Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Net Leased Investment Opportunity Title is generated by Realmo AI

    1201-1215 S Michigan Street, South Bend, IN 46601

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Sale
    Contact for pricing

    Single-tenant property with long-term lease and annual rental escalations.

    Type:Retail
    Property size:
    5,934 SF
    Price / SF:
    $185/SF
    Added:
    Mar 3, 2026
    Days on Market:
    70
    Last Refresh:
    Mar 16 at 2:01 pm

    Property Features for 1201-1215 S Michigan Street

    General Information

    Standard status
    Active
    Size
    5,934 SF
    Property subtype
    Retail

    Building Details

    Year Built
    2007

    We can help!

    Listing Contact
    Brett McDermott, CCIM
    Brett McDermott, CCIM

    Listing agent Brett McDermott, CCIM License #IN RB14050416

    Listing office Latitude Commercial

    Listing date Mar 3, 2026

    Source Crexi

    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 Latitude Commercial

    HighLights

    • Long‑term lease with Help at Home, LLC, providing income stability.
    • Triple Net (NNN) lease structure minimizes landlord responsibilities.
    • 2% annual rental escalations offer built‑in NOI growth.
    • Strategically located along S. Michigan Street in South Bend, Indiana, with strong visibility and accessibility.
    • Tenant has three (3) additional 3‑year renewal options.
    • Located in South Bend, Indiana, the fourth‑most populous city in Indiana.

    Overview

    This single-tenant net leased investment is occupied by Help at Home, LLC, a provider of home healthcare services. The property is located along S. Michigan Street in South Bend, Indiana, offering visibility and accessibility within a commercial corridor. The tenant operates under a long-term lease with an initial 8-year term (96 months) and three additional 3-year renewal options. The lease features 2% annual rental escalations. Structured as a Triple Net (NNN) lease, the tenant is responsible for real estate taxes, insurance, common area maintenance (CAM), utilities, and interior maintenance and repairs. Landlord responsibilities are limited to structural components, including the roof, foundation, and load-bearing structural elements. South Bend is a city in St. Joseph County, Indiana, and its county seat. It lies along the St. Joseph River near its southernmost bend. It is the fourth-most populous city in Indiana with a population of 103,453 at the 2020 census. Located directly south of Indiana's northern border with Michigan, South Bend anchors the broader Michiana region. Its metropolitan area had a population of 324,501 in 2020, while its combined statistical area had 812,199 residents. The property size is 5934 square feet.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Spa & Massage Center Dental Office Big Box & Wholesale Store Hair Salon Auto Repair Shop Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.250506
    Latitude
    41.661506

    Nearby Similar for Sale

    • $400,000

      Turnkey Tavern with Apartment

      Fully-equipped bar/restaurant with a 2-bedroom apartment and heated garage.
      2209 Kemble Avenue, South Bend, IN 46613
      View Details
    • $565,000

      Iconic Restaurant Opportunity in South Bend

      Turnkey restaurant with established name, furniture, fixtures, and equipment.
      24460 Adams Road, South Bend, IN 46628
      View Details
    • $750,000

      Historic Church in Downtown South Bend

      Exquisite stone church in downtown South Bend with development potential.
      302 W Washington Street, South Bend, IN 46601-1524
      View Details
    • $489,000

      Historic Studebaker Office/Home Investment

      Historic mixed-use property with commercial and residential zoning.
      3030 S Michigan Street, South Bend, IN 46614-1712
      View Details
    • $189,000

      South Bend Mixed-Use Opportunity

      Unique mixed-use property with high visibility and endless opportunities.
      1530 S Walnut Street, South Bend, IN 46619-4312
      View Details
    • $130,000
      744 SF

      Western Avenue Commercial Building

      744 sq ft commercial building on Western Avenue, South Bend.
      4122 W Western Avenue, South Bend, IN 46619
      View Details
    • $300,000
      2,394 SF

      Mixed-Use Property in Redevelopment Area

      Established convenience store with living quarters in South Bend, Indiana.
      1637 KEMBLE AVE, South Bend, IN 46613
      View Details
    • $75,000

      Auto Repair Garage Opportunity

      Auto repair garage with lift and truck garage on southside.
      1536 S Main Street, South Bend, IN 46613
      View Details
    • $259,000

      Warehouse with Compressor and Office

      Warehouse with office, bathroom, cooking area, and compressor system.
      19990 State line Road, South Bend, IN 46637
      View Details
    • $469,000

      Retail/Commercial Opportunity on N Dixie

      Excellent visibility, recent improvements, and favorable location.
      211 and 215 N Dixie Way South Bend, IN 46637
      View Details
    • $220,000
      3,500 SF

      South Bend Mixed-Use Redevelopment Opportunity

      Two-story building on corner lot with redevelopment potential.
      1201 W WESTERN AVE Avenue, South Bend, IN 46601
      View Details
    • $149,000

      South Bend Mixed-Use Property

      Commercial building with vacant lot, suitable for mixed-use.
      3601 W Western Avenue, South Bend, IN 46619
      View Details

    FAQs

    What type of property is this?
    Retail space - Single-tenant property with long-term lease and annual rental escalations.
    Where is this retail space located?
    The property is located at 1201-1215 S Michigan Street South Bend, IN.
    What is the asking price?
    The asking price for this property is $1,100,000.
    What are key features of this property?
    This property features: Long‑term lease with Help at Home, LLC, providing income stability.; Triple Net (NNN) lease structure minimizes landlord responsibilities.; 2% annual rental escalations offer built‑in NOI growth.
    (219) 864-0200 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Brett McDermott, CCIM
    Brett McDermott, CCIM
    Real Estate License ID: IN RB14050416
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    1201-1215 S Michigan Street, South Bend, IN 46601
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!