South Bend Net Leased
For Sale
$1,100,000
1201-1215 S Michigan St, South Bend, IN 46601
Single-tenant net leased investment property in South Bend, Indiana.
Property Size5,934 SF
Days on Market183
Property Features for 1201-1215 S Michigan St
General Information
Standard status
Active
Size
5,934 SF
Property subtype
Retail
Net Operating Income
$85,627
Building Details
Building Size
5,934 SF
Year Built
2007
Listing Agency:
Latitude Commercial
Listed By:
Brett McDermott, CCIM · License #IN #RB14050416
(219) 545-4328
Source:
Latitudeco
Added: Apr 8
Changed: Oct 6
Last Checked: Oct 5 at 5:27PM
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
Investment Insights
Based on property information with market context.
This is a single-tenant net leased investment property 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 property is offered with a long-term net lease structure, featuring 2% annual rent increases. The tenant is a corporate healthcare entity, and the lease includes limited landlord responsibilities and three additional 3-year renewal options. The intended use of the property is for commercial real estate purposes.
Key Highlights
- Long‑term net lease structure provides stable, predictable income.
- Corporate healthcare tenant (Help at Home, LLC) offers security and reliability.
- Strategically located on S. Michigan Street in South Bend, Indiana, ensuring high visibility and accessibility.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$58,319
Cap Rate
5.30%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,166,380
$1.2M
Cap Rate 7%
$833,129
$833.1K
Cap Rate 9%
$647,989
$648.0K
Market Conditions
NOI Build-Up for 5,934 SF
Gross rent
$89.0K $15.00/SF
− Vacancy
−$5.7K −$0.96/SF
EGI
$83.3K $14.04/SF
− OpEx
−$25.0K −$4.21/SF
NOI
$58.3K $9.83/SF
Area
South Bend, IN
Vacancy
6.40%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,166,380
Cap Rate 7%
$833,129
Cap Rate 9%
$647,989
Alternative Uses
Best Use
Retail
$833.1K
$729.0K – $972.0K
NOI $58,319 @ 7.0% cap · market cap 5.30%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.50M
$1.31M – $1.75M
NOI $105,086 @ 7.0% cap · market cap 9.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
582
Businesses Nearby
19k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 64%
Dining 33%
Home Improvements & Furnishings 2%
Arby's
Dining
6,493 visits/mo
0.3 miles
Family Dollar
Shops & Services
6,423 visits/mo
0.3 miles
Phillips 66
Shops & Services
4,023 visits/mo
0.3 miles
Enterprise Rent-A-Car
Shops & Services
1,808 visits/mo
0.2 miles
Sherwin-Williams Paint Store
Home Improvements & Furnishings
461 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
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Single-tenant net leased investment property in South Bend, Indiana.
Where is this retail space located?
The property is located at 1201-1215 S Michigan St 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 net lease structure provides stable, predictable income.; Corporate healthcare tenant (Help at Home, LLC) offers security and reliability.; Strategically located on S. Michigan Street in South Bend, Indiana, ensuring high visibility and accessibility.
