Mixed-Use Building with
For Sale
$80,000
1518 Miami St, South Bend, IN 46613
Includes a retail-facing storefront, attached two-bedroom apartment, and parking for two vehicles.
Property Size651 SF
Price / SF$122.89
Days on Market17
Property Features for 1518 Miami St
General Information
Standard status
Active
Size
651 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Multifamily Units
1
Building Details
Year Built
1922
Listing Agency:
Weichert Rltrs-J.Dunfee&Assoc.
Listed By:
Cat Zmud · License #RB24000014
(574) 277-7444
Source:
Spencerchildersgroup
Added: Aug 17
Changed: Aug 28
Last Checked: Sep 1 at 10:18PM
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 Weichert Rltrs-J.Dunfee&Assoc.
Investment Insights
Based on property information with market context.
Built in 1922, this mixed-use property combines a storefront with an attached two-bedroom apartment in one building. The configuration brings commercial and residential components together, with off-street parking for two vehicles.
The property is located at 1518 Miami St in South Bend, near Crooked Ewe, South Bend Farmers Market, Ivy Tech, Witches BrewPub, and LangLab. Its placement near these destinations provides a setting surrounded by established local businesses, educational facilities, and community-oriented venues.
The property is located at 1518 Miami St in South Bend, near Crooked Ewe, South Bend Farmers Market, Ivy Tech, Witches BrewPub, and LangLab. Its placement near these destinations provides a setting surrounded by established local businesses, educational facilities, and community-oriented venues.
Key Highlights
- Storefront paired with an attached two‑bedroom apartment
- Off‑street parking for 2 vehicles
- Built in 1922
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
$7,210
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
9.01%
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%
$144,200
$144.2K
Cap Rate 7%
$103,000
$103.0K
Cap Rate 9%
$80,111
$80.1K
Market Conditions
NOI Build-Up for 651 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
$12.9K $19.80/SF
− Vacancy
−$1.4K −$2.08/SF
EGI
$11.5K $17.72/SF
− OpEx
−$4.3K −$6.65/SF
NOI
$7.2K $11.08/SF
Area
South Bend, IN
Vacancy
10.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$144,200
Cap Rate 7%
$103,000
Cap Rate 9%
$80,111
Alternative Uses
Best Use
Mixed Use
$103.0K
$90.1K – $120.2K
NOI $7,210 @ 7.0% cap · market cap 9.01%
Second Best
Retail
$91.4K
$80.0K – $106.6K
NOI $6,398 @ 7.0% cap · market cap 8.00%
Theoretical Best
Office A
$164.7K
$144.1K – $192.2K
NOI $11,529 @ 7.0% cap · market cap 14.41%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
485
Businesses Nearby
Explore this area
Business Placement
Demographics for 46613, IN
11,427
Population
4,758
Households
2.4
Avg Household Size
30
Median Age
13%
College-Educated
82%
High-School Grad
3.2 sq mi
ZIP Area
3,571
Density / Sq Mi
$41,625
Median Household Income
$23,984
Median Earnings
$991
Median Rent
$71,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Includes a retail-facing storefront, attached two-bedroom apartment, and parking for two vehicles.
Where is this mixed-use property located?
The property is located at 1518 Miami St South Bend, IN.
What is the asking price?
The asking price for this property is $80,000.
What are key features of this property?
This property features: Storefront paired with an attached two‑bedroom apartment; Off‑street parking for 2 vehicles; Built in 1922
