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Property profile & analytics
OFF-MARKET
Estimated value
$4,260,000
Medical Office Space
303 Nappanee St Elkhart, IN 46514-2066
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US31-0724175
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1970
Construction
TYPE NOT SPECIFIED
Total area
68,030 SF
Lot
9.13 ac (397,659 SF)
Zoning code
ZO01
APN
20-05-01-480-014.000-006
UPID
US31-0724175
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Dr. George C. Nwadiaro, MD Physician
-
Elkhart Clinic - Main Office Physician
-
Piaskowy Frank L MD Physician
-
Dr. Eric Knapp Physician
-
Elkhart Clinic: Ahuja Pavan MD Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.92M
Blend (final)
Blend
$4.26M
Owner & transaction history
Elkhart Clinic Building LLC · 6 yrs held
Elkhart Clinic Building LLC
since 2020
7 recorded transactions
Zoning & alternative use
ZO01 · Elkhart, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Source
CHAPTER 151: ZONING CODE
Top alternative use upside
Restaurant
$5.7M
+45.2%
Auto repair, garage
$4.7M
+20.1%
Commercial (general)
$4.4M
+12.6%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Elkhart submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Elkhart submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$3,935,000
Current use
RESTAURANT
$5,715,000
Change: +45% · Conversion: Difficult
AUTO REPAIR, GARAGE
$4,730,000
Change: +20% · Conversion: Difficult
COMMERCIAL (GENERAL)
$4,435,000
Change: +13% · Conversion: Easy
RETAIL STORES
$3,640,000
Change: -8% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$3,315,000
Change: -16% · Conversion: Moderate
Blend value · Realmo final
$4.26M
Range $3.83M – $4.69M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$63 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$152,250
Tax year 2023
Assessed value
$4,994,900
Assessed 2023
Previous assessed
$4,994,900
+0.0% YoY
Effective rate
3.05%
On assessed value
Assessed land
$1,592,900
Assessed improvement
$3,402,000
Land market value
$1,592,900
Improvement market value
$3,402,000
Total market value
$4,994,900
Applied tax rate
6.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
1970
Construction
TYPE NOT SPECIFIED
Heating
YES
Buildings
3
Stories
3
Total area
68,030 SF
Lot
9.13 ac (397,659 SF)
Zoning code
ZO01
APN
20-05-01-480-014.000-006
UPID
US31-0724175
Jurisdiction
ELKHART
Zoning & alternative use
ZO01 · Elkhart, INZoning ZO01 · permitted uses
ZO01 · Elkhart, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Source
CHAPTER 151: ZONING CODE
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$3.9M
RESTAURANT
Est. value
$5.7M
AUTO REPAIR, GARAGE
Est. value
$4.7M
COMMERCIAL (GENERAL)
Est. value
$4.4M
RETAIL STORES
Est. value
$3.6M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.3M
MEDICAL BUILDING Current
RESTAURANT
AUTO REPAIR, GARAGE
COMMERCIAL (GENERAL)
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1970
Construction
TYPE NOT SPECIFIED
Heating
YES
Stories
3
Buildings
3
Lot
9.13 ac
Current owner
From public records · entity-resolved
Elkhart Clinic Building LLC
Entity
Mailing address
303 S NAPPANEE ST, ELKHART, IN 46514-2066
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
8 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Jan 30, 2020
—
Elkhart Clinic Building LLC
—
Deed
related
$7,500,000 · Pnc Bk
Aug 1, 2018
—
Elkhart Clinic Building LLC
—
Deed
related
$6,000,000 · Pnc Bk
May 30, 2013
—
Elkhart Clinic Building LLC
—
Deed Of Trust
related
$1,039,125 · Pnc Bank
Mar 20, 2009
—
Lexington Sq Apartments LLC
—
Deed Of Trust
related
$5,935,000 · Leaders Bank
Oct 26, 2005
—
Elkhart Clinic Building LLC
—
Grant Deed
related
$12,898,908 · National Cty Bk/in
—
—
Elkhart Clinic Building LLC
—
Loan Modification
related
$1,039,125 · Pnc Bank
—
—
Elkhart Clinic Building LLC
—
Loan Modification
related
$7,500,000 · Pnc Bk
—
—
Elkhart Clinic Building LLC
—
Loan Modification
related
$6,000,000 · Pnc Bk
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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