Mixed-Use Building with Original
For Sale
$179,000
107 Lincolnway East, Mishawaka, IN 46544
Two-level commercial property with C-3 City Center Commercial zoning and an unfinished upper-floor apartment.
Property Size1,307 SF
Price / SF$136.95
Days on Market320
Property Features for 107 Lincolnway East
General Information
Standard status
Active
Size
1,307 SF
Property subtype
Commercial / Mixed Use
Zoning
C-3
Additional Details
Traffic Count
12,000 vehicles/day
Taxes and HOA fees
Annual Taxes
$3,192
Amenities
Central Air
2
Yes
Carpet
Gas
Michigan Basement
Brick
Flat
Building Details
Year Built
1930
Buildings
1
Listing Agency:
Coldwell Banker Real Estate Group
(574) 277-8000
Listed By:
John Piraccini · License #RB14045659
(574) 277-8000
Source:
Compass
Added: Oct 16, 2025
Changed: Aug 30
Last Checked: Aug 30 at 5:17PM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1930, this 1,307-square-foot mixed-use building combines a commercial main level with an unfinished apartment upstairs. The ground floor offers an open-span layout, original jewelry display cases, a vault, workshop space, and a rear break room. Central air, a gas furnace, carpeting, and a Michigan Basement are among the interior features. The upper level requires renovation before residential occupancy.
The property sits at 107 Lincolnway East in Downtown Mishawaka, alongside 1st Source Bank and near City Hall. Lincolnway E carries over 12,000 cars daily, while N Main St connects toward the Mill development and Mishawaka Riverwalk. A Beacon outpatient center is under construction one block away at Lincolnway E and N Church St.
Recent work includes roof improvements completed in late 2023 and maintenance to the overhang and facade in 2023. The furnace was replaced in 2016. C-3 City Center Commercial zoning supports a wide array of businesses on the main floor.
The property sits at 107 Lincolnway East in Downtown Mishawaka, alongside 1st Source Bank and near City Hall. Lincolnway E carries over 12,000 cars daily, while N Main St connects toward the Mill development and Mishawaka Riverwalk. A Beacon outpatient center is under construction one block away at Lincolnway E and N Church St.
Recent work includes roof improvements completed in late 2023 and maintenance to the overhang and facade in 2023. The furnace was replaced in 2016. C-3 City Center Commercial zoning supports a wide array of businesses on the main floor.
Key Highlights
- 1,307‑square‑foot mixed‑use building constructed in 1930
- Open‑span main floor retains original jewelry cases and a vault
- Unfinished upstairs apartment requires renovation
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
$10,016
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
5.60%
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%
$200,320
$200.3K
Cap Rate 7%
$143,086
$143.1K
Cap Rate 9%
$111,289
$111.3K
Market Conditions
NOI Build-Up for 1,307 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
$20.5K $15.72/SF
− Vacancy
−$4.5K −$3.46/SF
EGI
$16.0K $12.26/SF
− OpEx
−$6.0K −$4.60/SF
NOI
$10.0K $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%
$200,320
Cap Rate 7%
$143,086
Cap Rate 9%
$111,289
Alternative Uses
Best Use
Retail
$259.2K
$226.8K – $302.4K
NOI $18,142 @ 7.0% cap · market cap 10.14%
Second Best
Mixed Use
$143.1K
$125.2K – $166.9K
NOI $10,016 @ 7.0% cap · market cap 5.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
892
Businesses Nearby
16k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 86%
Dining 14%
Mobil
Shops & Services
7,172 visits/mo
0.3 miles
KeyBank
Shops & Services
2,711 visits/mo
0.2 miles
REBEL Convenience Store
Shops & Services
2,279 visits/mo
0.2 miles
Pizza Hut
Dining
2,275 visits/mo
0.2 miles
Marathon
Shops & Services
1,751 visits/mo
0.2 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial property with C-3 City Center Commercial zoning and an unfinished upper-floor apartment.
Where is this mixed-use property located?
The property is located at 107 Lincolnway East Mishawaka, IN.
What is the asking price?
The asking price for this property is $179,000.
What are key features of this property?
This property features: 1,307‑square‑foot mixed‑use building constructed in 1930; Open‑span main floor retains original jewelry cases and a vault; Unfinished upstairs apartment requires renovation
