New search
Property profile & analytics
OFF-MARKET
Estimated value
$995,000
Office Spaces
405 2nd St Elkhart, IN 46516-3244
Entity Owned
Free & Clear
Property ID
US31-0750385
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1950
Construction
TYPE NOT SPECIFIED
Total area
14,526 SF
Lot
0.42 ac (18,469 SF)
Zoning code
ZO01
APN
20-06-05-454-010.000-012
UPID
US31-0750385
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$769k
Blend (final)
Blend
$995k
Owner & transaction history
Mount North Capital 5 LLC
Mount North Capital 5 LLC
since 2026
6 recorded transactions
Zoning & alternative use
ZO01 · Elkhart, IN
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
Blend value · Realmo final
$995k
Range $896k – $1.09M · ±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
$68 / 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
$13,631
Tax year 2023
Assessed value
$448,300
Assessed 2023
Previous assessed
$448,300
+0.0% YoY
Effective rate
3.04%
On assessed value
Assessed land
$84,800
Assessed improvement
$363,500
Land market value
$84,800
Improvement market value
$363,500
Total market value
$448,300
Applied tax rate
12.0000
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
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
YES
Stories
3
Total area
14,526 SF
Lot
0.42 ac (18,469 SF)
Zoning code
ZO01
APN
20-06-05-454-010.000-012
UPID
US31-0750385
Jurisdiction
ELKHART
Zoning & alternative use
ZO01 · Elkhart, IN
Zoning ZO01 · permitted uses
ZO01 · Elkhart, IN
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Elkhart. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1950
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
3
Lot
0.42 ac
Current owner
From public records · entity-resolved
Mount North Capital 5 LLC
Entity
Free & Clear · 0 yrs held
Mailing address
2480 N LAKEVIEW AVE, CHICAGO, IL 60614-2714
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Feb 10, 2026
—
Mount North Capital 5 LLC
—
Deed
related
$6,000,000 · Sip Tax Deed Fund 1 LLC
Jan 15, 2026
—
Mount North Capital 5 LLC
Mount North Capital 2 LLC
Quitclaim Deed
related
—
Nov 14, 2024
—
Mount North Capital 2 LLC
405 South Second Street Elkhart Ll
Special Warranty Deed
—
May 29, 2013
—
405 South Second Street Elkhart LLC
Etc LLC
Warranty Deed
$448,000 · First State Bank Of Middlebury
—
—
Etc LLC
—
Deed Of Trust
related
$500,000 · Mfb Financial
—
—
Etc LLC
—
Deed Of Trust
related
$1,913,662 · Mfb Financial
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.
Try Rey
Ask anything about this address in plain English.
“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
You own 405 2nd St?
List it free. Reach 20,000 daily buyers.
We’ve already pulled the facts. Confirm photos + price and you’re live in 2 minutes.
List this address →
Full reports are paid
Unlock the full Property Analytics report
Start free for 7 days — no card required. Full owner contacts, all 4 valuations with methodology, refine flow, comparable adjustments, foot-traffic deep dive, export to PDF / CSV.
