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    Property profile & analytics

    3535 Main St Elkhart, IN 46517

    • Turn key restaurants
    • 6,872 SF
    • 1.38 lot acres
    For Sale
    View listing
    $625,000
    Last Sale
    Nov 16, 2020
    $390,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-0047684
    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

    • Fiesta Cancun Mexican Restaurant & Cantina / Mexican Restaurant

    Property Details for 3535 Main St

    Year built
    1985
    Construction
    WOOD
    Lot size
    1.38 lot acres
    Property size
    6,872 SF
    Zone code
    ZO01
    Property type
    Turn key restaurants
    APN
    20-06-22-254-006.000-011
    APU
    200622254006000011

    Description

    This exceptional investment opportunity presents a thriving 6,872-square-foot free-standing restaurant, known as Fiesta Cancun, ideally situated on a 1.38-acre outlot in front of Concord Mall in Elkhart, Indiana. Built in 1985, the property boasts a spacious layout including a large kitchen and prep area equipped with multiple coolers and freezers, a separate bar area, a substantial dining area, and a private party or meeting room. Ample on-site parking accommodates 83+ vehicles. The restaurant benefits from a high-traffic location on South Main Street (US 33), a major thoroughfare averaging 27,241 vehicles daily, strategically positioned between Elkhart and Goshen, and just 0.5 miles from the US-20 exit. This B2-zoned property is part of the Concord Mall retail development, surrounded by a mix of local and national retailers, offering excellent visibility and accessibility. The asking price is $625,000. The property's APN is 20-06-22-254-006.000-011. This turnkey restaurant presents a rare opportunity to acquire a well-established business in a prime retail location. The property consists of one building and has undergone recent updates.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $450,000
      ML approach
      $420,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $382,000
      Market price range: $367k - $972k

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $645,000
      Current use
      AUTO REPAIR, GARAGE
      $685,000
      Change: +6% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $530,000
      Change: -18% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9339
    Latitude
    41.6452
    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
    $11,394
    $215,000
    $158,400
    $373,400
    -
    $215,000
    $158,400
    $373,400

    Comparable in this City

    • Value Estimation
      $230,000
      2,848 SF

      103 Concord Mall Dr

      RESTAURANT • 2,848 SF
      103 Concord Mall Dr, Elkhart, IN 46517-3110
      View Details
    • Value Estimation
      $210,000
      2,787 SF

      301 Lusher Ave

      RESTAURANT • 2,787 SF
      301 Lusher Ave, Elkhart, IN 46517-1825
      View Details
    • Value Estimation
      $330,000
      7,712 SF

      3429 Main St

      RESTAURANT • 7,712 SF
      3429 Main St, Elkhart, IN 46517-3125
      View Details
    • Value Estimation
      $250,000
      0.81 Acres

      3505 Main St

      RESTAURANT • 0.81 Acres
      3505 Main St, Elkhart, IN 46517-3123
      View Details
    • Value Estimation
      $2,435,000
      2,124 SF

      301 Hively Ave

      RESTAURANT • 2,124 SF
      301 Hively Ave, Elkhart, IN 46517-1939
      View Details
    • Value Estimation
      $285,000
      3,300 SF

      23677 Us Hwy 33

      RESTAURANT • 3,300 SF
      23677 Us Hwy 33, Elkhart, IN 46517-3646
      View Details

    Similar Nearby for Sale

    • $625,000
      6,872 SF

      Fiesta Cancun Restaurant - Elkhart, IN

      Established Restaurant, High Traffic Location
      3535 Main St, Elkhart, IN 46517
      View Details
    • $625,000
      6,872 SF

      Free Standing Restaurant Opportunity

      6,872 SF restaurant on high traffic corridor for sale.
      3535 S Main St, Elkhart, IN 46517
      View Details
    • $450,000
      1.00 Acre

      Elkhart Restaurant/Bar with Liquor License

      Restaurant/Bar with liquor license on a 1-acre B-3 zoned property.
      57968 County Road 7, 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
    • $450,000
      5,144 SF

      Elkhart Bar & Restaurant - $450K

      Historic Indiana Bar/Restaurant, 5144 sq ft
      57968 County Road 7, Elkhart, IN 46517
      View Details
    • $500,000
      3,187 SF

      Elkhart Redevelopment Site Available

      Redevelopment site at signalized corner in Elkhart, Indiana.
      290 W Hively Ave, Elkhart, IN 46517
      View Details

    Similar Nearby for Lease

    • $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
    • $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
    • $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
    • 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
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    3535 Main St
    Elkhart, IN 46517
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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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