Elkhart Commercial Property for
For Sale
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232-246 Waterfall Dr, Elkhart, IN 46516
Commercial property in Elkhart, Indiana, with revitalization projects underway.
Property Size23,180 SF
Price / SF$129.21
Days on Market1612
Property Features for 232-246 Waterfall Dr
General Information
Standard status
Active
Size
23,180 SF
Property subtype
Office
Lease Type
NNN
Building Details
Year Built
1985
Listing Agency:
Bradley Company Elkhart
(574) 849-5002
Listed By:
Therese Geise · License #IN SP39402322
Source:
Crexi
Added: Apr 1, 2022
Changed: Aug 24
Last Checked: Aug 28 at 8:13PM
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 Elkhart
Investment Insights
Based on property information with market context.
Located in Elkhart, Indiana, known as the RV Capital of the world, this commercial property offers an opportunity within a region undergoing revitalization. Several major projects are underway to revitalize downtown, including a state-of-the-art aquatic and fitness center. The property comprises 23,180 square feet.
Key Highlights
- Located in Elkhart, the RV Capital of the world.
- Downtown revitalization projects are underway.
- State‑of‑the‑art aquatic and fitness center being built.
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
$239,427
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
7.99%
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%
$4,788,540
$4.8M
Cap Rate 7%
$3,420,386
$3.4M
Cap Rate 9%
$2,660,300
$2.7M
Market Conditions
NOI Build-Up for 23,180 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
$436.7K $18.84/SF
− Vacancy
−$117.5K −$5.07/SF
EGI
$319.2K $13.77/SF
− OpEx
−$79.8K −$3.44/SF
NOI
$239.4K $10.33/SF
Area
Elkhart County, IN
Vacancy
26.90%
Lease Rate
$18.84 /SF/Yr
Expense Ratio
25.00%
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%
$4,788,540
Cap Rate 7%
$3,420,386
Cap Rate 9%
$2,660,300
Alternative Uses
Best Use
Office B
$3.42M
$2.99M – $3.99M
NOI $239,427 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.29M
$3.76M – $5.01M
NOI $300,413 @ 7.0% cap · market cap 10.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,019
Businesses Nearby
Explore this area
Business Placement
Demographics for 46516, IN
33,670
Population
14,137
Households
2.4
Avg Household Size
35
Median Age
18%
College-Educated
84%
High-School Grad
17.5 sq mi
ZIP Area
1,924
Density / Sq Mi
$54,934
Median Household Income
$39,189
Median Earnings
$986
Median Rent
$150,400
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Commercial property in Elkhart, Indiana, with revitalization projects underway.
Where is this office building located?
The property is located at 232-246 Waterfall Dr Elkhart, IN.
What is the asking price?
The asking price for this property is $2,995,000.
What are key features of this property?
This property features: Located in Elkhart, the RV Capital of the world.; Downtown revitalization projects are underway.; State‑of‑the‑art aquatic and fitness center being built.
