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Property profile & analytics
OFF-MARKET
Estimated value
$1,135,000
Office Spaces
120 Lexington Ave Elkhart, IN 46516-3117
Individually Owned
8-yr Hold
~
Est. High Equity
Property ID
US31-0129938
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1919
Construction
WOOD
Total area
28,000 SF
Lot
0.19 ac (8,233 SF)
Zoning code
ZO01
APN
20-06-05-406-014.000-012
UPID
US31-0129938
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Heritage Financial Group Inc Bank Credit Union
-
Wrage Law Office Law Firm
-
Wrage Christine Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.31M
Blend (final)
Blend
$1.14M
Owner & transaction history
Alisia Cortez · 8 yrs held
Alisia Cortez
since 2018
3 recorded transactions
Zoning & alternative use
ZO01 · Elkhart, IN
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Elkhart submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elkhart submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.14M
Range $1.02M – $1.25M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$41 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$23,161
Tax year 2023
Assessed value
$764,700
Assessed 2023
Previous assessed
$764,700
+0.0% YoY
Effective rate
3.03%
On assessed value
Assessed land
$53,000
Assessed improvement
$711,700
Land market value
$53,000
Improvement market value
$711,700
Total market value
$764,700
Applied tax rate
12.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1919
Construction
WOOD
Heating
YES
Cooling
YES
Stories
4
Total area
28,000 SF
Lot
0.19 ac (8,233 SF)
Zoning code
ZO01
APN
20-06-05-406-014.000-012
UPID
US31-0129938
Jurisdiction
ELKHART
Zoning & alternative use
ZO01 · Elkhart, INZoning ZO01 · permitted uses
ZO01 · Elkhart, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
CHAPTER 151: ZONING CODE
Building & site characteristics
From public records
Year built
1919
Construction
WOOD
Heating
YES
Cooling
Yes
Stories
4
Lot
0.19 ac
Current owner
From public records · entity-resolved
Alisia Cortez
Individual
Mailing address
120 W LEXINGTON AVE, ELKHART, IN 46516-3117
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2018
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 3, 2018
—
Alisia Cortez
Not Provided
Contract Sale
—
Apr 23, 2013
—
Lexington Building LP
—
Deed Of Trust
related
$32,000,000 · Lake City Bank
—
—
Lexington Building
—
Deed Of Trust
related
$245,616 · Elkhart Community Bank
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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