Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Elkhart Land Parcel For Sale Title is generated by Realmo AI

    1204 N Nappanee St, Elkhart, IN 46514

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Land parcel available in a high-traffic retail area.

    Type:Land
    Added:
    Sep 28, 2022
    Days on Market:
    1333
    Last Refresh:
    Mar 17 at 1:15 pm

    Property Features for 1204 N Nappanee St

    General Information

    Standard status
    Active
    Property subtype
    Land

    We can help!

    Listing Contact
    Pete Letherman, SIOR, CCIM

    Listing agent Pete Letherman, SIOR, CCIM License #IN RB14026646

    Listing office Afton Keyser

    Listing date Sep 28, 2022

    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 Afton Keyser

    HighLights

    • Prime retail location along Nappanee Street.
    • High‑traffic area near Casey’s General Store, Jiffy Lube, and CVS.
    • Located in Elkhart, a retail destination.
    • Conveniently situated 10 miles north of Goshen and 15 miles west of South Bend.
    • Accessible to major metropolitan areas: 115 miles southeast of Chicago.
    • Accessible to major metropolitan areas: 150 miles north of Indianapolis.

    Overview

    A parcel of land is available for sale along Nappanee Street on the west side of Elkhart, Indiana. The location is a prime retail area situated along one of the busiest retail corridors in Elkhart County. Elkhart is located 10 miles north of Goshen, 15 miles west of South Bend, 115 miles south-east of Chicago and 150 miles north of Indianapolis. The surrounding area includes major retailers such as Casey’s General Store, Jiffy Lube, and CVS, among many others, establishing the area as a retail destination.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    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.

    Location Insight

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

    Nearby Similar for Sale

    • $599,900

      Elkhart Downtown Investment Opportunity

      Multi-tenant office and coworking space with income and upside potential.
      223 S Main Street, Elkhart, IN 46514
      View Details
    • $575,000

      Elkhart Office/Medical/Dental Opportunity

      Office building for sale in Elkhart, Indiana.
      105 N Nappanee Street, Elkhart, IN 46514
      View Details
    • $650,000

      Elkhart Bed & Breakfast Opportunity

      Bed & Breakfast with income potential in Elkhart, Indiana.
      529 S Second Street, Elkhart, IN 46516
      View Details
    • $295,000

      Versatile Commercial Property in Elkhart

      B-1 zoned property suitable for retail, office, or service businesses.
      21807 State Road 120 Road, Elkhart, IN 46516
      View Details
    • $499,000
      10,290 SF

      Elkhart Multifamily Investment Opportunity

      12-unit property with income and value-add potential in Elkhart.
      701 W Beardsley Avenue, Elkhart, IN 46514
      View Details
    • $2,799,900

      Elkhart Manufacturing Facility For Sale

      Well-maintained manufacturing property with potential rail siding in Elkhart, Indiana.
      2700 Industrial Parkway, Elkhart, IN 46516
      View Details
    • $499,000

      Elkhart Multifamily Investment Opportunity

      12-unit property with income and value-add potential in Elkhart.
      701 W Beardsley Avenue, Elkhart, IN 46514
      View Details
    • $25,000

      Elkhart Restaurant/Bar Investment Opportunity

      Commercial property with restaurant infrastructure and redevelopment potential in Elkhart.
      900 S Main Street, Elkhart, IN 46516-3710
      View Details
    • $175,900

      Versatile Commercial Building in Elkhart

      Adaptable commercial space suitable for various business ventures.
      1801 wood Street, Elkhart, IN 46516
      View Details
    • $270,000

      Elkhart Mixed-Use Potential

      0.72 acre lot with multiple development possibilities.
      1301 Baldwin Street, Elkhart, IN 46514
      View Details
    • $795,000

      Elkhart Mixed-Use Building For Sale

      Mixed-use building with storefronts and apartments in Elkhart, Indiana.
      121 & 123 S Main Street, Elkhart, IN 46516
      View Details
    • $599,000
      1,054 SF

      Income-Producing Retreat on 9.3 Acres

      9.3-acre income-producing retreat near Notre Dame, built in 2025.
      57507 Red Bud Lane, Elkhart, IN 46517
      View Details

    FAQs

    What type of property is this?
    Commercial land - Land parcel available in a high-traffic retail area.
    Where is this commercial land located?
    The property is located at 1204 N Nappanee St Elkhart, IN.
    What is the asking price?
    The asking price for this property is $275,000.
    What are key features of this property?
    This property features: Prime retail location along Nappanee Street.; High‑traffic area near Casey’s General Store, Jiffy Lube, and CVS.; Located in Elkhart, a retail destination.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Pete Letherman, SIOR, CCIM
    Real Estate License ID: IN RB14026646
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1204 N Nappanee St, Elkhart, IN 46514
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!