Corner Retail
For Sale
$1,800,000
2048 E Ireland Rd, South Bend, IN 46614
C-zoned commercial space offers retail, medical, and office use potential with prominent building signage.
Property Size13,723 SF
Price / SF$131.17
Days on Market2508
Property Features for 2048 E Ireland Rd
General Information
Standard status
Active
Size
13,723 SF
Property subtype
Retail
Zoning
C
Additional Details
Corner Location
Yes
Building Details
Building Size
13,723 SF
Year Built
2005
Year Renovated
2008
Buildings
1
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices Northern Indiana Real Estate
Listed By:
Joe Grabill · License #RB14033276
(574) 284-2600
Source:
Cpix.resimplifi
Added: Oct 22, 2019
Changed: Aug 30
Last Checked: Aug 30 at 1:53AM
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 Berkshire Hathaway HomeServices Northern Indiana Real Estate
Investment Insights
Based on property information with market context.
This 13,723-square-foot retail property was constructed in 2005 and is designated C zoning. The building can accommodate retail, medical, or office users, providing flexibility for a range of commercial operations. Pylon signage and suite signage are available for identification from the surrounding roadway.
The property occupies the corner of Ireland Road and Ironwood Drive in South Bend, Indiana. Its placement along the Ireland Road retail corridor provides a visible corner setting on the city’s south side.
The property occupies the corner of Ireland Road and Ironwood Drive in South Bend, Indiana. Its placement along the Ireland Road retail corridor provides a visible corner setting on the city’s south side.
Key Highlights
- 13,723 SF retail property constructed in 2005
- C zoning designation
- Retail, medical, and office use potential
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
$134,870
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
7.49%
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%
$2,697,400
$2.7M
Cap Rate 7%
$1,926,714
$1.9M
Cap Rate 9%
$1,498,556
$1.5M
Market Conditions
NOI Build-Up for 13,723 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
$205.8K $15.00/SF
− Vacancy
−$13.2K −$0.96/SF
EGI
$192.7K $14.04/SF
− OpEx
−$57.8K −$4.21/SF
NOI
$134.9K $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 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%
$2,697,400
Cap Rate 7%
$1,926,714
Cap Rate 9%
$1,498,556
Alternative Uses
Best Use
Retail
$1.93M
$1.69M – $2.25M
NOI $134,870 @ 7.0% cap · market cap 7.49%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.47M
$3.04M – $4.05M
NOI $243,022 @ 7.0% cap · market cap 13.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
68k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 54%
Superstores 18%
Dining 17%
Apparel 11%
Speedway
Shops & Services
25,213 visits/mo
0.1 miles
Big Lots
Superstores
12,454 visits/mo
0.3 miles
Drive & Shine Car Wash
Shops & Services
11,674 visits/mo
0.2 miles
Wings Etc.
Dining
10,331 visits/mo
0.2 miles
Goodwill
Apparel
7,246 visits/mo
0.2 miles
Demographics for 46614, IN
29,917
Population
12,995
Households
2.3
Avg Household Size
43
Median Age
34%
College-Educated
93%
High-School Grad
53.2 sq mi
ZIP Area
562
Density / Sq Mi
$70,998
Median Household Income
$43,793
Median Earnings
$886
Median Rent
$174,900
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 - C-zoned commercial space offers retail, medical, and office use potential with prominent building signage.
Where is this retail space located?
The property is located at 2048 E Ireland Rd South Bend, IN.
What is the asking price?
The asking price for this property is $1,800,000.
What are key features of this property?
This property features: 13,723 SF retail property constructed in 2005; C zoning designation; Retail, medical, and office use potential
