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    Property profile & analytics

    505 S 3Rd St Elkhart, IN 46516

    • Office Properties & Spaces
    • 12,228 SF
    • 0.91 lot acres
    For Sale
    View listing
    $1,730,522
    Last Sale
    Jan 06, 2021
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1192179
    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

    • Hopebridge Autism Therapy Center / Mental Health Clinic / Child Health Care Centre
    • Emily Stults / General Practitioner / Family Practice Physician
    • Delivery Service Inc / Trucking Company
    • Dynamic / Produce Wholesaler
    • Topolski Eugene J / Personal Injury Attorney

    Property Details for 505 S 3Rd St

    Year built
    1960
    Construction
    TYPE NOT SPECIFIED
    Lot size
    0.91 lot acres
    Property size
    12,228 SF
    Zone code
    ZO01
    Property type
    Office Properties & Spaces
    APN
    20-06-05-456-013.000-012
    APU
    200605456013000012

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $656,000
      Market price range: $285k - $1.01M
      AI Estimate
      $758,000
      Market price range: $329k - $1.09M

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.9743
    Latitude
    41.6816
    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
    $11,701
    $83,500
    $299,300
    $382,800
    -
    $83,500
    $299,300
    $382,800

    Comparable in this City

    • Value Estimation by Request
      11,700 SF

      516 Main St

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      2515 Old

      Restaurants
      2515 Old, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      23,180 SF

      232-246 Waterfall Dr

      Office Properties & Spaces • 23,180 SF
      232-246 Waterfall Dr, Elkhart, IN 46516
      View Details
    • Value Estimation by Request
      5,000 SF

      1101 Pkwy # 300 Ave

      Office space • 5,000 SF
      1101 Pkwy # 300 Ave, Elkhart, IN 46516
      View Details
    • Value Estimation
      $3,265,000
      40,000 SF

      925 Oxford St

      OFFICE (GENERAL) • 40,000 SF
      925 Oxford St, Elkhart, IN 46516-4126
      View Details
    • Value Estimation by Request
      3,917 SF

      317 High St

      OFFICE (GENERAL) • 3,917 SF
      317 High St, Elkhart, IN 46516-2827
      View Details

    Similar Nearby for Sale

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      Prime Elkhart Office Building

      11,973 SF Office, $850,000
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    • $800,000
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      Elkhart Office Building: 5,000 SF

      Prime Elkhart office space, turnkey shell.
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    • $2,640,000
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      20,000 SF Executive Office Building
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    • $300,000
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      Elkhart Manufacturing Building For Sale

      Manufacturing building with office space and loading dock in Elkhart.
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    Similar Nearby for Lease

    • $14 SF/Yr
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      Downtown Elkhart Office Space

      750 SF Executive Office Suite Available
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    • $23 SF/Yr
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      Elkhart Riverfront Office Space

      6,000 SF Downtown Office for Lease
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    • $6 SF/Yr
      4,242 SF

      Elkhart Retail Space - Great Location!

      4,242 sq ft Office/Retail Space. Prime Elkhart location.
      2515 Old, Elkhart, IN 46516
      View Details
    • $16 SF/Yr
      10,560 SF

      Elkhart Office Space For Lease

      1,560 SF Office Suite Available
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    • $18 SF/Yr
      1,417 SF

      Elkview Office: Prime Elkhart Location

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    • $3 SF/Yr
      31,035 SF

      Versatile Spaces in Elkhart CBD

      Varied spaces for rent in Elkhart, utilities included.
      421-423 S 2Nd St, Elkhart, IN 46516
      View Details
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    Elkhart, IN 46516
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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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