Mixed-Use Convenience Store
For Sale
$290,000
1637 KEMBLE AVE, South Bend, IN 46613
MULTI_FAMILY - South Bend, IN
Property Size2,394 SF
Lot Size0.25 Acres
Price / SF$121.14
Days on Market269
Property Features for 1637 KEMBLE AVE
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
5
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 2, Bedroom 4, Bathroom 1, Bathroom 2, Bedroom 5, Basement, Bedroom 1, Bedroom 3
Lot features
Corner, 0-2.9999
Elementary school
Monroe
Middle school
Marshall
High school
Riley
Elementary school district
South Bend Community School Corp.
Middle school district
South Bend Community School Corp.
High school district
South Bend Community School Corp.
Directions
PRAIRE SOUTH ON KEMBLE.
Subdivision
St. Joseph County
Standard status
Active
APN
71-08-14-331-027.000-026
Size
2,394 SF
Lot size
0.25 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Lots 50-51 Byerleys Add
Tax Annual Amount
1680
Legal Description
Lots 50-51 Byerleys Add
Building Details
Year built
1956
Floors in Building
2
Number of units
1
Flooring type
Concrete
Architectural style
Other
Listing Agency:
McKinnies Realty, LLC Elkhart
(574) 271-3440
Listed By:
Kavita Patel · License #RB22002108
(574) 387-9959
Added: Nov 18, 2025
Changed: Aug 3
Last Checked: Aug 14 at 7:06AM
MLS# 202546428
Copyright © 2026 Elkhart County Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This two-story brick mixed-use building is currently set up with an operating grocery/convenience store on the main floor, along with three additional rooms that can be used for office, storage, or expansion. A basement provides additional storage. The second level includes living quarters with five bedrooms, a living room, an eat-in kitchen, and a full bathroom, supporting on-site management and/or additional rental income. The property is sold as-is.
Located at 1637 Kemble Ave in South Bend, IN 46613, the building sits on a double-fenced lot and includes a recently updated detached 2-car garage. The listing notes the property’s placement on a busy corner within an active redevelopment area.
Located at 1637 Kemble Ave in South Bend, IN 46613, the building sits on a double-fenced lot and includes a recently updated detached 2-car garage. The listing notes the property’s placement on a busy corner within an active redevelopment area.
Key Highlights
- 2‑story brick mixed‑use property built in 1956 with concrete flooring
- Main level currently used as an operating grocery/convenience store plus 3 additional rooms for office, storage, or expansion
- Second level features 5 bedrooms, a living room, an eat‑in kitchen, and 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,528
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.11%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$470,560
$470.6K
Cap Rate 7%
$336,114
$336.1K
Cap Rate 9%
$261,422
$261.4K
Market Conditions
NOI Build-Up for 2,394 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$35.9K $15.00/SF
− Vacancy
−$2.3K −$0.96/SF
EGI
$33.6K $14.04/SF
− OpEx
−$10.1K −$4.21/SF
NOI
$23.5K $9.83/SF
Area
South Bend, IN
Vacancy
6.40%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$470,560
Cap Rate 7%
$336,114
Cap Rate 9%
$261,422
Alternative Uses
Best Use
Specialty Retail
$393.9K
$344.7K – $459.6K
NOI $27,575 @ 7.0% cap · market cap 9.51%
Second Best
Retail
$336.1K
$294.1K – $392.1K
NOI $23,528 @ 7.0% cap · market cap 8.11%
Theoretical Best
Office A
$605.7K
$530.0K – $706.6K
NOI $42,396 @ 7.0% cap · market cap 14.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
895
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Home Improvements & Furnishings 100%
Ferguson
Home Improvements & Furnishings
895 visits/mo
0.4 miles
Demographics for 46613, IN
11,427
Population
4,758
Households
2.4
Avg Household Size
30
Median Age
13%
College-Educated
82%
High-School Grad
3.2 sq mi
ZIP Area
3,571
Density / Sq Mi
$41,625
Median Household Income
$23,984
Median Earnings
$991
Median Rent
$71,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Grocery and convenience store - Two-story brick property with an operating convenience store, additional rooms, five-bedroom living space, and detached 2-car garage.
Where is this grocery and convenience store located?
The property is located at 1637 KEMBLE AVE South Bend, IN.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 2‑story brick mixed‑use property built in 1956 with concrete flooring; Main level currently used as an operating grocery/convenience store plus 3 additional rooms for office, storage, or expansion; Second level features 5 bedrooms, a living room, an eat‑in kitchen, and 1 full bathroom
