Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1147 Miles Ave Elkhart, IN 46514-2249

    • Industrial land
    • 858,908 SF
    • 12.56 lot acres
    OFF-MARKET
    Last Sale
    Aug 09, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0586054
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Industrial land

    Property Details for 1147 Miles Ave

    Year built
    1938
    Construction
    BRICK
    Lot size
    12.56 lot acres
    Property size
    858,908 SF
    Zone code
    ZO01
    Property type
    Industrial land
    APN
    20-02-31-476-008.000-027
    APU
    200231476008000027

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.987
    Latitude
    41.698
    CBSA code
    21140
    CBSA name
    ELKHART-GOSHEN, IN METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $5,802
    $160,100
    $0.00
    $160,100
    -
    $160,100
    $0.00
    $160,100

    Comparable in this City

    • Value Estimation by Request
      1.47 Acres

      2617 Glenview Dr

      INDUSTRIAL - VACANT LAND • 1.47 Acres
      2617 Glenview Dr, Elkhart, IN 46514-8709
      View Details
    • Value Estimation by Request
      0.83 Acres

      Henke St

      INDUSTRIAL - VACANT LAND • 0.83 Acres
      Henke St, Elkhart, IN 46514
      View Details
    • Value Estimation by Request
      2.00 Acres

      Leer Ct

      INDUSTRIAL - VACANT LAND • 2.00 Acres
      Leer Ct, Elkhart, IN 46514
      View Details
    • Value Estimation by Request
      5.33 Acres

      2710 Lexington Ave

      INDUSTRIAL - VACANT LAND • 5.33 Acres
      2710 Lexington Ave, Elkhart, IN 46514-1447
      View Details
    • Value Estimation by Request
      0.15 Acres

      316 Modrell Blvd

      INDUSTRIAL - VACANT LAND • 0.15 Acres
      316 Modrell Blvd, Elkhart, IN 46514-3111
      View Details
    • Value Estimation by Request
      2.99 Acres

      29778 County Rd 12

      INDUSTRIAL - VACANT LAND • 2.99 Acres
      29778 County Rd 12, Elkhart, IN 46514-9617
      View Details

    Similar Nearby for Sale

    • $6,250,000

      Prime Industrial Land Available

      50 acres of industrial land for sale near I-90.
      2021 Aeroplex Dr, Elkhart, IN 46514
      View Details
    • $295,000

      Industrially Zoned Land Parcel

      Three-acre industrially zoned land parcel near Elkhart East Industrial Park.
      52506 County Road 15, Elkhart, IN 46514
      View Details
    • Contact for pricing
      1.70 Acres

      Elkhart Commercial Land - 1.7 Acres

      Prime Elkhart location, 1.7 acres, development potential.
      175 County Road 6, Elkhart, IN 46514
      View Details
    • Contact for pricing

      Elkhart Land Development Opportunity

      131.98 acres in Elkhart, suitable for various development projects.
      116 W Bristol St, Elkhart, IN 46514
      View Details
    • $70,000
      10.21 Acres

      Elkhart Residential Land Opportunity

      10.21 acres of vacant land near Simonton Lake.
      Vl Courtyard Ln, Elkhart, IN 46514
      View Details
    • $77,000
      0.51 Acres

      Residential Land in Cobus Farms

      Vacant lot in established neighborhood, build your dream home!
      53369 Old Farm Rd, Elkhart, IN 46514
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Elkhart Industrial Land For Rent

      Up to 50 acres of industrial land available for lease.
      John Weaver Pkwy, Elkhart, IN 46514
      View Details
    • Contact for pricing

      Elkhart Development Land For Rent

      1.7 acres of developable land with high-traffic frontage.
      Cassopolis St, Elkhart, IN 46514
      View Details
    • $6 SF/Yr
      400,000 SF

      Elkhart Industrial Land - 18 Acres

      Prime Industrial Land, Elkhart, IN
      0 John Weaver Pkwy, Elkhart, IN 46514
      View Details
    • Contact for pricing

      Commercial Land For Lease

      Commercial development land available for lease in Elkhart, Indiana.
      Michigan St, Elkhart, IN 46514
      View Details
    • $6 SF/Yr
      18,532 SF

      Elkhart Flex Space: 18,532 SF

      Prime Elkhart flex space available. 10,032 SF vacant.
      1521 Cassopolis St, Elkhart, IN 46514
      View Details
    • $5 SF/Yr
      12,500 SF

      Elkhart Flex Space: 12,500 SF

      Prime Elkhart County flex space, ideal for retail or industrial use.
      53788 County Road 9, Elkhart, IN 46514
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1147 Miles Ave
    Elkhart, IN 46514-2249
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.