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    Property profile & analytics

    2424 California Rd Elkhart, IN 46514-1226

    • Auto shops
    • 120,572 SF
    • 14.49 lot acres
    OFF-MARKET
    Value Estimations
    $8,380,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-3183234
    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

    • Elkhart Area Career Center / High School
    • Activate Healthcare - Elkhart Community Schools / Medical Clinic
    • Wvpe Elkhart Community School Building / School
    • Friends of WVPE, Inc. / Non-Profit Organization
    • Sharon Covello / Nurse Practitioner

    Property Details for 2424 California Rd

    Year built
    1973
    Construction
    TYPE NOT SPECIFIED
    Lot size
    14.49 lot acres
    Property size
    120,572 SF
    Zone code
    ZO01
    Property type
    Auto shops
    APN
    20-01-36-451-003.000-006
    APU
    200136451003000006

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $8,379,000
      Market price range: $2.72M - $11.6M

    • Alternative Use

      Use
      Estimation
      AUTO REPAIR, GARAGE
      $8,380,000
      Current use
      RESTAURANT
      $10,130,000
      Change: +21% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $7,855,000
      Change: -6% Conversion: Moderate
      MEDICAL BUILDING
      $6,975,000
      Change: -17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -86.01
    Latitude
    41.6965
    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
    $1,409
    $0.00
    $0.00
    $0.00
    -
    $0.00
    $0.00
    $0.00

    Comparable in this City

    • Value Estimation
      $515,000
      7,394 SF

      921 Main St

      AUTO REPAIR, GARAGE • 7,394 SF
      921 Main St, Elkhart, IN 46514-2737
      View Details
    • Value Estimation by Request
      5,549 SF

      1037 Oak St

      AUTO REPAIR, GARAGE • 5,549 SF
      1037 Oak St, Elkhart, IN 46514-2205
      View Details
    • Value Estimation
      $835,000
      15,524 SF

      2200 Byp Rd

      AUTO REPAIR, GARAGE • 15,524 SF
      2200 Byp Rd, Elkhart, IN 46514-1524
      View Details
    • Value Estimation
      $520,000
      16,188 SF

      1005 Nappanee St

      AUTO REPAIR, GARAGE • 16,188 SF
      1005 Nappanee St, Elkhart, IN 46514-1737
      View Details
    • Value Estimation by Request
      2,788 SF

      312 Nappanee St

      AUTO REPAIR, GARAGE • 2,788 SF
      312 Nappanee St, Elkhart, IN 46514-1512
      View Details
    • Value Estimation
      $2,070,000
      35,492 SF

      711 Nappanee St

      AUTO REPAIR, GARAGE • 35,492 SF
      711 Nappanee St, Elkhart, IN 46514-1505
      View Details

    Similar Nearby for Sale

    • Contact for pricing
      1,272 SF

      Elkhart Auto Shop - 1272 SF

      Prime Elkhart auto shop, 1272 sq ft, high visibility.
      1206 Nappanee St, Elkhart, IN 46514
      View Details
    • $775,000
      1,200 SF

      Elkhart Gas Station - $775K

      Profitable Gas Station, High Traffic Area
      2811 Cassopolis St, Elkhart, IN 46514
      View Details
    • $375,000
      5,660 SF

      Elkhart Automotive Property For Sale

      Automotive property with four garage doors, ideal for automotive use.
      57909 State Road 19, Elkhart, IN 46514
      View Details
    • $3,695,000
      3.20 Acres

      Elkhart Retail Investment Opportunity

      High-traffic location, 3.2 acres, two buildings.
      516 County Road 6, Elkhart, IN 46514
      View Details
    • $1,300,000
      5,073 SF

      Elkhart Restaurant Redevelopment Opportunity

      Iconic restaurant property for sale, ideal for redevelopment.
      2917 Cassopolis St, Elkhart, IN 46514
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    • $1,500,000
      5,264 SF

      Perkins Restaurant Franchise - IN

      Established Restaurant, High Traffic Area
      107 Northpointe Blvd, Elkhart, IN 46514
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • $13 SF/Yr
      1,530 SF

      Retail Space Near Cassopolis

      Retail space available in multi-tenant center with ample parking.
      424 E Bristol St, Elkhart, IN 46514
      View Details
    • $6 SF/Yr

      Elkhart Retail/Warehouse Space Available

      Retail or warehouse space with frontage on a main thoroughfare.
      1521 Cassopolis St, Elkhart, IN 46514
      View Details
    • $1.00 SF/Yr
      35,000 SF

      Elkhart Commercial Space Available

      Flexible Spaces, Prime Location
      0 Elkhart In, Elkhart, IN 46514
      View Details
    • $8 SF/Yr
      13,075 SF

      Poplar Court Retail Space

      Elkhart, IN Retail Center - Two Spaces Available
      1900 Berry St, Elkhart, IN 46514
      View Details
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    2424 California Rd
    Elkhart, IN 46514-1226
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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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