Former Automotive Shop For
For Sale
Contact for pricing
2501 W Lexington Ave, Elkhart, IN 46514
2880 SF former automotive shop available for purchase.
Property Size2,880 SF
Price / SF$121.18
Days on Market1579
Property Features for 2501 W Lexington Ave
General Information
Standard status
Active
Size
2,880 SF
Property subtype
Industrial
Zoning
B-2 Community Business District (City of Elkhart)
Building Details
Buildings
1
Listing Agency:
Bradley Company South Bend
Listed By:
Matt Wetzel · License #RB14048578
(574) 970-9006
Source:
Crexi
Added: May 9, 2022
Changed: Sep 2
Last Checked: Sep 1 at 2:15AM
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 South Bend
Investment Insights
Based on property information with market context.
The property is a former automotive shop. It has a size of 2880 square feet.
Key Highlights
- Former automotive shop
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
$17,258
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
4.94%
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%
$345,160
$345.2K
Cap Rate 7%
$246,543
$246.5K
Cap Rate 9%
$191,756
$191.8K
Market Conditions
NOI Build-Up for 2,880 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
$27.3K $9.48/SF
− Vacancy
−$2.6K −$0.92/SF
EGI
$24.7K $8.56/SF
− OpEx
−$7.4K −$2.57/SF
NOI
$17.3K $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%
$345,160
Cap Rate 7%
$246,543
Cap Rate 9%
$191,756
Alternative Uses
Best Use
Retail
$528.1K
$462.1K – $616.1K
NOI $36,965 @ 7.0% cap · market cap 10.59%
Second Best
Industrial
$246.5K
$215.7K – $287.6K
NOI $17,258 @ 7.0% cap · market cap 4.94%
Theoretical Best
Specialty Retail
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 10.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
486
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46514, IN
42,048
Population
17,987
Households
2.3
Avg Household Size
39
Median Age
21%
College-Educated
86%
High-School Grad
38.7 sq mi
ZIP Area
1,087
Density / Sq Mi
$61,784
Median Household Income
$40,909
Median Earnings
$1,084
Median Rent
$170,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Autobahn Automotive — 1405 S Nappanee St, Elkhart, IN 46516
- J&S Tire Shop — 1615 W Lexington Ave, Elkhart, IN 46514
- Quality Restoration Services Inc — 2846 Old U.S. 20 W, Elkhart, IN 46514
- gmps-tom-naquin — tom naquin chevrolet cadillac, 2500 w lexington ave, elkhart, in 46514
- Tom Naquin Nissan Service — 2500 W Lexington Ave Ste. A, Elkhart, IN 46514
Frequently Asked Questions
What type of property is this?
Auto shop - 2880 SF former automotive shop available for purchase.
Where is this auto shop located?
The property is located at 2501 W Lexington Ave Elkhart, IN.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Former automotive shop
