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

    2421 Nappanee St Elkhart, IN 46517-1301

    • Warehouses
    • 191,244 SF
    • 15.36 lot acres
    OFF-MARKET
    Value Estimations
    $2,250,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3219365
    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

    • Spencer Products Company / Fastener Supplier
    • Talk To Me Bilinguistics Speech and Language Therapy / Speech Pathologist
    • Patrick Industries Inc. / Manufacturer / Hardware Store
    • Westland Sales / Store
    • Rabit Transit / Freight Forwarding Service

    Property Details for 2421 Nappanee St

    Year built
    1950
    Construction
    TYPE NOT SPECIFIED
    Lot size
    15.36 lot acres
    Property size
    191,244 SF
    Zone code
    ZO01
    Property type
    Warehouses
    APN
    20-05-13-277-015.000-002
    APU
    200513277015000002

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $2,599,000
      Market price range: $2.37M - $7.01M
      AI Estimate
      $3,069,000
      Market price range: $3.07M - $7.89M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -86.0054
    Latitude
    41.6623
    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
    $82,593
    $497,000
    $2,191,400
    $2,688,400
    -
    $497,000
    $2,191,400
    $2,688,400

    Comparable in this City

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      2509 Laura Ct

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    • Value Estimation by Request
      8,060 SF

      58013 County Rd 7th 7

      MINI-WAREHOUSE, STORAGE • 8,060 SF
      58013 County Rd 7th 7, Elkhart, IN 46517-9223
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    • Value Estimation
      $720,000
      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
      $520,000
      15,304 SF

      57459 Dewitt St

      WAREHOUSE, STORAGE • 15,304 SF
      57459 Dewitt St, Elkhart, IN 46517-1011
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    • Value Estimation by Request
      12,497 SF

      2019 Lusher Ave

      WAREHOUSE, STORAGE • 12,497 SF
      2019 Lusher Ave, Elkhart, IN 46517-1347
      View Details
    • Value Estimation
      $555,000
      25,742 SF

      2857 Oakland Ave

      WAREHOUSE, STORAGE • 25,742 SF
      2857 Oakland Ave, Elkhart, IN 46517-1510
      View Details

    Similar Nearby for Sale

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      Elkhart Industrial Building For Sale

      144,375 SF industrial building with manufacturing zoning.
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    • Contact for pricing
      4.90 Acres

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      Elkhart, IN Industrial Land - Divisible Lots
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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.
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      Prime Elkhart Commercial Building

      High-traffic Main Street location, endless potential.
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    • $5,000,000

      40 Acres Commercial Land Available

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    Similar Nearby for Lease

    • $3 SF/Yr
      146,324 SF

      Elkhart Warehouse Space Available

      146,324 SF warehouse space for lease in Elkhart.
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      View Details
    • $5 SF/Yr
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      Elkhart Warehouse Manufacturing Space

      28,125 SF warehouse with docks and grade doors.
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    • Contact for pricing
      7,480,123 SF

      SR 19 & CR 26 Commercial Land

      171 Acres, Elkhart, IN - Build-to-Suit
      0 Sr 19 & County Rd 26, Elkhart, IN 46517
      View Details
    • $23 SF/Yr

      Elkhart Office Space For Rent

      Vibrant office space with accessibility and professional finishes.
      3145 Benham Ave, Elkhart, IN 46517
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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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    • $5 SF/Yr
      6,147 SF

      Elkhart Commercial Space For Lease

      Mixed-use commercial building with retail and office spaces available for lease.
      2930 S Nappanee St, Elkhart, IN 46517
      View Details
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    Elkhart, IN 46517-1301
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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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