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    Commercial Land Near Notre Dame Title is generated by Realmo AI

    51909 N SR 933 Highway, South Bend, IN 46637

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    Picture of Commercial land at 51909 N SR 933 Highway, South Bend, IN
    For Sale
    $189,900

    Mixed Use - South Bend, IN

    Type:Mixed Use
    Lot size:
    4.66 Acres
    Added:
    Sep 3, 2025
    Days on Market:
    249
    Last Refresh:
    May 9 at 9:06 pm

    Property Features for 51909 N SR 933 Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Parking features
    Off Street
    Interior features
    Unfinished, None
    Exterior features
    None
    Standard status
    Active
    APN
    71-03-13-353-003.000-003
    Lot size
    4.66 Acres

    Taxes and HOA fees

    Tax Annual Amount
    7563

    Utilities

    Heating system
    None (Heating)

    Building Details

    Year built
    1900
    Flooring type
    Wood
    Roof type
    Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Tyler Milliman

    Listing agent Tyler Milliman

    Listing office Lewis & Lambright Inc 112 N Detroit St, LaGrange, IN

    Listing date Sep 3, 2025

    MLS# 202535471 Listing URL

    Copyright © 2026 Northeastern Indiana Association 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.

    HighLights

    • High‑traffic commercial location on State Highway 933, near Notre Dame and the Toll Road.
    • 4.66 acres of commercial land with over 376 feet of road frontage.
    • Includes two houses.
    • Four separate tax IDs offer flexibility.
    • Combination of wooded and higher ground.
    • Off‑street parking.

    Overview

    This property features 4.66 acres of commercial land, including two houses. It offers over 376 feet of road frontage on State Highway 933, situated just north of Notre Dame and the Toll Road. The location benefits from high traffic. The property is divided into four tax IDs. Lot 1, identified by Tax ID 002-1025-0661, comprises 0.96 acres with a house, some woods, and approximately 75 feet of road frontage on State Highway 933. Lot 2, with Tax ID 002-1025-0660, also spans 0.96 acres and includes a house, some woods, and approximately 75 feet of road frontage on State Highway 933. Lot 3, Tax ID 002-1025-0659, consists of approximately 1.0 acre of mostly wooded low land with about 80 feet of road frontage on State Highway 933. Lot 4, identified by Tax ID 002-1025-0658, covers approximately 1.82 acres of wood and higher ground, featuring around 146 feet of road frontage on State Highway 933. The property is located in South Bend, IN.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Commercial land

    Map

    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.251893
    Latitude
    41.739016

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    FAQs

    What type of property is this?
    Commercial land - 4.66 acres with road frontage near Notre Dame.
    Where is this commercial land located?
    The property is located at 51909 N SR 933 Highway South Bend, IN.
    What is the asking price?
    The asking price for this property is $189,900.
    What are key features of this property?
    This property features: High‑traffic commercial location on State Highway 933, near Notre Dame and the Toll Road.; **4.66 acres of commercial land with over 376 feet of road frontage.**; Includes two houses.
    (269) 625-2874
    We can help!
    Listing Contact
    Tyler Milliman
    Real Estate License ID: 6502391480
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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