Historic Three-Story
115 W Colfax Ave., South Bend, IN 46601
For Sale
Contact for pricing
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 Market51
Property Features for 115 W Colfax Ave.
General Information
Standard status
Size
Lot size
Property subtype
Additional Details
Patio
Building Details
Year Built
Buildings
Stories
Construction
Listing Agency:
NAI Cressy - Mishawaka
Listed By:
Blair Wozny · License IN RB18001381
(574) 485-1517
Source:
Crexi
Added: Sep 21
Changed: Nov 8
Last Checked: Nov 10 at 7:13AM
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
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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 / Yr
$130,467
Cap Rate
7.46%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
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
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Market
Vacancy Rate% for Retail in Midwest region
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
