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    Property profile & analytics

    1814 Leer Dr Elkhart, IN 46514

    • Manufacturing properties
    • 14,250 SF
    • 2.21 lot acres
    For Sale
    View listing
    $1,285,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3183894
    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

    • EKF Life Sciences / Manufacturer / Biotechnology Company

    Property Details for 1814 Leer Dr

    Year built
    1987
    Construction
    WOOD
    Lot size
    2.21 lot acres
    Property size
    14,250 SF
    Zone code
    ZO01
    Property type
    Manufacturing properties
    APN
    20-02-21-403-005.000-027
    APU
    200221403005000027

    Description

    This 22,100 square foot flex building, situated on 2.21 acres in Elkhart, Indiana's Park 6 Industrial Park, offers a unique blend of warehouse, office, and lab/production space. Built in 1987 and zoned M-1 PUD, the property boasts impressive clear-span heights ranging from 18' to 22' at the eaves and up to 24.25' at the peak. The single-tenant building features approximately 21,362 square feet of usable space, with 6,852 square feet on the second floor. The first floor comprises 6,793 square feet of lab/production space, 2,352 square feet of office space, and 5,365 square feet of warehouse space, including an approximately 850 square foot attached lean-to with 10.5' clear height. The second floor offers 4,207 square feet of lab/production space and 2,645 square feet of office space. A significant portion of the office and lab/production areas can be easily removed to create expansive high-bay space, providing exceptional flexibility for a variety of uses. Conveniently located off CR 6, between CR 11 and CR 13, this property benefits from its proximity to Elkhart's thriving industrial sector, particularly the RV manufacturing industry, as well as nearby amenities such as restaurants, parks, and retail establishments. The property's address is 1814 Leer Dr, Elkhart, IN 46514.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $791,000
      Market price range: $308k - $792k
      AI Estimate
      $474,000
      Market price range: $212k - $475k

    • Alternative Use

      Use
      Estimation
      INDUSTRIAL (GENERAL)
      $505,000
      Current use
      COMMERCIAL (GENERAL)
      $695,000
      Change: +39% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9523
    Latitude
    41.7276
    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
    $27,494
    $77,100
    $825,700
    $902,800
    -
    $77,100
    $825,700
    $902,800

    Comparable in this City

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      53893 Park Ave

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      3400 Reedy Dr, Unit 3402

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    • Value Estimation
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      901 County Rd 1st N

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    Similar Nearby for Sale

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      Elkhart Industrial Campus For Sale

      219,980 SF industrial campus on 18.8 acres.
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      Elkhart Industrial Building For Sale

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      Elkhart Industrial Campus for Sale

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    • $850,000
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      Elkhart Industrial/Warehouse Opportunity

      Industrial/warehouse property in Elkhart with easy access and expansion potential.
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      25,000 SF

      Elkhart Warehouse with Office Space

      25,000 SF warehouse with 1,332 SF office space.
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    Similar Nearby for Lease

    • Contact for pricing
      7,000 SF

      Elkhart Manufacturing/Warehouse Space Available

      7,000 SF clear span building for manufacturing or warehouse use.
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    • Contact for pricing
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      Elkhart Industrial Space Available

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    • $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
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    • $7 SF/Yr
      22,100 SF

      Elkhart Flex Industrial Building

      22,100 SF Flex Space in Elkhart, IN
      1814 Leer Dr, Elkhart, IN 46514
      View Details
    • $6 SF/Yr
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      Elkhart Flex Space: 18,532 SF

      Prime Elkhart flex space available. 10,032 SF vacant.
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    • $3 SF/Yr
      52,000 SF

      Versatile Mixed-Use Spaces Available

      Varied spaces for rent, ideal for small businesses and startups.
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      View Details
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    Elkhart, IN 46514
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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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