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    3701 Main St Elkhart, IN 46517-3108
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    Property profile & analytics

    3701 Main St, Elkhart, IN 46517-3108

    View on Map
    • Super regional malls
    • 197,942 SF
    • 59.73 lot acres
    Off-Market
    Last Sale Oct 5, 2023
    Property ID
    US31-0494919
    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.
    Value Estimations
    $3,860,000
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Vieth D DDS / Dental Office
    • Hobby Lobby / (Bike/Boat/Book/etc) Store
    • Patrick Albert, OD / Physician
    • Concord Business Park / Association / Organization
    • Heidi Park, OD / Physician

    Property Details for 3701 Main St

    Year built
    1972
    Construction
    TYPE NOT SPECIFIED
    Lot size
    59.73 lot acres
    Zone code
    ZO01
    Property type
    Super regional malls
    Property subtype
    Shopping centers
    APN
    20-06-22-401-002.000-011
    APU
    200622401002000011

    Description

    Concord Business Park, located at 3701 S Main St, Elkhart, IN 46517, offers exceptional warehouse space for lease. This industrial property encompasses a total of 376,950 square feet, situated on a 5.7-acre lot. The property is currently multi-tenant, with a significant amount of vacant space totaling 175,754 square feet readily available. Businesses seeking flexible options will appreciate the divisibility of the space, with a minimum leasable area of 29,359 square feet. For larger operations, the entire 376,950 square feet is available as one contiguous unit. This prime location in Elkhart, Indiana provides excellent access to transportation networks, making it an ideal choice for businesses requiring efficient logistics and distribution capabilities. The property's size and flexibility cater to a wide range of industrial and warehousing needs, from small businesses to large-scale operations. Interested parties are encouraged to inquire about lease terms and availability for this exceptional Elkhart warehouse opportunity. The property is classified as industrial and specifically as a warehouse.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9335
    Latitude
    41.6427
    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
    $440,359
    $8,636,300
    $5,737,500
    $14,373,800
    -
    $8,636,300
    $5,737,500
    $14,373,800

    Comparable in this City

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      17,944 SF

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    • Value Estimation
      $5,765,000
      210,813 SF

      4522 Elkhart Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      4522 Elkhart Rd, Elkhart, IN 46517
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    • Value Estimation
      $6,615,000
      16,238 SF

      4542 Elkhart Rd, Unit 4568

      SHOPPING CENTER, STRIP CENTER
      4542 Elkhart Rd, Elkhart, IN 46517-3571
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    • Value Estimation
      $840,000
      48,850 SF

      211 Concord Mall Dr

      SHOPPING CENTER, STRIP CENTER
      211 Concord Mall Dr, Elkhart, IN 46517-3109
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    • Value Estimation
      $1,935,000
      19,840 SF

      3808 Mishawaka Rd

      WHOLESALE OUTLET, DISCOUNT STORE
      3808 Mishawaka Rd, Elkhart, IN 46517-3540
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    • Value Estimation by Request
      8,772 SF

      117 Hively Ave

      WHOLESALE OUTLET, DISCOUNT STORE
      117 Hively Ave, Elkhart, IN 46517-2114
      View Details

    Similar Nearby for Sale

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      20,000 SF

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      High-visibility retail space in established Elkhart shopping center.
      3614 S Nappanee St, Elkhart, IN 46517
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      3,187 SF

      Elkhart Redevelopment Site Available

      Redevelopment site at signalized corner in Elkhart, Indiana.
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      6,872 SF

      Free Standing Restaurant Opportunity

      6,872 SF restaurant on high traffic corridor for sale.
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      5,660 SF

      Elkhart Industrial Property For Sale

      Three-building industrial property suitable for automotive use in Elkhart, IN.
      57909 In-19, Elkhart, IN 46517
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      3,482 SF

      Elkhart Retail Space For Sale

      Retail space with high visibility on Main Street and US 20.
      3365 S Main St, Elkhart, IN 46517
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    Similar Nearby for Lease

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      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
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      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
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      171 Acres Vacant Land Elkhart

      171.20 acres of vacant land for lease in Elkhart, IN.
      Sr 19 & County Rd 26, Elkhart, IN 46517
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      Elkhart Warehouse/Distribution Facility For Lease

      87,656 SF warehouse/distribution facility with rail access.
      1610 Leininger Ave, Elkhart, IN 46517
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    • Contact for pricing
      28,125 SF

      Elkhart Warehouse Manufacturing Space

      28,125 SF warehouse with docks and grade doors.
      28680 Holiday Pl, Elkhart, IN 46517
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    • Contact for pricing
      154,368 SF

      Elkhart Warehouse Space Available

      146,324 SF warehouse space for lease in Elkhart.
      1601 Fieldhouse Ave, Elkhart, IN 46517
      View Details
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    Elkhart, IN 46517-3108
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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.

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