Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    501 Franklin St Elkhart, IN 46516-2741
    Back to Search
    Property profile & analytics

    501 Franklin St, Elkhart, IN 46516-2741

    View on Map
    • Specialty properties
    • 2,350 SF
    • 0.10 lot acres
    Off-Market
    Last Sale Sep 23, 2021
    Property ID
    US31-3004406
    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
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Specialty properties

    Property Details for 501 Franklin St

    Year built
    1900
    Construction
    BRICK
    Lot size
    0.10 lot acres
    Zone code
    ZO01
    Property type
    Specialty properties
    APN
    20-06-05-387-007.000-012
    APU
    200605387007000012

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    Sep 23, 2021 — Eljhart County Incorporated City Of Elkhart Warranty Deed —
    Jan 17, 2020 — Greater Elichart Cnty Fuller C City Of Elkhart Grant Deed · related —
    Oct 30, 2012 — City Of Elkhart Indiana Dept/rede Auditor Of Elkhart County Tax Deed · related —
    Apr 13, 2006 — Robert L Franks Jeffrey W Simons Warranty Deed $67k · New Century Mortgage Corp

    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
    -85.9777
    Latitude
    41.6823
    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
    $9
    $6,400
    $0.00
    $6,400
    -
    $6,400
    $0.00
    $6,400

    Comparable in this City

    • Value Estimation by Request
      0.08 Acres

      3rd St

      CHARITABLE ORGANIZATION
      3rd St, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      0.19 Acres

      1001 Benham Ave

      CHARITABLE ORGANIZATION
      1001 Benham Ave, Elkhart, IN 46516-3343
      View Details
    • Value Estimation by Request
      0.08 Acres

      Lexington

      CHARITABLE ORGANIZATION
      Lexington, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      0.10 Acres

      2nd St

      CHARITABLE ORGANIZATION
      2nd St, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      0.14 Acres

      La Salle

      CHARITABLE ORGANIZATION
      La Salle, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      0.12 Acres

      Chapman

      CHARITABLE ORGANIZATION
      Chapman, Elkhart, IN 46516
      View Details

    Similar Nearby for Sale

    • $295,000
      1,392 SF

      Versatile Commercial Property in Elkhart

      B-1 zoned property suitable for retail, office, or service businesses.
      21807 State Road 120, Elkhart, IN 46516
      View Details
    • $650,000
      0.31 Acres

      Elkhart Bed & Breakfast Opportunity

      Bed & Breakfast with income potential in Elkhart, Indiana.
      529 S 2Nd St, Elkhart, IN 46516
      View Details
    • $2,351,250
      8.25 Acres

      Elkhart Commercial Land Opportunity

      Shovel-ready land for residential/mixed-use development in Elkhart, Indiana.
      7A Parkway Ave, Elkhart, IN 46516
      View Details
    • $929,600
      6.64 Acres

      Elkhart Commercial Land For Sale

      Shovel-ready land with utilities for residential or mixed-use development.
      11 Parkway Ave, Elkhart, IN 46516
      View Details
    • Contact for pricing
      18,810 SF

      Historic Building Anchored by Bank

      Historic building anchored by 1st Source Financial Center with recent updates.
      131 E Franklin St, Elkhart, IN 46516
      View Details
    • $55,000
      0.34 Acres

      Residential Land in Concord School

      Residential building lot in a quiet, family-friendly neighborhood.
      Vl Mississippi St, Elkhart, IN 46516
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Elkhart Commercial Property For Rent

      Commercial property available for rent in Elkhart, Indiana.
      500 N Nappanee St, Elkhart, IN 46516
      View Details
    • Contact for pricing

      Commercial Space Near US 20

      Commercial space with easy access to major roadways.
      1042-A Mitchell Jellison Dr, Elkhart, IN 46516
      View Details
    • Contact for pricing

      Elkhart Commercial Property Available

      Commercial property for rent in revitalizing Elkhart downtown area.
      230 N Main St, Elkhart, IN 46516
      View Details
    • $12 SF/Yr

      Well-Maintained Office Building For Rent

      Excellent condition, plentiful parking, and flexible layout for multiple users.
      317 W Franklin St, Elkhart, IN 46516
      View Details
    • $18 SF/Yr

      Elkhart Office Space for Lease

      Professional office space in Elkhart's Central Business District.
      230 N Main St, Elkhart, IN 46516
      View Details
    • Contact for pricing

      Commercial Land for Lease

      Excellent location for restaurant, grocery, or food service.
      5220 Middlebury St, Elkhart, IN 46516
      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.
    501 Franklin St
    Elkhart, IN 46516-2741
    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

    Thank You for Inquiry
    501 Franklin St, Elkhart, IN, 46516
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!