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

    245 Chicago Ave Goshen, IN 46526-2311

    • Retail space
    • 5,000 SF
    • 0.22 lot acres
    OFF-MARKET
    Last Sale
    Nov 10, 2022
    Value Estimations
    $255,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0658453
    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

    • Bike Parking / Bicycle Rack
    • Chalet Party Shoppe / Liquor Store / Beer Store

    Property Details for 245 Chicago Ave

    Year built
    1968
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.22 lot acres
    Property size
    5,000 SF
    Zone code
    ZO01
    Property type
    Retail space
    APN
    20-11-09-164-001.000-015
    APU
    201109164001000015

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $280,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $236,000
      Market price range: $147k - $636k

    • Alternative Use

      Use
      Estimation
      RETAIL STORES
      $325,000
      Current use
      RESTAURANT
      $420,000
      Change: +30% Conversion: Easy
      APARTMENT HOUSE (5+ UNITS)
      $395,000
      Change: +20% Conversion: Difficult
      MEDICAL BUILDING
      $335,000
      Change: +3% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $315,000
      Change: -3% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $265,000
      Change: -19% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Goshen
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.8438
    Latitude
    41.5888
    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
    $6,560
    $31,200
    $165,400
    $196,600
    -
    $31,200
    $165,400
    $196,600

    Comparable in this City

    • Value Estimation
      $285,000
      832 SF

      1924 Elkhart Rd

      RETAIL STORES (PERSONAL SERVICES) • 832 SF
      1924 Elkhart Rd, Goshen, IN 46526-1174
      View Details
    • Value Estimation by Request
      1,610 SF

      1216 Indiana Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,610 SF
      1216 Indiana Ave, Goshen, IN 46526-7298
      View Details
    • Value Estimation by Request
      5,760 SF

      65532 State Rd 15

      RETAIL STORES (PERSONAL SERVICES) • 5,760 SF
      65532 State Rd 15, Goshen, IN 46526-5452
      View Details
    • Value Estimation
      $475,000
      6,709 SF

      1827 Lincolnway E

      RETAIL STORES (PERSONAL SERVICES) • 6,709 SF
      1827 Lincolnway E, Goshen, IN 46526-6414
      View Details
    • Value Estimation
      $240,000
      6,920 SF

      2602 Lincolnway E

      RETAIL STORES (PERSONAL SERVICES) • 6,920 SF
      2602 Lincolnway E, Goshen, IN 46526-7304
      View Details
    • Value Estimation
      $225,000
      6,054 SF

      122 Main St

      RETAIL STORES (PERSONAL SERVICES) • 6,054 SF
      122 Main St, Goshen, IN 46526-3702
      View Details

    Similar Nearby for Sale

    • $350,000
      0.16 Acres

      Mixed-Use Property on Main Street

      Mixed-use property with office/retail space and historical charm.
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      Goshen Shopping Center Retail Space

      Retail space available in a busy Goshen shopping center.
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      Commercial property with restaurant, established businesses, and income potential.
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      Scenic 5.62-Acre Homesite in Goshen

      Build your dream home with scenic views and exceptional privacy.
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      1.44 Acres

      Prime Goshen Commercial Land

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    • $849,900
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      Fully Leased Goshen Office Investment

      Single tenant office building leased to American Red Cross.
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    Similar Nearby for Lease

    • Contact for pricing
      6,033 SF

      Freestanding Building in High-Traffic Area

      6,033 SF retail building with ample parking and high visibility.
      1919 Lincolnway E, Goshen, IN 46526
      View Details
    • Contact for pricing
      7,650 SF

      Retail Space Available For Rent

      Retail property with 7,650 square feet available for lease.
      3802-3938 Midway Rd, Goshen, IN 46526
      View Details
    • $10 SF/Yr
      65,753 SF

      Goshen Commons Retail Center

      Prime Elkhart County retail space. Multiple suites available.
      2008-2028 Lincolnway, Goshen, IN 46526
      View Details
    • $12 SF/Yr
      115,000 SF

      Goshen Retail Space Available

      High-traffic storefront, 7,500 sq ft
      510-740 Lincoln Ave, Goshen, IN 46526
      View Details
    • $18 SF/Yr
      6,200 SF

      Versatile Mixed-Use Building in Goshen

      Multi-tenant building in high-traffic area, ideal for retail/office.
      1021 E Kercher Rd, Goshen, IN 46526
      View Details
    • $1,400,000
      3,132 SF

      Elkhart Road Commercial Property

      Office and garage/shop space with high visibility on US 33.
      2600 Elkhart Rd, Goshen, IN 46526
      View Details
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    245 Chicago Ave
    Goshen, IN 46526-2311
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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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