Commercial Land with
For Sale
Under Contract
$899,900
66278 US Highway 33, Goshen, IN 46526
COMMERCIAL - Goshen, IN
Property Size7,000 SF
Lot Size4.29 Acres
Price / SF$128.56
Days on Market199
Property Features for 66278 US Highway 33
General Information
Property type
Commercial Sale
Property subtype
Other
Parking features
Off Street
Directions
US 33 south of CR 40
Subdivision
Elkhart County
Standard status
Active Under Contract
APN
20-11-36-176-009.000-014
Lot size
4.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1327.27FT S NE COR NW1/4 SEC 36 4.294A
Tax Annual Amount
4087
Legal Description
1327.27FT S NE COR NW1/4 SEC 36 4.294A
Building Details
Year built
2003
Flooring type
Concrete
Roof type
Metal
Listing Agency:
McKinnies Realty, LLC Elkhart
(574) 271-3440
Listed By:
Conway Hershberger · License #RB14035593
(574) 536-9161
Added: Feb 5
Changed: Aug 4
Last Checked: Aug 23 at 1:06PM
MLS# 202610101
Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 4.29-acre commercial land property includes several buildings, a house, and a 7,000-square-foot post-frame main building constructed in 2003. The primary structure contains a 24-by-36-foot office area, concrete flooring, a metal roof, and four overhead doors: three measuring 14 by 14 feet and one measuring 12 by 14 feet. Off-street parking is also present.
The property provides approximately 450 feet of road frontage along US 33 in Goshen, Indiana. It is currently zoned A1 and sits beside Yellow Creek Gravel Pit, directly opposite the newly built Michiana Bobcat facility. Improvements to US 33, including work at the US 33 and CR 40 intersection, are planned to begin just north of the property.
The seller may consider dividing the site into an approximate 3-acre vacant parcel, subject to house removal, and an approximately 1.29-acre parcel containing the main building. A shared driveway would serve the newly created parcels.
The property provides approximately 450 feet of road frontage along US 33 in Goshen, Indiana. It is currently zoned A1 and sits beside Yellow Creek Gravel Pit, directly opposite the newly built Michiana Bobcat facility. Improvements to US 33, including work at the US 33 and CR 40 intersection, are planned to begin just north of the property.
The seller may consider dividing the site into an approximate 3-acre vacant parcel, subject to house removal, and an approximately 1.29-acre parcel containing the main building. A shared driveway would serve the newly created parcels.
Key Highlights
- 4.29‑acre commercial land property with approximately 450 ft of road frontage on US 33
- 7,000 sqft post‑frame main building constructed in 2003
- Three 14x14 overhead doors and one 12x14 overhead door
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
$41,946
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
4.66%
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%
$838,920
$838.9K
Cap Rate 7%
$599,229
$599.2K
Cap Rate 9%
$466,067
$466.1K
Market Conditions
NOI Build-Up for 7,000 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 $9.48/SF
− Vacancy
−$6.4K −$0.92/SF
EGI
$59.9K $8.56/SF
− OpEx
−$18.0K −$2.57/SF
NOI
$41.9K $5.99/SF
Area
Elkhart County, IN
Vacancy
9.70%
Lease Rate
$9.48 /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%
$838,920
Cap Rate 7%
$599,229
Cap Rate 9%
$466,067
Alternative Uses
Best Use
Industrial
$599.2K
$524.3K – $699.1K
NOI $41,946 @ 7.0% cap · market cap 4.66%
Second Best
Flex RnD
$564.7K
$494.1K – $658.8K
NOI $39,530 @ 7.0% cap · market cap 4.39%
Theoretical Best
Specialty Retail
$1.30M
$1.13M – $1.51M
NOI $90,720 @ 7.0% cap · market cap 10.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Drive-in doors
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
26
Businesses Nearby
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?
Commercial land - A1-zoned acreage includes a post-frame building, house, and multiple overhead doors.
Where is this commercial land located?
The property is located at 66278 US Highway 33 Goshen, IN.
What is the asking price?
The asking price for this property is $899,900.
What are key features of this property?
This property features: 4.29‑acre commercial land property with approximately 450 ft of road frontage on US 33; 7,000 sqft post‑frame main building constructed in 2003; Three 14x14 overhead doors and one 12x14 overhead door
