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    Property profile & analytics

    23948 County Rd 16 Elkhart, IN 46516-5823

    • Warehouses
    • 3,000 SF
    • 1.96 lot acres
    OFF-MARKET
    Last Sale
    Jan 13, 2020
    $95,000
    Value Estimations
    $100,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3482974
    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

    • Warehouses

    Property Details for 23948 County Rd 16

    Year built
    1940
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.96 lot acres
    Property size
    3,000 SF
    Zone code
    ZO01
    Property type
    Warehouses
    APN
    20-06-11-351-002.000-009
    APU
    200611351002000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $110,000
      ML approach
      $135,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $75,000
      Market price range: $37.2k - $110k
      AI Estimate
      $70,000
      Market price range: $52.6k - $114k

    • Alternative Use

      Use
      Estimation
      WAREHOUSE, STORAGE
      $80,000
      Current use
      COMMERCIAL (GENERAL)
      $145,000
      Change: +85% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.926
    Latitude
    41.6691
    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
    $1,608
    $21,900
    $60,500
    $82,400
    -
    $21,900
    $60,500
    $82,400

    Comparable in this City

    • Value Estimation
      $240,000
      1,960 SF

      117 Freight St

      STORAGE YARD, OPEN STORAGE • 1,960 SF
      117 Freight St, Elkhart, IN 46516-3311
      View Details
    • Value Estimation
      $730,000
      863,219 SF

      195 County Rd 15

      WAREHOUSE, STORAGE • 863,219 SF
      195 County Rd 15, Elkhart, IN 46516-9785
      View Details
    • Value Estimation
      $375,000
      11,424 SF

      701 County Rd 15

      WAREHOUSE, STORAGE • 11,424 SF
      701 County Rd 15, Elkhart, IN 46516-9731
      View Details
    • Value Estimation
      $760,000
      47,407 SF

      4500 Middlebury St

      WAREHOUSE, STORAGE • 47,407 SF
      4500 Middlebury St, Elkhart, IN 46516-9068
      View Details
    • Value Estimation
      $585,000
      208,254 SF

      223 Middleton Run Rd

      WAREHOUSE, STORAGE • 208,254 SF
      223 Middleton Run Rd, Elkhart, IN 46516-5429
      View Details
    • Value Estimation by Request
      7,200 SF

      2524 Toledo Rd

      Life science properties • 7,200 SF
      2524 Toledo Rd, Elkhart, IN 46516
      View Details

    Similar Nearby for Sale

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      Elkhart Warehouse: $580,000

      10,600 SF Warehouse, Ideal Location
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      View Details
    • New
      $225,900
      1.11 Acres

      Versatile Mixed-Use Building in Elkhart

      Updated brick building with showroom, office, storage, and expansion potential.
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      Commercial retail opportunity with showroom and warehouse space in Elkhart.
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    • $300,000
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      Elkhart Manufacturing Building For Sale

      Manufacturing building with office space and loading dock in Elkhart.
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      Versatile Commercial Building in Elkhart

      Well-built commercial building with endless possibilities for your next venture!
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      Industrial property with M1 zoning, suitable for auto repair.
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    Similar Nearby for Lease

    • $580,000
      10,600 SF

      Elkhart Industrial Warehouse For Rent

      Clear span warehouse with remodeled offices and tall overhead doors.
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    • $8 SF/Yr
      7,000 SF

      Elkhart Warehouse with Office Space

      7,000 SF warehouse with office and mezzanine space available.
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    • $5 SF/Yr
      43,806 SF

      Elkhart Industrial Property for Lease

      Industrial property with expansion potential in Elkhart, Indiana.
      2101 Industrial Pkwy, Elkhart, IN 46516
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    • $3 SF/Yr
      31,035 SF

      Versatile Spaces in Elkhart CBD

      Varied spaces for rent in Elkhart, utilities included.
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    • $5 SF/Yr
      50,261 SF

      Manufacturing/Warehouse Building For Rent

      Manufacturing/warehouse building with complete renovation and new loading docks.
      1701 Conant St, Elkhart, IN 46516
      View Details
    • $2,500 /Mo
      1,625 SF

      Elkhart Mixed-Use Property for Rent

      1,625 sqft mixed-use property with office and storage space.
      228 W Marion St, Elkhart, IN 46516
      View Details
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    23948 County Rd 16
    Elkhart, IN 46516-5823
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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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