Elkhart Industrial Property For
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57909 IN-19, Elkhart, IN 46517
Three-building industrial property suitable for automotive use in Elkhart, IN.
Property Size5,660 SF
Price / SF$66.25
Days on Market725
Property Features for 57909 IN-19
General Information
Standard status
Active
Size
5,660 SF
Property subtype
Industrial
Zoning
PUD M-1
Listing Agency:
NAI Cressy - Mishawaka
Listed By:
Jonah Davey · License #LIC RB21000300
Source:
Crexi
Added: Sep 9, 2024
Changed: Aug 24
Last Checked: Sep 2 at 8:41PM
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 NAI Cressy - Mishawaka
Investment Insights
Based on property information with market context.
This industrial property comprises three buildings, offering potential for automotive and other commercial uses. Building 1 features 3,200 square feet of space, including a main level office, an upstairs loft with three offices, and four large garage doors suitable for accommodating large trucks or RVs. Building 2 provides 2,400 square feet of space, complemented by an additional 480 square foot canopy or overhang. Building 3 offers 600 square feet of space. The property is located on SR 19, south of the St. Joe County River in Elkhart, Indiana, with the nearest major intersection being US 20.
Key Highlights
- Three‑building industrial property suitable for automotive use
- Building 1 features 3,200 SF with a main level office, 3 upstairs offices, and 4 large garage doors
- Four large garage doors can accommodate large trucks or RVs**
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
$33,916
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
9.04%
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%
$678,320
$678.3K
Cap Rate 7%
$484,514
$484.5K
Cap Rate 9%
$376,844
$376.8K
Market Conditions
NOI Build-Up for 5,660 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
$53.7K $9.48/SF
− Vacancy
−$5.2K −$0.92/SF
EGI
$48.5K $8.56/SF
− OpEx
−$14.5K −$2.57/SF
NOI
$33.9K $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%
$678,320
Cap Rate 7%
$484,514
Cap Rate 9%
$376,844
Alternative Uses
Best Use
Retail
$1.04M
$908.1K – $1.21M
NOI $72,647 @ 7.0% cap · market cap 19.37%
Second Best
Industrial
$484.5K
$424.0K – $565.3K
NOI $33,916 @ 7.0% cap · market cap 9.04%
Theoretical Best
Specialty Retail
$1.05M
$916.9K – $1.22M
NOI $73,354 @ 7.0% cap · market cap 19.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46517, IN
24,006
Population
9,915
Households
2.4
Avg Household Size
36
Median Age
15%
College-Educated
81%
High-School Grad
36.9 sq mi
ZIP Area
651
Density / Sq Mi
$53,263
Median Household Income
$34,649
Median Earnings
$942
Median Rent
$168,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Automotive property - Three-building industrial property suitable for automotive use in Elkhart, IN.
Where is this automotive property located?
The property is located at 57909 IN-19 Elkhart, IN.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Three‑building industrial property suitable for automotive use; Building 1 features 3,200 SF with a main level office, 3 upstairs offices, and **4 large garage doors**; Four large garage doors can accommodate large trucks or RVs**
