$1 Auction - REIT Sale | Former Restaurant 1248 N Nappanee St 3,364 SF 100% Leased Retail Building Elkhart, IN 46514 $75,000 ($22.29/SF)

Marcus & Millichap is pleased to present the opportunity to acquire a vacant, free-standing, restaurant/retail building located at 1248 N Nappanee Street in Elkhart, IN 46514 (the “Property”). Formerly occupied by Fazoli’s Restaurant, the Property is offered significantly below replacement cost, creating an exceptional opportunity for owner-users or investors to secure a highly visible, strategically located asset at a substantial discount. FIRST BID MEETS RESERVE!
Built in 1996, the Property consists of a ±3,364 SF single-story building on a ±0.94-acre parcel. Positioned on an outlot parcel to a neighborhood retail plaza, the site features ample surface parking spaces, pylon signage, and frontage along North Nappanee Street with exposure to nearly 23,851 vehicles per day (VPD). Existing restaurant infrastructure supports immediate reuse, while zoning and visibility make it equally suited for retail repositioning or full redevelopment. Previously leased on a triple net (NNN) basis, the Property offers a strong value-add opportunity to re-lease at market rents (CoStar estimated retail rents: $16-$19/SF Retail). Zoned B-3 (Service Business District), the site accommodates a wide range of retail, service, and commercial uses, providing significant operational flexibility for future tenants or an owner-user.
Elkhart, Indiana is a key commercial hub in northern Indiana’s Michiana region, located roughly 150 miles east of Chicago and 70 miles north of Indianapolis, with excellent access to major highways including I-80/I-90 (the Indiana Toll Road) and U.S.?Highways 20 and 33. The economy is anchored by a globally significant recreational vehicle (RV) and manufactured housing industry, earning the region a dominant share of U.S. RV production, along with strong manufacturing, logistics, and transportation sectors. The site offers outstanding freeway access via I-90 less than 3.5 miles away (±xx VPD) with convenient connectivity to South Bend and Chicago. Situated in a dense retail corridor’s, the Property is surrounded by a variety of QSRs including Subway, Wendy’s, Chick-fil-A, and Papa John’s, complemented by national and regional retailers such as Lowe’s Aldi, Walmart, Meijer, Dollar General, CVS, and more. This concentration of tenants drives consistent consumer traffic. Additional demand drivers include Elkhart Airport, Elkhart High School, Axiom RV Plant 5, and Davita. The surrounding 3-mile trade area is home to ±48,854 residents with an average household income (AHHI) of ±$63,331, while the 5-mile trade area expands to ±102,885 residents with an AHHI of ±$71,576—providing a robust consumer base to support retail, restaurant, and service-oriented operations.