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The Hart City Portfolio 2 Properties Offered at $8,900,000 in Elkhart, IN
Investment Highlights
- Anchored by Patrick Industries (NASDAQ: PATK) - 29,196 SF on a newly signed triple-net lease, 8 years in occupancy
- 23 tenants across 88 leasable spaces and seven income streams - no single space carries the campus
- 16.69 contiguous acres with direct frontage on State Road 19, minutes from the Indiana Toll Road at Exit 92
Executive Summary
Rare contiguous 16.69-acre commercial campus with direct frontage on State Road 19 in Elkhart, Indiana - the RV manufacturing capital of the United States - in a county holding 2.6% industrial vacancy.
Six buildings and 88 separately leasable spaces produce seven distinct income streams: a 40,200 SF climate-controlled resale mall anchored by a sit-down restaurant, 25,720 SF of anchor and small-bay industrial, an 8,880 SF clear-span service building, and 18,334 SF of drive-up self-storage across 56 units built between 2016 and 2018.
Patrick Industries (NASDAQ: PATK) occupies 29,196 SF across two buildings on a newly signed triple-net lease, and has been in continuous occupancy since 2018. Twenty-three tenants in total, so no single space carries the campus.
Net operating income has grown 14.1% over two years and 9.8% in 2026, while property taxes fell 12.1% and the assessment dropped 17.9%. Ownership's books reconcile to Elkhart County tax records to the penny. The on-site management operation conveys with the sale.
Six buildings and 88 separately leasable spaces produce seven distinct income streams: a 40,200 SF climate-controlled resale mall anchored by a sit-down restaurant, 25,720 SF of anchor and small-bay industrial, an 8,880 SF clear-span service building, and 18,334 SF of drive-up self-storage across 56 units built between 2016 and 2018.
Patrick Industries (NASDAQ: PATK) occupies 29,196 SF across two buildings on a newly signed triple-net lease, and has been in continuous occupancy since 2018. Twenty-three tenants in total, so no single space carries the campus.
Net operating income has grown 14.1% over two years and 9.8% in 2026, while property taxes fell 12.1% and the assessment dropped 17.9%. Ownership's books reconcile to Elkhart County tax records to the penny. The on-site management operation conveys with the sale.
Property Facts
| Price | $8,900,000 | Number of Properties | 4 |
| Price / SF | $94.99 / SF | Individually For Sale | 0 |
| Cap Rate | 7.64% | Total Building Size | 93,696 SF |
| Sale Type | Investment | Total Land Area | 9.84 AC |
| Status | Active |
| Price | $8,900,000 |
| Price / SF | $94.99 / SF |
| Cap Rate | 7.64% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 4 |
| Individually For Sale | 0 |
| Total Building Size | 93,696 SF |
| Total Land Area | 9.84 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
|
Hart City Super Center
2311 S Nappanee St, Elkhart, IN 46517 |
Flex | 85,660 SF | 1983 | - |
| 2301 S Nappanee St, Elkhart, IN 46517 | Industrial | 8,036 SF | 2003 | - |
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