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

    2301 Lexington Ave Elkhart, IN 46514-1493

    • Hotels
    • 3,105 SF
    • 4.90 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0141648
    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

    • Lexington Square Apartments / Apartment Building / Apartment Complex
    • North River Landing Apartments / Apartment Complex / Apartment Rental Agency

    Property Details for 2301 Lexington Ave

    Year built
    1975
    Construction
    WOOD
    Lot size
    4.90 lot acres
    Property size
    3,105 SF
    Zone code
    ZO01
    Property type
    Hotels
    Property subtype
    Motels
    APN
    20-05-01-480-013.000-006
    APU
    200501480013000006

    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
    -86.0071
    Latitude
    41.6828
    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
    $64,017
    $147,000
    $2,988,500
    $3,135,500
    -
    $147,000
    $2,988,500
    $3,135,500

    Comparable in this City

    • Value Estimation
      $1,750,000
      30,694 SF

      330 Northpointe Blvd

      HOTEL/MOTEL • 30,694 SF
      330 Northpointe Blvd, Elkhart, IN 46514-6763
      View Details
    • Value Estimation
      $3,145,000
      62,553 SF

      3445 Plz Ct

      HOTEL/MOTEL • 62,553 SF
      3445 Plz Ct, Elkhart, IN 46514-6714
      View Details
    • Value Estimation by Request
      4,345 SF

      2820 Cassopolis St

      HOTEL/MOTEL • 4,345 SF
      2820 Cassopolis St, Elkhart, IN 46514-5532
      View Details
    • Value Estimation by Request
      8,940 SF

      3440 Cassopolis St

      HOTEL/MOTEL • 8,940 SF
      3440 Cassopolis St, Elkhart, IN 46514-6741
      View Details
    • Value Estimation by Request
      3,299 SF

      2616 Byp Rd

      HOTEL/MOTEL • 3,299 SF
      2616 Byp Rd, Elkhart, IN 46514-1516
      View Details
    • Value Estimation by Request
      8,316 SF

      3300 Cassopolis St

      HOTEL/MOTEL • 8,316 SF
      3300 Cassopolis St, Elkhart, IN 46514-6740
      View Details

    Similar Nearby for Sale

    • $3,250,000
      41,497 SF

      Elkhart Hotel Redevelopment Opportunity

      120-Room Hotel, Prime Location
      2820 Cassopolis St, Elkhart, IN 46514
      View Details
    • $365,000
      0.73 Acres

      making it perfect for the next owner to create the perfect space. There is ample off-street parking off and the area sees traffic counts of approximately 10

      000 per day. A brand new roof and decking was added in 2023.""""}"""
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    • Contact for pricing
      25,000 SF

      Elkhart Warehouse with Office Space

      25,000 SF warehouse with 1,332 SF office space.
      2900 Gateway Dr, Elkhart, IN 46514
      View Details
    • Contact for pricing

      Elkhart Development Land For Sale

      1.7 acres of developable land with high-traffic frontage.
      Cassopolis St, Elkhart, IN 46514
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    • $6,276,300
      219,980 SF

      Elkhart Industrial Campus For Sale

      219,980 SF industrial campus on 18.8 acres.
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    • $225,000
      4,160 SF

      Elkhart Office Building For Sale

      Office building with rental income and owner-occupancy potential.
      2801 E Bristol St, Elkhart, IN 46514
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    Similar Nearby for Lease

    • Contact for pricing

      Elkhart Retail Outlot Opportunity

      Prime Elkhart location, 1.28 acres, restaurant space.
      2500 Cassopolis St, Elkhart, IN 46514
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    • $9 SF/Yr
      20,000 SF

      Executive Office Suites, Elkhart, IN

      Prime Elkhart Office Space Available
      500 Nappanee St, Elkhart, IN 46514
      View Details
    • $15 SF/Yr

      Office Space with River Views

      Office units for lease with river views and ample parking.
      700 E Beardsley Ave, 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
    • $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
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    2301 Lexington Ave
    Elkhart, IN 46514-1493
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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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