Historic Three-Story
New
For Sale
Contact for pricing
115 W Colfax Ave., South Bend, IN 46601
Restaurant improvements include two commercial kitchens, a built-in bar, outdoor deck, and elevator serving all floors.
Property Size11,327 SF
Lot Size0.18 Acres
Price / SF$154.50
Days on Market6
Property Features for 115 W Colfax Ave.
General Information
Standard status
Active
Size
11,327 SF
Lot size
0.18 Acres
Property subtype
Retail
Additional Details
Patio
Yes
Building Details
Year Built
1868
Buildings
1
Stories
3
Construction
brick
Listing Agency:
NAI Cressy - Mishawaka
Listed By:
Christian Davey · License #RB14049113
(574) 485-1534
Source:
Crexi
Added: Sep 21
Changed: Sep 24
Last Checked: Sep 24 at 2:04PM
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.
Built in 1868, this three-story restaurant property contains approximately 11,327 square feet on 0.18 acres and is listed on the National Register of Historic Places. The first floor has a 1,558-square-foot dining room, two restrooms, and a commercial kitchen. A restroom and 26' x 22' wood deck with pergola occupy the second floor; the third floor includes a 54-foot built-in oak bar, two restrooms, and another commercial kitchen. Built-in walk-in coolers and freezers are in the basement. Two stairwells and a 400-pound elevator/lift connect the floors.
The property at 115 W. Colfax Ave. is directly adjacent to the Morris Performing Arts Center in downtown South Bend. Parking options include an approximately 2,500-square-foot paved and landscaped area north of the building, a nearby garage, an adjacent city-owned garage within the Seven Diamonds mixed-use development, and common street parking.
The property at 115 W. Colfax Ave. is directly adjacent to the Morris Performing Arts Center in downtown South Bend. Parking options include an approximately 2,500-square-foot paved and landscaped area north of the building, a nearby garage, an adjacent city-owned garage within the Seven Diamonds mixed-use development, and common street parking.
Key Highlights
- Approximately 11,327 square feet on 0.18 acres
- Restaurant building constructed in 1868 and listed on the National Register of Historic Places
- Two commercial kitchens, including one on the third floor
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
$130,467
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
7.46%
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%
$2,609,340
$2.6M
Cap Rate 7%
$1,863,814
$1.9M
Cap Rate 9%
$1,449,633
$1.4M
Market Conditions
NOI Build-Up for 11,327 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
$183.5K $16.20/SF
− Vacancy
−$9.5K −$0.84/SF
EGI
$174.0K $15.36/SF
− OpEx
−$43.5K −$3.84/SF
NOI
$130.5K $11.52/SF
Area
South Bend, IN
Vacancy
5.20%
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%
$2,609,340
Cap Rate 7%
$1,863,814
Cap Rate 9%
$1,449,633
Alternative Uses
Best Use
Specialty Retail
$1.86M
$1.63M – $2.17M
NOI $130,467 @ 7.0% cap · market cap 7.46%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.87M
$2.51M – $3.34M
NOI $200,591 @ 7.0% cap · market cap 11.46%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
3,177
Businesses Nearby
64k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 74%
Hotels & Casinos 15%
Shops & Services 11%
McDonald's
Dining
24,546 visits/mo
0.2 miles
Burger King
Dining
13,202 visits/mo
0.1 miles
Taco Bell
Dining
9,932 visits/mo
0.1 miles
DoubleTree by Hilton Hotel South Bend
Hotels & Casinos
6,144 visits/mo
0.2 miles
Fifth Third Bank & ATM
Shops & Services
3,955 visits/mo
0.1 miles
Demographics for 46601, IN
5,947
Population
2,862
Households
2.1
Avg Household Size
35
Median Age
22%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
2,974
Density / Sq Mi
$27,080
Median Household Income
$26,835
Median Earnings
$784
Median Rent
$131,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
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?
Conventional restaurant - Restaurant improvements include two commercial kitchens, a built-in bar, outdoor deck, and elevator serving all floors.
Where is this conventional restaurant located?
The property is located at 115 W Colfax Ave. South Bend, IN.
What is the asking price?
The asking price for this property is $1,750,000.
What are key features of this property?
This property features: Approximately 11,327 square feet on 0.18 acres; Restaurant building constructed in 1868 and listed on the National Register of Historic Places; Two commercial kitchens, including one on the third floor
