Downtown Mishawaka Commercial Building For
For Sale
Contact for pricing
Pending
110 Lincolnway E, Mishawaka, IN 46544
Charming commercial building in downtown Mishawaka's central business district.
Property Size3,120 SF
Days on Market193
Property Features for 110 Lincolnway E
General Information
Standard status
Pending
Size
3,120 SF
Class
A
Property subtype
Retail
Building Details
Year Built
1933
Year Renovated
2024
Listing Agency:
Northern Indiana Real Estate Mishawaka
(574) 284-2610
Listed By:
Joe Grabill · License #IN RB14033276
Source:
Crexi
Added: Jan 30
Changed: Aug 8
Last Checked: Jul 31 at 1:51PM
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 Northern Indiana Real Estate Mishawaka
Investment Insights
Based on property information with market context.
This architecturally distinctive commercial building is situated in the heart of downtown Mishawaka's central business district. The property benefits from strong pedestrian traffic and a revitalized streetscape. The 3,120 square-foot space is currently configured as a turn-key café and features a character-rich interior that blends historic elements with thoughtful design. Multiple levels provide flexible layout options. The property is suitable for a restaurant, pub, or coffee shop. It is also well-suited for hospitality users or owner-operators seeking a downtown presence.
Key Highlights
- Turn‑key café configuration ready for immediate operation.
- Prime downtown Mishawaka location with high pedestrian traffic.
- Flexible multi‑level layout suitable for various hospitality uses.
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
$36,619
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
7.40%
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%
$732,380
$732.4K
Cap Rate 7%
$523,129
$523.1K
Cap Rate 9%
$406,878
$406.9K
Market Conditions
NOI Build-Up for 3,120 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
$50.5K $16.20/SF
− Vacancy
−$1.7K −$0.55/SF
EGI
$48.8K $15.65/SF
− OpEx
−$12.2K −$3.91/SF
NOI
$36.6K $11.74/SF
Area
St. Joseph County, IN
Vacancy
3.40%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
25.00%
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%
$732,380
Cap Rate 7%
$523,129
Cap Rate 9%
$406,878
Alternative Uses
Best Use
Specialty Retail
$523.1K
$457.7K – $610.3K
NOI $36,619 @ 7.0% cap · market cap 7.40%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$618.7K
$541.4K – $721.8K
NOI $43,308 @ 7.0% cap · market cap 8.75%
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
16k
Monthly Visits Nearby
Under-served
Demand for This Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Embassy Coffee — 110 Lincolnway E, Mishawaka, IN 46544
- Chicory Cafe Mishawaka — 114 W 1st St, Mishawaka, IN 46544
Frequently Asked Questions
What type of property is this?
Coffee shop - Charming commercial building in downtown Mishawaka's central business district.
Where is this coffee shop located?
The property is located at 110 Lincolnway E Mishawaka, IN.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Turn‑key café configuration ready for immediate operation.; Prime downtown Mishawaka location with high pedestrian traffic.; Flexible multi‑level layout suitable for various hospitality uses.
