Elkhart Commercial Property for
232-246 Waterfall Dr, Elkhart, IN 46516
Commercial property in Elkhart, Indiana, with revitalization projects underway.
Type:Office
Property size:
23,180 SFPrice / SF:
$129/SF- Added:
- Apr 1, 2022
- Days on Market:
- 1516
- Last Refresh:
- May 20 at 8:15 pm
Property Features for 232-246 Waterfall Dr
General Information
- Standard status
- Active
- Size
- 23,180 SF
- Property subtype
- Office
Building Details
- Year Built
- 1985
Listing agent Therese Geise License #IN SP39402322
Listing office Bradley Company Elkhart
Listing date Apr 1, 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 Bradley Company Elkhart
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.
- Property built in 1985.
- Team with over 20 years of experience in the community.
- Team helps clients navigate the changing real estate landscape.
Overview
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.
Financial Insights
Value Estimation Calculated for Office B
Conservative
$2.66M
NOI $239,427 @ 9.00% cap · cautious / downside scenario
Moderate
$3.42M
NOI $239,427 @ 7.00% cap · market / base-case scenario
Aggressive
$4.79M
NOI $239,427 @ 5.00% cap · optimistic / upside scenario
NOI & Cap Rate Calculator
NOI Build-Up
- 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.
Calculated for Office B
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $436.7k | $18.84 |
| − Vacancy | −$117.5k | −$5.07 |
| EGI | $319.2k | $13.77 |
| − OpEx | −$79.8k | −$3.44 |
| NOI | $239.4k | $10.33 |
23,180 SF · lease $18.84/SF/yr · vacancy 26.90% · expense 25.00%
Alternative Use Scenarios
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 local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Office buildings
Location Insight
- Map
- Local Demand
- City
- Elkhart
- County
- Elkhart
- State
- Indiana
- Longitude
- -85.966736
- Latitude
- 41.684836
Nearby Similar for Sale
FAQs
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.
