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    1200-1252 N Nappanee St Elkhart, IN 46514

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    For Lease
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    Neighborhood shopping center with retail, restaurant, and office space.

    Type:Retail, Office
    Property size:
    82,000 SF
    Added:
    Oct 13, 2024
    Days on Market:
    545
    Last Refresh:
    Mar 17 at 1:22 pm

    Property Features for 1200-1252 N Nappanee St

    General Information

    Standard status
    Active
    Size
    82,000 SF
    Property subtype
    Retail, Office

    Spaces For Lease

    at 1200-1252 N Nappanee St Contact us

    Suite 1230 $12 /Mo

    Size
    2,700 SF
    Type
    Retail, Office
    Contact us

    Suite 1238 $12 /Mo

    Size
    1,200 SF
    Type
    Retail, Office
    former Great Clips
    Contact us

    Suite 1210 $9 /Mo

    Size
    8,450 SF
    Type
    Retail, Office
    former CVS Pharmacy, available with 30 days' notice
    Contact us

    Suite 1244 $12 /Mo

    Size
    1,680 SF
    Type
    Retail, Office
    fully built out in a standard Office configuration
    Contact us

    Suite 1242 $12 /Mo

    Size
    3,000 SF
    Type
    Retail, Office
    Contact us

    Suite 1214 $12 /Mo

    Size
    2,000 SF
    Type
    Retail, Office
    former GNC
    Contact us
    Show more

    We can help!

    Listing Contact
    Daniel Santana

    Listing agent Daniel Santana License #rb18001493

    Listing office Allies Commercial Realty

    Listing date Oct 13, 2024

    Source Crexi

    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 Allies Commercial Realty

    Overview

    Elkhart Plaza West Retail Space

    Elkhart Plaza West is a neighborhood shopping center with approximately 82,000 square feet of space. It is located northwest of downtown Elkhart, Indiana, and south of the Elkhart Municipal Airport and I-90. The center has 800 feet of frontage on N Nappanee Street, a high-traffic area due to its proximity to Elkhart High School, which is about 0.5 miles away. The center features a signalized entrance. Anchored by a large Trampoline Park expected to open in 2026, the plaza also includes a Jiffy Lube and Lake City Bank as outparcels. Commercial suites are available for rent, suitable for retail storefronts, restaurants, offices, medical facilities, or other professional service providers. The center welcomes first-time and franchise businesses, offering easy-to-read leases and flexible terms, and can also accommodate large national credit tenants. The property is under family ownership with over 40 years of commercial real estate experience.
    Location Intelligence

    Current Use by Public Records

    Elkhart Plaza West Shopping Center & Mall

    Suggested Use

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

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

    Similar Places Nearby

    • Coin Cloud Bitcoin ATM — 2621 W Lexington Ave, Elkhart, IN 46514
    • Coin Cloud Bitcoin ATM — 1708 S Nappanee St, Elkhart, IN 46516

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -86.004852
    Latitude
    41.677324

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    FAQs

    What type of property is this?
    Shopping center - Neighborhood shopping center with retail, restaurant, and office space.
    Where is this shopping center located?
    The property is located at 1200-1252 N Nappanee St Elkhart, IN.
    What are key features of this property?
    This property features: Anchored by a new Trampoline Park (opening 2026) expected to drive traffic.; Located on N Nappanee St with high traffic and 800 feet of frontage.; Signalized entrance for easy access.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Daniel Santana
    Real Estate License ID: rb18001493
    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.

    More about this property
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