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

    3225 Southview Dr Elkhart, IN 46514

    • Office Properties & Spaces
    • 13,572 SF
    • 1.10 lot acres
    For Sale
    View listing
    $1,195,000
    Last Sale
    Feb 05, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1079527
    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

    • Binson's Medical Equipment & Supplies / Medical Equipment Supplier

    Property Details for 3225 Southview Dr

    Year built
    1998
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.10 lot acres
    Property size
    13,572 SF
    Zone code
    ZO01
    Property type
    Office Properties & Spaces
    APN
    20-02-20-176-010.000-027
    APU
    200220176010000027

    Description

    This exceptional 13,568-square-foot Class A office building, situated in Elkhart's Northpointe Plaza, presents a unique opportunity. The property boasts a single-story design built in 2001, offering flexible suite sizes ranging from 4,000 to the entire 13,568 square feet. Currently, the entire building is available, providing an ideal space for a single large tenant or the potential to subdivide. The building features private suite entrances, ample on-site parking (40 spaces), and convenient access to I-80/90 (Exit 92). Suites include private offices, training rooms, bullpen areas, and kitchens. A small garage/warehouse area adds versatility. The 1.1-acre lot is zoned B-3 and is located within a thriving commercial area, surrounded by retail, hotels, restaurants, and residential developments. This prime location offers excellent visibility and accessibility, making it an attractive option for businesses seeking a high-quality, well-maintained office space in a dynamic Elkhart location. The property's convenient access to the SR 19 corridor places it within a strong demographic trade area. The building's features and location make it an excellent choice for a variety of businesses. The property's APN is 20-02-20-176-010.000-027.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,014,000
      Market price range: $317k - $1.12M
      AI Estimate
      $1,351,000
      Market price range: $393k - $1.46M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9801
    Latitude
    41.7345
    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
    $23,303
    $330,000
    $435,700
    $765,700
    -
    $330,000
    $435,700
    $765,700

    Comparable in this City

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      1735 Strong Ave

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      View Details
    • Value Estimation
      $1,330,000
      11,928 SF

      1503 Pierina Dr

      OFFICE (GENERAL) • 11,928 SF
      1503 Pierina Dr, Elkhart, IN 46514-5286
      View Details
    • Value Estimation
      $3,075,000
      53,958 SF

      1027 Mcpherson St

      OFFICE (GENERAL) • 53,958 SF
      1027 Mcpherson St, Elkhart, IN 46514-3571
      View Details
    • Value Estimation
      $8,305,000
      145,612 SF

      Nappanee St

      OFFICE (GENERAL) • 145,612 SF
      Nappanee St, Elkhart, IN 46514
      View Details
    • Value Estimation by Request
      5,935 SF

      3429 Bristol St

      OFFICE (GENERAL) • 5,935 SF
      3429 Bristol St, Elkhart, IN 46514-4464
      View Details
    • Value Estimation
      $1,705,000
      29,904 SF

      2720 California Rd

      OFFICE (GENERAL) • 29,904 SF
      2720 California Rd, Elkhart, IN 46514-1220
      View Details

    Similar Nearby for Sale

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    • $1,195,000
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      Elkhart Class A Office Building

      Well-maintained office building with leasing and owner-user opportunities.
      3225 Southview Dr, Elkhart, IN 46514
      View Details
    • $649,000

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      Turnkey medical office space near Elkhart General Hospital.
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    Similar Nearby for Lease

    • $2,100 /Mo
      2,250 SF

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      Renovated mixed-use space with high-traffic frontage, suitable for various businesses.
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    • $9 SF/Yr
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    • $12 SF/Yr
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      Prime Elkhart retail/office suites available.
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    • $7 SF/Yr
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      Prime Elkhart Office Space

      281,434 SF Office/Warehouse, 40,000 SF Available
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    • $10 SF/Yr
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      Elkhart Office Space: 8,980 SF Available

      Prime Elkhart office space, multiple suites, river views.
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      View Details
    • $3 SF/Yr
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      Versatile Mixed-Use Spaces Available

      Varied spaces for rent, ideal for small businesses and startups.
      421 S 2Nd St, Elkhart, IN 46514
      View Details
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    3225 Southview Dr
    Elkhart, IN 46514
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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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