121 Main StElkhart, IN 46516

Property Details for 121 Main St

Year built

1888

Construction

WOOD

Lot size

0.09 AC

Property size (Sq ft)

11,796 SF

Zone code

ZO01

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

20-06-05-406-025.000-012

APU

200605406025000012

Description

This exceptional commercial property, located at 121-123 S Main St in Elkhart, Indiana, offers a unique opportunity for retail or office use. The property consists of two buildings, totaling 24,972 square feet, situated on a 0.182-acre lot. Built in 1888 and renovated in 2003, the three-story Class C building boasts high ceilings and attractive architectural details. The space is currently divisible into units ranging from 4,127 to 8,254 contiguous square feet, with the owner open to considering smaller divisions for suitable tenants. Previously utilized as a call center, the layout features over 60 potential cubicle spaces, but its open design lends itself well to retail adaptation, complete with two street-level storefronts. Additional features include two loft spaces, a balcony, a kitchenette, and multiple restrooms. The property is zoned CBD and benefits from its central location within Elkhart's revitalized downtown area, surrounded by other significant investments. While there is no on-site parking, the property's prime location offers easy access to public transportation and ample nearby parking options. Annual property taxes are $0.57 per square foot. The property is served by single-phase power. The APN is 20-06-05-406-026.000-012, 20-06-05-406-025.000-012, and the county is Elkhart County.

• CAP approach

  CAP return

  Valuation

  6%

  $2,751,068

  6.5%

  $2,539,448

  7%

  $2,358,058

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,381,465

  Geo Method

  $2,381,465

• Alternative Use

  Use

  Valuation

  Residential

  $2,539,448

  Hospitality

  $2,326,120

  Educational

  $1,935,305

  Medical

  $2,001,863

  Retail

  $3,010,474

Location Insight

City

Elkhart

County

Elkhart

State

Indiana

Latitude

41.6866

Longitude

-85.9736

CBSA code

21140

CBSA name

ELKHART-GOSHEN, IN METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

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