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

    3401 Pleasant Plain Ave Elkhart, IN 46517

    • Commercial real estate
    • 1.00 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0482600
    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

    • Commercial real estate

    Property Details for 3401 Pleasant Plain Ave

    Year built
    1949
    Lot size
    1.00 lot acres
    Property type
    Commercial real estate

    Description

    This exceptional 1-acre commercial property in Elkhart, Indiana, presents a unique investment opportunity. Located on Pleasant Plain Avenue, just off the highly trafficked CR 20, this property benefits from its prime location amongst other established commercial businesses. Currently zoned for commercial use, the property offers the flexibility of combining residential and commercial operations. The existing residential structure boasts approximately 1800 square feet of living space, including three bedrooms and one full bathroom. A significant advantage is the expansive six-car garage, ideal for various business needs, from storage to workshops or even light manufacturing. Ample parking is ensured by a convenient turnaround driveway, providing easy access for customers and employees. The property's HVAC system is a recent addition, having been replaced within the last six to seven months, ensuring efficient and cost-effective climate control. This versatile property offers a blend of residential comfort and significant commercial potential, making it an attractive proposition for a wide range of businesses seeking a strategic location with ample space and parking. The high traffic area ensures excellent visibility and accessibility, promising strong potential for growth and success. This is a rare opportunity to acquire a well-situated property with significant existing infrastructure.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.95592
    Latitude
    41.65047

    Comparable in this City

    • $329,000
      0.55 Acres

      Prime Elkhart Commercial Building

      High-traffic Main Street location, endless potential.
      3444 Main Blvd, Elkhart, IN 46517
      View Details
    • $895,000
      2.30 Acres

      Elkhart Commercial Land Outlot

      High-traffic location, development ready
      0 County Road 24, Elkhart, IN 46517
      View Details
    • Contact for pricing
      6.52 Acres

      Elkhart Industrial Land - 6.52 Acres

      High-traffic location, rezoning potential.
      3621 Nappanee St, Elkhart, IN 46517
      View Details
    • $895,000
      2.60 Acres

      Elkhart Commercial Land - SR 19 Outlot

      Prime 2.6-acre commercial lot, high traffic.
      0 Charlotte Ave, Elkhart, IN 46517
      View Details
    • $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
    • $395,000
      1.60 Acres

      Elkhart SR 19 Commercial Outlot

      1.6-acre commercial land, prime location.
      0 Vacant Land In-19, Elkhart, IN 46517
      View Details

    Similar Nearby for Sale

    • $329,000
      0.55 Acres

      Prime Elkhart Commercial Building

      High-traffic Main Street location, endless potential.
      3444 Main Blvd, Elkhart, IN 46517
      View Details
    • $395,000
      1.60 Acres

      Elkhart SR 19 Commercial Outlot

      1.6-acre commercial land, prime location.
      0 Vacant Land In-19, Elkhart, IN 46517
      View Details
    • Contact for pricing
      6.52 Acres

      Elkhart Industrial Land - 6.52 Acres

      High-traffic location, rezoning potential.
      3621 Nappanee St, Elkhart, IN 46517
      View Details
    • $895,000
      2.30 Acres

      Elkhart Commercial Land Outlot

      High-traffic location, development ready
      0 County Road 24, Elkhart, IN 46517
      View Details
    • $895,000
      2.60 Acres

      Elkhart Commercial Land - SR 19 Outlot

      Prime 2.6-acre commercial lot, high traffic.
      0 Charlotte Ave, Elkhart, IN 46517
      View Details
    • $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

    Similar Nearby for Lease

    • 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
    • $4 SF/Yr
      60,360 SF

      Elkhart Manufacturing/Warehouse Space Available

      60360 SF manufacturing/warehouse space for lease in Elkhart, IN.
      28505 County Road 20, 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
    • $5 SF/Yr
      6,147 SF

      Elkhart Commercial Space For Lease

      Mixed-use commercial building with retail and office spaces available for lease.
      2930 S Nappanee St, 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
    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.
    3401 Pleasant Plain Ave
    Elkhart, IN 46517
    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.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.