Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    27838 County Rd 24 Elkhart, IN 46517-9445

    • Hotels
    • 38,655 SF
    • 3.86 lot acres
    OFF-MARKET
    Last Sale
    Aug 15, 2022
    Value Estimations
    $745,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0130600
    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

    • Hotels

    Property Details for 27838 County Rd 24

    Year built
    2007
    Construction
    WOOD
    Lot size
    3.86 lot acres
    Property size
    38,655 SF
    Zone code
    ZO01
    Property type
    Hotels
    Property subtype
    Motels
    APN
    20-06-19-301-016.000-009
    APU
    200619301016000009

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $865,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $627,000
      Market price range: $627k - $2.85M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9999
    Latitude
    41.6445
    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
    $94,508
    $149,600
    $1,945,300
    $2,094,900
    -
    $149,600
    $1,945,300
    $2,094,900

    Comparable in this City

    • Value Estimation by Request
      1,496 SF

      123 Hively Ave

      HOTEL/MOTEL • 1,496 SF
      123 Hively Ave, Elkhart, IN 46517-2117
      View Details
    • Value Estimation by Request
      2,733 SF

      58720 Vis Blvd

      HOTEL/MOTEL • 2,733 SF
      58720 Vis Blvd, Elkhart, IN 46517-8404
      View Details
    • Value Estimation
      $700,000
      41,880 SF

      3610 Nappanee St

      HOTEL/MOTEL • 41,880 SF
      3610 Nappanee St, Elkhart, IN 46517-1087
      View Details
    • Value Estimation by Request
      4,388 SF

      Pleasant Pln

      HOTEL/MOTEL • 4,388 SF
      Pleasant Pln, Elkhart, IN 46517
      View Details
    • Value Estimation by Request
      3,359 SF

      1200 Burr Oak Ct

      HOTEL/MOTEL • 3,359 SF
      1200 Burr Oak Ct, Elkhart, IN 46517-2809
      View Details
    • Value Estimation by Request
      4,064 SF

      3214 Main St

      HOTEL/MOTEL • 4,064 SF
      3214 Main St, Elkhart, IN 46517-2739
      View Details

    Similar Nearby for Sale

    • $5,000,000
      40.00 Acres

      Elkhart Commercial Land - 40 Acres

      Prime Elkhart County commercial land, ideal for development.
      26 & Sr 19, Elkhart, IN 46517
      View Details
    • $329,000
      0.55 Acres

      Elkhart Retail Opportunity on Main

      Retail building on Main Street with high traffic counts.
      3444 S Main Blvd, Elkhart, IN 46517
      View Details
    • $2,900,000
      148.00 Acres

      148 Acres Vacant Land Elkhart

      148 acres of vacant land suitable for agricultural or residential.
      Indiana Ave County Rd 1, Elkhart, IN 46517
      View Details
    • $329,000
      0.55 Acres

      Prime Elkhart Commercial Building

      High-traffic Main Street location, endless potential.
      3444 Main Blvd, Elkhart, IN 46517
      View Details
    • $5,000,000

      40 Acres Commercial Land Available

      40 acres of commercial land for sale at SR 19.
      27501 County Road 26, Elkhart, IN 46517
      View Details
    • $375,000
      5,660 SF

      Elkhart Industrial Flex Space - $375K

      5,660 SF Flex Space, Great Automotive Use
      57909 In-19, Elkhart, IN 46517
      View Details

    Similar Nearby for Lease

    • $11 SF/Yr
      3,280 SF

      Elkhart Auto Shop For Rent

      Auto shop with frontage on South Main Street available for rent.
      3526 S Main St, Elkhart, IN 46517
      View Details
    • 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
      View Details
    • $5 SF/Yr
      28,125 SF

      Elkhart Warehouse Manufacturing Space

      28,125 SF warehouse with docks and grade doors.
      28680 Holiday Pl, Elkhart, IN 46517
      View Details
    • $16 SF/Yr

      Former Gas Station with Canopy

      3,150 SF former gas station for sublease in Elkhart, IN.
      3624 S Nappanee St, Elkhart, IN 46517
      View Details
    • $3 SF/Yr
      146,324 SF

      Elkhart Warehouse Space Available

      146,324 SF warehouse space for lease in Elkhart.
      1601 Fieldhouse Ave, Elkhart, IN 46517
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    27838 County Rd 24
    Elkhart, IN 46517-9445
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.