Commercial Real Estate Market in Nappanee, IN
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
13 active listings and 524 off-market properties in Nappanee, IN.
Market Trends
Nappanee, IN spans 71.6 square miles in Elkhart County, Indiana. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Nappanee, IN runs 21.3% across the Midwest region in 2025, up from 13.7% in 2019.
Vacancy Rate % in Midwest region
Retail
Retail vacancy in Nappanee, IN runs 6.3% across the Midwest region in 2025, down from 8% in 2020.
Vacancy Rate % in Midwest region
Industrial
Industrial vacancy in Nappanee, IN runs 4.9% across the Midwest region in 2025, up from 4.4% in 2019. Nearly 1.6x the 2022 low of 3.1%.
Vacancy Rate % in Midwest region
Multifamily
Multifamily vacancy in Nappanee, IN runs 8% across the Midwest region in 2025, up from 6.5% in 2022.
Vacancy Rate % in Midwest region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 39.4%
- Industrial 28.7%
- Open space 11.9%
- Commercial 11.7%
- Planned_development 6.2%
- Mixed use 2.1%
Largest Zones share of zoned land by district
Low Density Residential
Industrial
Open Space
General Business
Medium Density Residential
Nappanee, IN zones 2,701 acres across 12 districts. Commercial zoning covers 11.7% of zoned land, residential 39.4%, open space 11.9% and industrial 28.7%. The largest single district is Low Density Residential at 28.8%. For commercial buyers the practical constraint is that only 40.4% of land carries a commercial or industrial designation.
Low Density Residential (R-1)
This district (R-1) is established for low density single family residential development with a density of 6 dwelling units or less per gross acre
Market overview
Demographics & Economy
Nappanee, IN has 12,679 residents in 4,656 households. Density runs 177 people per square mile. Median household income here is $80,403 and median gross rent $867 a month.
12,679
Population
4,656
Households
2.7
Avg Household Size
32
Median Age
9%
College-Educated
72%
High-School Grad
71.6 sq mi
ZIP Area
177
Density / Sq Mi
$80,403
Median Household Income
$42,843
Median Earnings
$867
Median Rent
$232,300
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Wakarusa | — | — |
| Foraker | — | — |
| Milford | — | — |
| Bremen | — | — |
Commercial property in Nappanee, IN asks $87/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Nappanee?
Commercial property in Nappanee, IN asks an average of $87 per square foot.
What zoning applies to commercial property in Nappanee?
Nappanee, IN zones 2,701 acres across 12 districts, of which 11.7% is commercial and 28.7% industrial. The largest single district is Low Density Residential at 28.8% of zoned land. This district (R-1) is established for low density single family residential development with a density of 6 dwelling units or less per gross acre Residential zoning covers 39.4% and open space 11.9%.
Where does Realmo's Nappanee market data come from?
Realmo compiles Nappanee, IN figures from 10 active sale listings, 3 active lease listings, 524 tracked off-market properties, the current Nappanee zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 10 active for-sale and 3 active for-lease listings in Nappanee, IN. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 2,701 zoned acres across 12 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Midwest region level, retail vacancy is reported at Midwest region level and industrial vacancy is reported at Midwest region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
