Candlewood Suites Extended-Stay
For Sale
Contact for pricing
1220 East Douglas Road, Mishawaka, IN 46545
Extended-stay lodging property with access to Mishawaka and South Bend employment, university, healthcare, and commercial destinations.
Property Size38,316 SF
Price / SF$135.71
Days on Market11
Property Features for 1220 East Douglas Road
General Information
Standard status
Active
Size
38,316 SF
Property subtype
Hospitality
Additional Details
Highway Access
Yes
Building Details
Year Built
2017
Units
70
Listing Agency:
Matthews
Listed By:
Mitchell Glasson · License #02016029
Source:
Crexi
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 18 at 10:06PM
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 Matthews
Investment Insights
Based on property information with market context.
The Candlewood Suites Mishawaka is an extended-stay hotel with 38,316 square feet of property area and a 2017 construction date. The asset operates under the Candlewood Suites brand within the IHG Hotels & Resorts portfolio, providing an established hospitality identity for longer-duration lodging demand.
Located at 1220 East Douglas Road in Mishawaka, Indiana, the hotel is near Interstate 90 and the Indiana Toll Road, with access across the Mishawaka–South Bend market. Nearby demand sources identified for the property include the University of Notre Dame, Saint Mary’s College, Indiana University South Bend, corporate, healthcare, and manufacturing employers, as well as University Park Mall, Eddy Street Commons, and Downtown South Bend.
The surrounding area combines institutional, employment, healthcare, manufacturing, retail, and downtown destinations, creating a broad range of stated lodging demand sources for the extended-stay format.
Located at 1220 East Douglas Road in Mishawaka, Indiana, the hotel is near Interstate 90 and the Indiana Toll Road, with access across the Mishawaka–South Bend market. Nearby demand sources identified for the property include the University of Notre Dame, Saint Mary’s College, Indiana University South Bend, corporate, healthcare, and manufacturing employers, as well as University Park Mall, Eddy Street Commons, and Downtown South Bend.
The surrounding area combines institutional, employment, healthcare, manufacturing, retail, and downtown destinations, creating a broad range of stated lodging demand sources for the extended-stay format.
Key Highlights
- 38,316‑square‑foot extended‑stay hotel
- Built in 2017
- Candlewood Suites brand within the IHG Hotels & Resorts portfolio
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
$223,162
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
4.29%
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%
$4,463,240
$4.5M
Cap Rate 7%
$3,188,029
$3.2M
Cap Rate 9%
$2,479,578
$2.5M
Market Conditions
NOI Build-Up for 38,316 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
$602.3K $15.72/SF
− Vacancy
−$132.5K −$3.46/SF
EGI
$469.8K $12.26/SF
− OpEx
−$246.7K −$6.44/SF
NOI
$223.2K $5.82/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
52.50%
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%
$4,463,240
Cap Rate 7%
$3,188,029
Cap Rate 9%
$2,479,578
Alternative Uses
Best Use
Hotel Hospitality
$3.19M
$2.79M – $3.72M
NOI $223,162 @ 7.0% cap · market cap 4.29%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$7.60M
$6.65M – $8.86M
NOI $531,861 @ 7.0% cap · market cap 10.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
896
Businesses Nearby
Explore this area
Business Placement
Demographics for 46545, IN
26,312
Population
13,046
Households
2
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
18.3 sq mi
ZIP Area
1,438
Density / Sq Mi
$55,889
Median Household Income
$36,999
Median Earnings
$986
Median Rent
$174,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Extended-stay lodging property with access to Mishawaka and South Bend employment, university, healthcare, and commercial destinations.
Where is this hotel located?
The property is located at 1220 East Douglas Road Mishawaka, IN.
What is the asking price?
The asking price for this property is $5,200,000.
What are key features of this property?
This property features: 38,316‑square‑foot extended‑stay hotel; Built in 2017; Candlewood Suites brand within the IHG Hotels & Resorts portfolio
