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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1727 Lusher Ave Elkhart, IN 46517-1442

    • Warehouses
    • 7,720 SF
    • 0.64 lot acres
    OFF-MARKET
    Value Estimations
    $290,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0735824
    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

    • Min Inc / Hardware Store

    Property Details for 1727 Lusher Ave

    Year built
    1965
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.64 lot acres
    Property size
    7,720 SF
    Property type
    Warehouses
    APN
    20-06-18-130-009.000-012
    APU
    200618130009000012

    Description

    This 7,720 square foot industrial warehouse, located at 1727 W Lusher Ave, Elkhart, Indiana 46517, presents a compelling investment opportunity. Built in 1965 and situated on a 27,976 square foot lot, this property offers a blend of functionality and convenience. The building features a spacious, air-conditioned shop area perfect for light manufacturing or a service shop, complemented by included offices. Access is facilitated by a single overhead door, enhancing ease of loading and unloading. The property boasts a strategic location, providing easy access to SR 19 S, US 33, and within three miles of the US 20 Bypass, ensuring excellent connectivity for transportation and logistics. Significant improvements have been made, including a new metal pitched roof installed in 2019 and a newer HVAC system in the attic, installed in 2014. The asking price is $393,720, translating to $51 per square foot. This property is classified as both a warehouse and manufacturing space, making it suitable for a variety of industrial uses. The property is ready for immediate occupancy.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $295,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $283,000
      Market price range: $95.8k - $283k
      AI Estimate
      $318,000
      Market price range: $124k - $319k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $205,000
      Current use
      COMMERCIAL (GENERAL)
      $375,000
      Change: +85% Conversion: Difficult
      INDUSTRIAL (GENERAL)
      $270,000
      Change: +33% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9959
    Latitude
    41.6666
    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
    $10,835
    $23,600
    $332,200
    $355,800
    -
    $23,600
    $332,200
    $355,800

    Comparable in this City

    • Value Estimation
      $705,000
      536,777 SF

      2509 Laura Ct

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      2509 Laura Ct, Elkhart, IN 46517-1197
      View Details
    • Value Estimation
      $355,000
      8,060 SF

      58013 County Rd 7th 7

      MINI-WAREHOUSE, STORAGE • 8,060 SF
      58013 County Rd 7th 7, Elkhart, IN 46517-9223
      View Details
    • Value Estimation
      $690,000
      34,905 SF

      57766 County Rd 3rd 3

      WAREHOUSE, STORAGE • 34,905 SF
      57766 County Rd 3rd 3, Elkhart, IN 46517-9363
      View Details
    • Value Estimation
      $465,000
      15,304 SF

      57459 Dewitt St

      WAREHOUSE, STORAGE • 15,304 SF
      57459 Dewitt St, Elkhart, IN 46517-1011
      View Details
    • Value Estimation
      $340,000
      10,705 SF

      2203 Clay St

      WAREHOUSE, STORAGE • 10,705 SF
      2203 Clay St, Elkhart, IN 46517-1090
      View Details
    • Value Estimation
      $865,000
      30,400 SF

      2304 Clay St

      STORAGE YARD, OPEN STORAGE • 30,400 SF
      2304 Clay St, Elkhart, IN 46517-1091
      View Details

    Similar Nearby for Sale

    • $5,050,000
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      Elkhart Industrial Building For Sale

      144,375 SF industrial building with manufacturing zoning.
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    • $375,000
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    • $393,720
      7,720 SF

      Elkhart Manufacturing/Service Shop Opportunity

      7,720 SF building ideal for manufacturing or service shop.
      1727 W Lusher Ave, Elkhart, IN 46517
      View Details
    • Contact for pricing
      4.90 Acres

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      Elkhart, IN Industrial Land - Divisible Lots
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    • $329,000
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      High-traffic Main Street location, endless potential.
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    • $5,000,000

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    Similar Nearby for Lease

    • $4 SF/Yr
      60,360 SF

      Elkhart Manufacturing/Warehouse Space Available

      60360 SF manufacturing/warehouse space for lease in Elkhart, IN.
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    • $3 SF/Yr
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      Elkhart Warehouse Space Available

      146,324 SF warehouse space for lease in Elkhart.
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    • $5 SF/Yr
      28,125 SF

      Elkhart Warehouse Manufacturing Space

      28,125 SF warehouse with docks and grade doors.
      28680 Holiday Pl, Elkhart, IN 46517
      View Details
    • Contact for pricing
      7,480,123 SF

      SR 19 & CR 26 Commercial Land

      171 Acres, Elkhart, IN - Build-to-Suit
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      View Details
    • $23 SF/Yr

      Elkhart Office Space For Rent

      Vibrant office space with accessibility and professional finishes.
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    • $11 SF/Yr
      3,280 SF

      Elkhart Auto Shop For Rent

      Auto shop with frontage on South Main Street available for rent.
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      View Details
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    Elkhart, IN 46517-1442
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    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
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