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502 S Oakland Ave 502 S Oakland Ave 166,962 SF Industrial Building Nappanee, IN 46550 $8,126,063 CAD ($48.67 CAD/SF) 7% Cap Rate
Investment Highlights
- STABLE IN PLACE INCOME W/ MAJOR NEAR TERM “MARK TO MARKET” USPIDE OPPORTUNITY
- THRIVING ELKHART INDUSTRIAL MARKET | LOW VACANCY, SCARCE SUPPLY, STRONG RENT GROWTH
- “STICKINESS” FACTOR: MISSION CRITICAL HEAVY DUTY / $20 M + HIGHLY SPECIALIZED “SUCKER ROD” MANUFACTURING FACILITY
Executive Summary
STABLE IN PLACE INCOME W/ MAJOR NEAR TERM “MARK TO MARKET” USPIDE OPPORTUNITY
— Q2 Artificial Lift Services recently demonstrated their strong commitment to the location by electing to exercise three (3) one (1) year options simultaneously at the time of their acquisition of US Rod Manufacturing in March of 2025 which extended the original seven (7) year lease out to July 2028.
— The property represents an ideal near term major “mark to market” upside opportunity:
* ± 2.25 lease years remaining on the current extension term (as of 4/1/26 analysis start).
* The Tenant’s in-place rent is ± 44% below market.
* Tenant has no options remaining.
“STICKINESS” FACTOR: MISSION CRITICAL HEAVY DUTY / $20 M + HIGHLY SPECIALIZED “SUCKER ROD” MANUFACTURING FACILITY
— The 502 S. Oakland Facilities primary role is the production of “sucker rods”, a core component commonly referred to as the “backbone” of rod-lift systems. ± 70% - 80% of oil wells worldwide rely on artificial lift systems that require this component.
— US Rod is the only U.S.-based sucker rod manufacturer, ensuring supply chain security and faster delivery for North American operators—a major differentiator in an industry sensitive to downtime and logistics.
— This location is essential to the operations of US Rod Manufacturing and houses over $20M worth of custom equipment.
THRIVING ELKHART INDUSTRIAL MARKET | LOW VACANCY, SCARCE SUPPLY, STRONG RENT GROWTH
— Nappanee, IN is part of the greater Elkhart, IN industrial market, a mature market comprised of roughly 86.2 M SF of inventory. Market rents in Elkhart for specialized
(manufacturing) assets are $4.70/SF (current rent at subject facility = $2.44/SF).
— The market is extremely tight with a low vacancy rate of only 3.0% as of Q4 2025. In addition, as of Q4 2025 there is ZERO (0) SF of new product under construction in
Elkhart. As a result of high demand and low supply, average annual rent growth over the past five years is a robust 5.6%
— Q2 Artificial Lift Services recently demonstrated their strong commitment to the location by electing to exercise three (3) one (1) year options simultaneously at the time of their acquisition of US Rod Manufacturing in March of 2025 which extended the original seven (7) year lease out to July 2028.
— The property represents an ideal near term major “mark to market” upside opportunity:
* ± 2.25 lease years remaining on the current extension term (as of 4/1/26 analysis start).
* The Tenant’s in-place rent is ± 44% below market.
* Tenant has no options remaining.
“STICKINESS” FACTOR: MISSION CRITICAL HEAVY DUTY / $20 M + HIGHLY SPECIALIZED “SUCKER ROD” MANUFACTURING FACILITY
— The 502 S. Oakland Facilities primary role is the production of “sucker rods”, a core component commonly referred to as the “backbone” of rod-lift systems. ± 70% - 80% of oil wells worldwide rely on artificial lift systems that require this component.
— US Rod is the only U.S.-based sucker rod manufacturer, ensuring supply chain security and faster delivery for North American operators—a major differentiator in an industry sensitive to downtime and logistics.
— This location is essential to the operations of US Rod Manufacturing and houses over $20M worth of custom equipment.
THRIVING ELKHART INDUSTRIAL MARKET | LOW VACANCY, SCARCE SUPPLY, STRONG RENT GROWTH
— Nappanee, IN is part of the greater Elkhart, IN industrial market, a mature market comprised of roughly 86.2 M SF of inventory. Market rents in Elkhart for specialized
(manufacturing) assets are $4.70/SF (current rent at subject facility = $2.44/SF).
— The market is extremely tight with a low vacancy rate of only 3.0% as of Q4 2025. In addition, as of Q4 2025 there is ZERO (0) SF of new product under construction in
Elkhart. As a result of high demand and low supply, average annual rent growth over the past five years is a robust 5.6%
Property Facts
| Price | $8,126,063 CAD | Rentable Building Area | 166,962 SF |
| Price Per SF | $48.67 CAD | No. Stories | 1 |
| Sale Type | Investment | Year Built | 1978 |
| Cap Rate | 7% | Tenancy | Single |
| Property Type | Industrial | Parking Ratio | 0.72/1,000 SF |
| Property Subtype | Manufacturing | Clear Ceiling Height | 27’ |
| Building Class | C | No. Dock-High Doors/Loading | 14 |
| Lot Size | 17.75 AC | No. Drive In / Grade-Level Doors | 28 |
| Zoning | M-1 | ||
| Price | $8,126,063 CAD |
| Price Per SF | $48.67 CAD |
| Sale Type | Investment |
| Cap Rate | 7% |
| Property Type | Industrial |
| Property Subtype | Manufacturing |
| Building Class | C |
| Lot Size | 17.75 AC |
| Rentable Building Area | 166,962 SF |
| No. Stories | 1 |
| Year Built | 1978 |
| Tenancy | Single |
| Parking Ratio | 0.72/1,000 SF |
| Clear Ceiling Height | 27’ |
| No. Dock-High Doors/Loading | 14 |
| No. Drive In / Grade-Level Doors | 28 |
| Zoning | M-1 |
Amenities
- Fenced Lot
Utilities
- Lighting - Metal Halide
Bike Score®
Very Bikeable (70)
Property Taxes
| Parcel Number | 20-14-31-476-008.000-029 | Improvements Assessment | $5,770,500 CAD |
| Land Assessment | $688,744 CAD | Total Assessment | $6,459,245 CAD |
Property Taxes
Parcel Number
20-14-31-476-008.000-029
Land Assessment
$688,744 CAD
Improvements Assessment
$5,770,500 CAD
Total Assessment
$6,459,245 CAD
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