Mixed-Use Building with Event
For Sale
Contact for pricing
107 E 1st Street, Mishawaka, IN 46544
Four tenants, a vacant suite, ballroom space, and a full basement with an existing bar create a flexible commercial layout.
Property Size11,088 SF
Price / SF$89.74
Days on Market102
Property Features for 107 E 1st Street
General Information
Standard status
Active
Size
11,088 SF
Property subtype
Mixed Use
Zoning
C - 3
Building Details
Year Built
1928
Year Renovated
2023
Tenancy
Multi
Listing Agency:
NAI Cressy - Mishawaka
Listed By:
Samuel Cressy · License #RB19001226
(574) 344-9588
Source:
Crexi
Added: May 26
Changed: Sep 2
Last Checked: Sep 3 at 4:41AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of NAI Cressy - Mishawaka
Investment Insights
Based on property information with market context.
This 11,088-square-foot mixed-use building, constructed in 1928, combines a multi-tenant configuration with an event space and ballroom. Four tenants currently occupy the property, while one suite is vacant. The full basement includes an existing bar that could be renovated for future use. Personal property associated with the event operation is available separately, and a 3 way liquor license is available. The property is zoned C-3.
At the corner of E. 1st Street and North Main Street in downtown Mishawaka, the building sits within the city’s central business district. The surrounding area includes retail, office, dining, community spaces, boutiques, and entertainment venues. The Mishawaka Riverwalk along the St. Joseph River is nearby, and access extends to Lincolnway East, State Road 933, and the greater South Bend metro area.
At the corner of E. 1st Street and North Main Street in downtown Mishawaka, the building sits within the city’s central business district. The surrounding area includes retail, office, dining, community spaces, boutiques, and entertainment venues. The Mishawaka Riverwalk along the St. Joseph River is nearby, and access extends to Lincolnway East, State Road 933, and the greater South Bend metro area.
Key Highlights
- 11,088‑square‑foot mixed‑use building constructed in 1928
- Four current tenants plus one vacant suite
- Event space and ballroom included in the building
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
$84,973
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
8.54%
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%
$1,699,460
$1.7M
Cap Rate 7%
$1,213,900
$1.2M
Cap Rate 9%
$944,144
$944.1K
Market Conditions
NOI Build-Up for 11,088 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
$174.3K $15.72/SF
− Vacancy
−$38.3K −$3.46/SF
EGI
$136.0K $12.26/SF
− OpEx
−$51.0K −$4.60/SF
NOI
$85.0K $7.66/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
37.50%
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%
$1,699,460
Cap Rate 7%
$1,213,900
Cap Rate 9%
$944,144
Alternative Uses
Best Use
Mixed Use
$1.21M
$1.06M – $1.42M
NOI $84,973 @ 7.0% cap · market cap 8.54%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$2.20M
$1.92M – $2.57M
NOI $153,912 @ 7.0% cap · market cap 15.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
892
Businesses Nearby
Explore this area
Business Placement
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Four tenants, a vacant suite, ballroom space, and a full basement with an existing bar create a flexible commercial layout.
Where is this mixed-use property located?
The property is located at 107 E 1st Street Mishawaka, IN.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: 11,088‑square‑foot mixed‑use building constructed in 1928; Four current tenants plus one vacant suite; Event space and ballroom included in the building
