Industrial Land with Two
For Sale
$525,000
State Road 120, Bristol, IN 46507
LAND - Bristol, IN
Property Size3,000 SF
Lot Size15.63 Acres
Price / SF$175
Days on Market50
Property Features for State Road 120
General Information
Property type
Land
Property subtype
Other
Lot features
Level
Elementary school
York
Middle school
Northridge
High school
Northridge
Elementary school district
Middlebury Community Schools
Middle school district
Middlebury Community Schools
High school district
Middlebury Community Schools
Directions
west of CR 131 on state road 120
Subdivision
Elkhart County
Standard status
Active
APN
20-04-19-300-007.000-032
Lot size
15.63 Acres
Taxes and HOA fees
Tax Year
25
Tax Description
481.22X370X233X835.21X701.06X 1320.19FT IN SE COR SW EX 1.1244A EX 1.486A SEC 19 15.638A
Tax Annual Amount
1013
Legal Description
481.22X370X233X835.21X701.06X 1320.19FT IN SE COR SW EX 1.1244A EX 1.486A SEC 19 15.638A
Listing Agency:
Bright Star Real Estate Services LLC
(574) 821-7653
Listed By:
Jesse Riegsecker · License #RB14046169
(574) 612-7277
Added: Jun 25
Changed: Jul 24
Last Checked: Aug 13 at 7:06AM
MLS# 202625205
Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property consists of 15.63 acres and includes two buildings suitable for storage and light operational use. One building is a 35-by-40 shop with concrete and electric. The second is a 32-by-50 pole building with dirt floors, currently used for equipment storage. The land is currently planted in hay.
The site is offered for sale as an auction property, with public viewing available during daylight hours. The property is located along State Road 120 in Bristol, Indiana, within Elkhart County.
For buyers seeking a property that can support equipment storage and flexible land use, the combination of an enclosed shop with concrete and electric plus an additional pole building provides practical space for organizing materials and vehicles. With the ground currently planted in hay but described as adaptable for multiple uses, the acreage can support operational needs that align with agricultural or site-based activities, depending on the buyer’s plans.
The site is offered for sale as an auction property, with public viewing available during daylight hours. The property is located along State Road 120 in Bristol, Indiana, within Elkhart County.
For buyers seeking a property that can support equipment storage and flexible land use, the combination of an enclosed shop with concrete and electric plus an additional pole building provides practical space for organizing materials and vehicles. With the ground currently planted in hay but described as adaptable for multiple uses, the acreage can support operational needs that align with agricultural or site-based activities, depending on the buyer’s plans.
Key Highlights
- Auction property: 15+ acres sold by phone bid auction with bidding ending July 21 at 5pm
- Includes a 35x40 shop building with concrete and electric
- Second building is a 32x50 pole building with dirt floors used for equipment storage
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
$21,829
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
4.16%
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%
$436,580
$436.6K
Cap Rate 7%
$311,843
$311.8K
Cap Rate 9%
$242,544
$242.5K
Market Conditions
NOI Build-Up for 3,000 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
$28.4K $9.48/SF
− Vacancy
−$2.8K −$0.92/SF
EGI
$25.7K $8.56/SF
− OpEx
−$3.9K −$1.28/SF
NOI
$21.8K $7.28/SF
Area
Elkhart County, IN
Vacancy
9.70%
Lease Rate
$9.48 /SF/Yr
Expense Ratio
15.00%
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%
$436,580
Cap Rate 7%
$311,843
Cap Rate 9%
$242,544
Alternative Uses
Best Use
Warehouse
$311.8K
$272.9K – $363.8K
NOI $21,829 @ 7.0% cap · market cap 4.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$555.4K
$486.0K – $648.0K
NOI $38,880 @ 7.0% cap · market cap 7.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46507, IN
9,371
Population
3,966
Households
2.4
Avg Household Size
41
Median Age
20%
College-Educated
90%
High-School Grad
40.4 sq mi
ZIP Area
232
Density / Sq Mi
$88,510
Median Household Income
$40,929
Median Earnings
$1,065
Median Rent
$231,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Warehouse - 15+ acres with two storage buildings and hay planted ground, offering flexible options for equipment and operations.
Where is this warehouse located?
The property is located at State Road 120 Bristol, IN.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: Auction property: 15+ acres sold by phone bid auction with bidding ending July 21 at 5pm; Includes a 35x40 shop building with concrete and electric; Second building is a 32x50 pole building with dirt floors used for equipment storage
