Realty, LLC

    HighLights

    • Prime downtown location in central business district, adjacent to restaurants, government offices, retailers, and professional offices.
    • Flexible space options: Choose between an 830 SF office/retail space OR a larger 3,442 SF office space, or discuss variations with ownership.
    • Larger space includes a classroom, breakroom/lounge, waiting area, conference room, five private offices, and restrooms.
    • Adjacent to city parking garage.
    • Beautiful masonry exterior.
    • Natural lighting and sprinkled building.

    Overview

    Located in the downtown central business district and the gateway mile, this property is adjacent to restaurants, government offices, the post office, retailers, professional offices, and the soon-to-open Hotel Elkhart. The location benefits from its position in the central business district, with proximity to various amenities. The building features a beautiful masonry exterior and a streetscape that brings finishing touches to the exterior walkway. A city parking garage is adjacent to the east. The property offers 830 square feet of office or retail space, or a larger 3,442 square feet of office space, or variations thereof acceptable to ownership. The larger space includes classroom space, a breakroom/lounge, a waiting area, a conference room, five private offices, and men's and women's restrooms. The smaller space consists of cubicle spaces, a private restroom, and a coffee bar with a sink. The entry to the main level has a 212 square feet common space. The building benefits from natural lighting and is equipped with a sprinkler system.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lacasa, Inc. - Elkhart Charitable Organization Heart of the Arts Vocational School Notre Dame Federal ... Credit Union

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9709
    Latitude
    41.683

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    FAQs

    What type of property is this?
    Office units - Office and retail spaces in Elkhart's central business district.
    Where is this office units located?
    The property is located at 516 S Main St. Elkhart, IN.
    What is the asking price?
    The asking price for this property is Off market.
    What are key features of this property?
    This property features: Prime downtown location in central business district, adjacent to restaurants, government offices, retailers, and professional offices.; Flexible space options: Choose between an 830 SF office/retail space OR a larger 3,442 SF office space, or discuss variations with ownership.; Larger space includes a classroom, breakroom/lounge, waiting area, conference room, five private offices, and restrooms.
    (888) 227-1009
    We can help!
    Listing Contact
    Edward McClintick
    Real Estate License ID: 0303307
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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