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Turnkey Former Dental Office | Value-Add 505 Vistula St 1,943 SF Vacant Office Building Online Auction Sale Elkhart, IN 46516
Matterport 3D Tour
Investment Highlights
- Investors and owner/operators can take advantage of this turnkey former dental office ready for new use in Elkhart, Indiana.
- Just 1 mile to Elkhart General Hospital, a nonprofit, 357-bed community hospital recognized for a broad spectrum of care options.
- Elkart is a growing community with a rising population and robust consumer spending, surpassing $2.3 billion within a 10-mile radius.
- Positioned with businesses in mind in the heart of town on Vistula Street, which sees traffic counts of 7,135 vehicles daily.
- Walkable to charming Downtown Elkhart, which is home to the Midwest Museum of American Art, Hardy’s Bar, 523 Tap & Gill, and much more.
Executive Summary
NAI Columbia is pleased to present 505 Vistula Street in Elkhart, Indiana, an opportunity for an owner/occupier or value-add investor.
This vacant medical office building spans 1,943 square feet on a single level, featuring well-designed floor plans ideal for a range of purposes. Built in 1969 and updated over the years, it offers a blank canvas for new ideas. The exterior showcases cedar shaker siding and attractive stone accents along the lower section, creating a welcoming atmosphere with plenty of charm. Situated on a 0.15-acre lot, the property includes ample parking for staff and visitors. Its adaptable layout allows modifications to suit the needs of new owners. Inside, there is a friendly reception area with seating, exam rooms, offices, a kitchen, and bathrooms. Previously occupied by Heartland Dental, this space can be transformed for many uses. Buyers may customize it for their own business, or investors could renovate and lease it at market rates. 505 Vistula Street offers excellent possibilities for the future.
Elkhart is a well-situated town in Indiana offering an attractive environment for businesses. The property is within walking distance of the vibrant downtown, which features a variety of shops and restaurants. Notable local establishments include High Street Coffee, The Lerner Theatre, Midwest Museum of American Art, Artisan, and Madrid & Tokio Fusion Bar, providing diverse options for dining and entertainment. Additionally, national retailers such as Kroger, Save-a-Lot, McDonald’s, Taco Bell, and others are easily accessible. Elkhart General Hospital, located nearby and serving the community for over a century, is distinguished for its expertise in cardiology, orthopedics, emergency services, and robotic care. This proximity enhances synergy for medical professionals and related businesses in the area.
Demographic trends in the area are favorable for investors. Within a 10-mile radius, the population is experiencing substantial growth, with average household incomes reaching $82,697. The region consists primarily of owner-occupied residences, reflecting a stable and established community. Furthermore, there is a significant local workforce, totaling 105,491 employees within the same radius. Collectively, these factors contribute to the area's status as an attractive investment opportunity.
Property tours are available by appointment only. Please contact the listing broker to schedule.
This vacant medical office building spans 1,943 square feet on a single level, featuring well-designed floor plans ideal for a range of purposes. Built in 1969 and updated over the years, it offers a blank canvas for new ideas. The exterior showcases cedar shaker siding and attractive stone accents along the lower section, creating a welcoming atmosphere with plenty of charm. Situated on a 0.15-acre lot, the property includes ample parking for staff and visitors. Its adaptable layout allows modifications to suit the needs of new owners. Inside, there is a friendly reception area with seating, exam rooms, offices, a kitchen, and bathrooms. Previously occupied by Heartland Dental, this space can be transformed for many uses. Buyers may customize it for their own business, or investors could renovate and lease it at market rates. 505 Vistula Street offers excellent possibilities for the future.
Elkhart is a well-situated town in Indiana offering an attractive environment for businesses. The property is within walking distance of the vibrant downtown, which features a variety of shops and restaurants. Notable local establishments include High Street Coffee, The Lerner Theatre, Midwest Museum of American Art, Artisan, and Madrid & Tokio Fusion Bar, providing diverse options for dining and entertainment. Additionally, national retailers such as Kroger, Save-a-Lot, McDonald’s, Taco Bell, and others are easily accessible. Elkhart General Hospital, located nearby and serving the community for over a century, is distinguished for its expertise in cardiology, orthopedics, emergency services, and robotic care. This proximity enhances synergy for medical professionals and related businesses in the area.
Demographic trends in the area are favorable for investors. Within a 10-mile radius, the population is experiencing substantial growth, with average household incomes reaching $82,697. The region consists primarily of owner-occupied residences, reflecting a stable and established community. Furthermore, there is a significant local workforce, totaling 105,491 employees within the same radius. Collectively, these factors contribute to the area's status as an attractive investment opportunity.
Property tours are available by appointment only. Please contact the listing broker to schedule.
Matterport 3D Tour
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Matterport 3D Tour
Photos
Street View
Street
Map
Offering Memorandum Click Here to Access
Data Room Click Here to Access
- Offering Memorandum
- Operating and Financial Statements
- Purchase Agreement
- Title And Insurance
- Miscellaneous
Market Analytics Click Here to Access
Property Facts
Sale Type
Investment
Sale Condition
Auction Sale
Type of Ownership
Fee Simple
Property Type
Office
Property Subtype
Medical
Building Size
1,943 SF
Building Class
C
Year Built
1969
Tenancy
Single
Building Height
1 Story
Typical Floor Size
1,943 SF
Slab To Slab
9’
Building FAR
0.30
Lot Size
0.15 AC
Parcel Number
20-06-05-377-001.000-012
Parking
12 Spaces (4.19 Spaces per 1,000 SF Leased)
Amenities
- Signage
- Partitioned Offices
- Air Conditioning
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Walk Score®
Very Walkable (73)
Demographics
Demographics
1 mile
3 mile
5 mile
2024 Population
15,601
62,476
102,608
2020 Population
14,019
60,478
101,272
2029 Population
15,883
62,773
102,712
2024-2029 Projected Population Growth
1.8%
0.5%
0.1%
Daytime Employees
8,497
40,496
67,220
Total Businesses
1,028
3,294
4,916
Average Household Income
$50,666
$61,079
$70,021
Median Household Income
$37,271
$46,923
$54,535
Total Consumer Spending
$127.6M
$580.8M
$1.1B
Median Age
33.4
34.9
36.6
2024 Households
5,857
23,363
38,654
Percent College Degree or Above
7%
9%
10%
Average Home Value
$121,301
$163,839
$188,574
Sale Advisors
Sale Advisors
Patrick Palmer, Director of Retail Services | Principal
Patrick Palmer is a Principal and Broker with NAI Columbia and has extensive experience across the southeast in brokerage and development. Palmer’s primary focus is retail and general commercial. Before joining NAI Columbia, Palmer served as President and Broker in Charge of IAP Company, a family-owned real estate enterprise that has developed real estate for over 50 years in Columbia. Palmer has been a member of ICSC since 2000, and in 2006, he obtained the prestigious CCIM (Certified Commercial Investment Member) award and subsequently served on several national committees and now has a seat on CCIM’s National Board of Directors.
From 2003 to 2014, Palmer served on the Richland County Planning Commission where he chaired the commission for six of those years. In 2022, Palmer transacted over 37 million dollars in CRE sales and leases and has been named the Retail Leasing Power Broker of the Year and Quarter multiple times, most recently in 2022. Over the past 23 years, Patrick’s real estate experience included: landlord/tenant representation; site selection; land acquisition; disposition and development; buyer/seller representation; investment sales; and zoning and permitting processing.
From 2003 to 2014, Palmer served on the Richland County Planning Commission where he chaired the commission for six of those years. In 2022, Palmer transacted over 37 million dollars in CRE sales and leases and has been named the Retail Leasing Power Broker of the Year and Quarter multiple times, most recently in 2022. Over the past 23 years, Patrick’s real estate experience included: landlord/tenant representation; site selection; land acquisition; disposition and development; buyer/seller representation; investment sales; and zoning and permitting processing.
Bobby Balboni, CCIM, Broker
Bobby joined NAI as a brokerage associate in June 2019 after interning with the firm during his junior and senior year at the University of South Carolina. Bobby works alongside Patrick Palmer, Principal and Director of Retail Services. Their team’s focus is on retail and general commercial properties in the Midlands. Bobby specializes in landlord, seller and tenant representation. Bobby graduated Summa Cum Laude from the University of South Carolina in May of 2019, where he studied Finance and Real Estate. During his undergrad years Bobby tutored peers in finance and accounting courses, served as the Sports Editor for The Daily Gamecock, and was a member of the Carolina Finance & Investment Association. Before moving to Columbia, Bobby grew up on Buzzards Bay in southeastern Massachusetts.
Sam Edens, Brokerage Associate
Born and raised in Columbia, South Carolina, Sam enjoys outdoor activities such as golfing and hunting. He joined NAI Columbia in July of 2024 upon graduating with a major in Retail Management, at the University of South Carolina. After interning with Patrick Palmer and Bobby Balboni for half a year, he has officially joined as a member of the team, leveraging their diverse range of experience to cater to their clients’ needs across the Midlands.
About the Auction Technology
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Auction Contact
Molly Patten
Contact
Auctioneer License:
Ten-X Arlene Richardson RE Brkr RC51500217 Online Auction
1 of 27
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
3% Transaction Fee
Based on Winning Bid Amount
Minimum Transaction Fee
$20,000
Maximum Transaction Fee
$300,000
Example Calculation
Winning Bid Amount
$5,000,000
Transaction Fee
$150,000 (3%)
Total Purchase Price
$5,150,000
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Turnkey Former Dental Office | Value-Add | 505 Vistula St
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