Edison Lakes Corporate Office
For Sale
Contact for pricing
1301 E Douglas Rd, Mishawaka, IN
Class A office building in a prime corporate park.
Property Size88,854 SF
Lot Size10.47 Acres
Price / SF$101.29
Days on Market495
Property Features for 1301 E Douglas Rd
General Information
Standard status
Active
Size
88,854 SF
Lot size
10.47 Acres
Property subtype
OFFICE
Listing Agency:
The Zacher Company
(260) 704-5409
Listed By:
Dan Gabbard · License #RB18001659
(260) 704-5409
Source:
Moodyscre
Added: Apr 1, 2025
Changed: Jul 6
Last Checked: Aug 7 at 6:04AM
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 The Zacher Company
Investment Insights
Based on property information with market context.
This Class A building is located within the Edison Lakes Corporate Office Park, offering a strategic location within 10 minutes of the Notre Dame Campus. It is situated adjacent to St. Joseph Hospital and the Veterans Administration Hospital. The property benefits from close proximity to various dining, hospitality, and retail amenities, as well as convenient interstate access. Located within a 10-mile radius of several local markets, including South Bend, Granger, Elkhart, and Southwest Michigan, the property offers a central location. The building presents a value-add potential with income generation through a current tenant in place and a sale-leaseback option from the seller. Approximately 50% of the 88,854 square foot property is currently leased.
Key Highlights
- Class A building in Edison Lakes Corporate Office Park
- Value‑add potential with existing tenant and sale‑leaseback option
- Close proximity to St. Joseph Hospital & Veterans Administration Hospital
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
$736,031
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
8.18%
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%
$14,720,620
$14.7M
Cap Rate 7%
$10,514,729
$10.5M
Cap Rate 9%
$8,178,122
$8.2M
Market Conditions
NOI Build-Up for 88,854 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
$1.26M $14.16/SF
− Vacancy
−$276.8K −$3.12/SF
EGI
$981.4K $11.04/SF
− OpEx
−$245.3K −$2.76/SF
NOI
$736.0K $8.28/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$14.16 /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%
$14,720,620
Cap Rate 7%
$10,514,729
Cap Rate 9%
$8,178,122
Alternative Uses
Best Use
Office B
$10.51M
$9.20M – $12.27M
NOI $736,031 @ 7.0% cap · market cap 8.18%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$17.62M
$15.42M – $20.56M
NOI $1,233,375 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
634
Businesses Nearby
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Class A office building in a prime corporate park.
Where is this office building located?
The property is located at 1301 E Douglas Rd Mishawaka, IN.
What is the asking price?
The asking price for this property is $9,000,000.
What are key features of this property?
This property features: Class A building in Edison Lakes Corporate Office Park; Value‑add potential with existing tenant and sale‑leaseback option; Close proximity to St. Joseph Hospital & Veterans Administration Hospital
