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    1814 Leer Dr Elkhart, IN 46514

    Sponsored
    For Lease
    $7 SF/Yr ($12,891 /Mo)

    22,100 SF Flex Space in Elkhart, IN

    Lot size:
    22,100 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This 22,100 square foot flex building, situated on 2.21 acres in Elkhart, Indiana's Park 6 Industrial Park, offers a unique blend of warehouse, office, and lab/production space. Built in 1987 and zoned M-1 PUD, the property boasts impressive clear-span heights ranging from 18' to 22' at the eaves and up to 24.25' at the peak. The single-tenant building features approximately 21,362 square feet of usable space, with 6,852 square feet on the second floor. The first floor comprises 6,793 square feet of lab/production space, 2,352 square feet of office space, and 5,365 square feet of warehouse space, including an approximately 850 square foot attached lean-to with 10.5' clear height. The second floor offers 4,207 square feet of lab/production space and 2,645 square feet of office space. A significant portion of the office and lab/production areas can be easily removed to create expansive high-bay space, providing exceptional flexibility for a variety of uses. Conveniently located off CR 6, between CR 11 and CR 13, this property benefits from its proximity to Elkhart's thriving industrial sector, particularly the RV manufacturing industry, as well as nearby amenities such as restaurants, parks, and retail establishments. The property's address is 1814 Leer Dr, Elkhart, IN 46514.

    Property Features for 1814 Leer Dr

    General Information

    Property type
    Flex space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    22,100 SF
    Total Rate
    12891.67

    Building Details

    Year Built
    1987

    Unit(s) available at that property

    Space
    Size
    22,100 SF
    Rate per SF
    $7

    HighLights

    • 18' to 22' clear span height, flex medical/office building.
    • High‑end finishes throughout.
    • Ample parking.
    • Excellent visibility and accessibility.
    • Strategic location in a thriving market.
    Property Profile Location Intelligence

    Current Use by Public Records

    EKF Life Sciences Manufacturer

    Suggested Use

    Restaurant Building Supply Spa & Massage Dental Office Wholesale Shop Auto Repair Shop Hair Salon Clothing Store Nail Salon Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.952074
    Latitude
    41.727494

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    FAQs

    What type of property is this?
    Flex space - 22,100 SF Flex Space in Elkhart, IN
    Where is this flex space located?
    The property is located at 1814 Leer Dr Elkhart, IN.
    What is the lease rate?
    The lease rate is $7 SF/Yr.
    What are key features of this property?
    This property features: 18' to 22' clear span height, flex medical/office building.; High-end finishes throughout.; Ample parking.
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    1814 Leer Dr Elkhart, IN 46514
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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.

    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
    1814 Leer Dr Elkhart, IN 46514
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