121 Main StElkhart, IN 46516

  • Residential income properties
  • 11,796 SF
For Lease
$8/SF/YR View listing

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 properties
Property subtype
Residential income homes
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.

Valuation
by Paperhouses methods

Valuation date:
Dec 11, 2024
  • 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
121 Main St, Elkhart, Indiana

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

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
$6,959
$30,700
$240,400
$271,100
-
$30,700
$240,400
$271,100

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