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    Property profile & analytics

    655 County Road 17, Unit 10 Elkhart, IN 46516

    • Strip malls
    • 32,974 SF
    • 6.04 lot acres
    For Lease
    View listing
    $10 SF/Yr
    Value Estimations
    $960,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1130751
    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

    • O’Leary Paint / Paint Store
    • Paradise Pools / Swimming Pool Contractor
    • Blo Salon Hair and Beauty Lounge / Beauty Salon / Hair Salon
    • Don Jose's Mexican Grill & Cantina / Mexican Restaurant
    • Comfort Flooring & Design Center / Flooring Contractor / Tile Store

    Property Details for 655 County Road 17

    Year built
    2004
    Construction
    TYPE NOT SPECIFIED
    Lot size
    6.04 lot acres
    Property size
    32,974 SF
    Zone code
    ZO01
    Property type
    Strip malls
    Property subtype
    Neighborhood centers
    APN
    20-06-01-477-019.000-011
    APU
    200601477019000011

    Description

    This exceptional 4,265 square-foot medical office suite is available for lease in the Amberwood Terrace complex, located at 655 County Road 17, Elkhart, IN 46516. Situated in a prime retail location within the County Road 17 Corridor, this single-tenant space boasts a desirable B3 zoning, allowing for diverse business types. The building, constructed in 2004, is a Class B, single-story structure with a total of 32,088 square feet and ample parking. The suite itself features large windows, hardwood floors, three private offices, storage space, and two restrooms. Its prominent location on County Road 17 offers excellent visibility and accessibility, with an average daily traffic count of 25,805 vehicles. The property benefits from tremendous facade and pylon signage opportunities, ensuring high visibility for your business. The Amberwood Terrace shopping center is well-maintained and professionally managed, providing a positive environment for tenants. This in-fill location is approximately two miles south of a new Amazon distribution center on I-80/90, offering access to a strong daytime population and favorable demographics. The property sits on 6.04 acres of land and offers easy access to I-80/90 Toll Road and US 20 By-Pass. This is an attractive economic opportunity in a thriving commercial area.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $725,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,194,000
      Market price range: $747k - $1.41M

    • Alternative Use

      Use
      Estimation
      NEIGHBORHOOD: SHOPPING CENTER
      $1,080,000
      Current use

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhart
    County
    Elkhart
    State
    Indiana
    Longitude
    -85.8899
    Latitude
    41.6841
    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
    $79,803
    $793,700
    $1,841,500
    $2,635,200
    -
    $793,700
    $1,841,500
    $2,635,200

    Comparable in this City

    • Value Estimation
      $1,005,000
      30,800 SF

      1001 Pkwy Ave

      SHOPPING CENTER, STRIP CENTER • 30,800 SF
      1001 Pkwy Ave, Elkhart, IN 46516-9346
      View Details
    • Value Estimation by Request
      10,560 SF

      830 Pkwy Ave

      SHOPPING CENTER, STRIP CENTER • 10,560 SF
      830 Pkwy Ave, Elkhart, IN 46516-9342
      View Details
    • Value Estimation by Request
      9,100 SF

      5218 Beck Dr

      SHOPPING CENTER, STRIP CENTER • 9,100 SF
      5218 Beck Dr, Elkhart, IN 46516-9121
      View Details
    • Value Estimation by Request
      11,825 SF

      21826 State Rd 120

      SHOPPING CENTER, STRIP CENTER • 11,825 SF
      21826 State Rd 120, Elkhart, IN 46516-6518
      View Details
    • Value Estimation by Request
      9,245 SF

      2515 Toledo Rd

      SHOPPING CENTER, STRIP CENTER • 9,245 SF
      2515 Toledo Rd, Elkhart, IN 46516-5776
      View Details
    • Value Estimation by Request
      9,000 SF

      1501 Nappanee St

      SHOPPING CENTER, STRIP CENTER • 9,000 SF
      1501 Nappanee St, Elkhart, IN 46516-1755
      View Details

    Similar Nearby for Sale

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      Mixed-Use Property in Downtown Elkhart

      Mixed-use property with restaurant, entertainment venue, and apartments in Elkhart.
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      Versatile Mixed-Use Building in Elkhart

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      Well-built commercial building with endless possibilities for your next venture!
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      Elkhart Storefront Carry Out Business

      Storefront carry-out business with basement, equipment, and B-2 zoning.
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    • $995,000
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      Elkhart Retail & Storage Opportunity

      High-traffic retail/storage complex, great potential.
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      Established Retail Business For Sale

      Profitable retail business with real estate on a busy street.
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      View Details

    Similar Nearby for Lease

    • $8 SF/Yr
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      Elkhart Retail Center Investment

      Prime Elkhart retail space, multiple suites available
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      Prime Elkhart Office Space

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    • Contact for pricing
      7,800 SF

      Versatile Industrial Space Near St. Joseph River

      Industrial space with work bays and outside storage near river.
      123 County Road 17, Elkhart, IN 46516
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    • $10 SF/Yr

      Elkhart Commercial Space For Rent

      Highly visible commercial space suitable for retail, medical, or office.
      655 County Road 17, Elkhart, IN 46516
      View Details
    • $7 SF/Yr

      Former Auto Repair Shop Available

      7,000lb vehicle lift, ample parking, easy access.
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      223 S Main St, Elkhart, IN 46516
      View Details
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    655 County Road 17, Unit 10
    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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