Corner Retail
For Sale
$299,000
702 S Ironwood Dr, Mishawaka, IN 46544
Commercial small-retail zoning supports a range of storefront and specialty-shop uses.
Property Size1,266 SF
Price / SF$236.18
Days on Market41
Property Features for 702 S Ironwood Dr
General Information
Standard status
Active
Size
1,266 SF
Additional Details
Corner Location
Yes
Building Details
Year Built
1961
Listing Agency:
Cressy & Everett - South Bend
Listed By:
Bashar Saleh
Source:
Callcriswell
Added: Jul 20
Changed: Aug 28
Last Checked: Aug 29 at 12:05PM
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 Cressy & Everett - South Bend
Investment Insights
Based on property information with market context.
This retail property occupies a corner position at 702 S Ironwood Drive in Mishawaka, Indiana, at the intersection of Ironwood and Milburn. The site is currently operating as Mishawaka Smoke Shop and is configured for commercial small-retail use.
Its placement along a busy corridor provides exposure to vehicle traffic, with the property information indicating hundreds to thousands of vehicles pass the area daily. The existing operation has a 4.4 out of 5-star Google rating, reflecting an established customer presence. The property may accommodate continued retail use, a specialty shop, or another commercial application supported by its zoning.
Its placement along a busy corridor provides exposure to vehicle traffic, with the property information indicating hundreds to thousands of vehicles pass the area daily. The existing operation has a 4.4 out of 5-star Google rating, reflecting an established customer presence. The property may accommodate continued retail use, a specialty shop, or another commercial application supported by its zoning.
Key Highlights
- Corner location at Ironwood and Milburn in Mishawaka
- Zoned for commercial small‑retail use
- Currently operating as Mishawaka Smoke Shop
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
$17,573
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
5.88%
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%
$351,460
$351.5K
Cap Rate 7%
$251,043
$251.0K
Cap Rate 9%
$195,256
$195.3K
Market Conditions
NOI Build-Up for 1,266 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
$27.8K $21.96/SF
− Vacancy
−$2.7K −$2.13/SF
EGI
$25.1K $19.83/SF
− OpEx
−$7.5K −$5.95/SF
NOI
$17.6K $13.88/SF
Area
St. Joseph County, IN
Vacancy
9.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$351,460
Cap Rate 7%
$251,043
Cap Rate 9%
$195,256
Alternative Uses
Best Use
Retail
$251.0K
$219.7K – $292.9K
NOI $17,573 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
90k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 33%
Shops & Services 29%
Martin's Super Markets
Groceries
29,364 visits/mo
0.4 miles
McDonald's
Dining
25,320 visits/mo
0.2 miles
Phillips 66
Shops & Services
9,951 visits/mo
0.2 miles
Dollar General
Shops & Services
9,277 visits/mo
0.3 miles
Arby's
Dining
5,693 visits/mo
0.3 miles
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Retail space - Commercial small-retail zoning supports a range of storefront and specialty-shop uses.
Where is this retail space located?
The property is located at 702 S Ironwood Dr Mishawaka, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Corner location at Ironwood and Milburn in Mishawaka; Zoned for commercial small‑retail use; Currently operating as Mishawaka Smoke Shop
