Retail Storefront with Attached
For Sale
$100,000
1518 Miami Street, South Bend, IN 46613
MULTI_FAMILY - South Bend, IN
Property Size651 SF
Lot Size0.12 Acres
Price / SF$153.61
Days on Market102
Property Features for 1518 Miami Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 2, Bathroom 1, Basement, Bedroom 1, Bathroom 2
Parking
2
Basement
Block
Subdivision
Leer(s)
Lot features
Level
Elementary school
Lincoln
Middle school
Jackson
High school
Riley
Elementary school district
South Bend Community School Corp.
Middle school district
South Bend Community School Corp.
High school district
South Bend Community School Corp.
Directions
From Licolnway E, South on Miami. Property is on the left between Haney and Indiana Ave.
Standard status
Active
APN
71-09-18-157-003.000-026
Size
651 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 73 EX 1 FT S SIDE LEERS 2ND REPLAT
Tax Annual Amount
1068
Legal Description
LOT 73 EX 1 FT S SIDE LEERS 2ND REPLAT
Building Details
Year built
1922
Number of units
1
Flooring type
Wood, Laminate, Tile
Listing Agency:
Weichert Rltrs-J.Dunfee&Assoc.
(574) 277-7444
Listed By:
Cat Zmud · License #RB24000014
(574) 485-7197
Added: May 19
Changed: Aug 2
Last Checked: Aug 28 at 4:06PM
MLS# 202619109
Copyright © 2026 Greater South Bend-Mishawaka Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
1518 Miami Street is a mixed-use property featuring a storefront along with an attached 2-bedroom apartment. The combination supports separate uses within one building footprint, with off-street parking available for two vehicles.
The property is located in South Bend, Indiana (46613-2840) near Crooked Ewe, the South Bend Farmers Market, Ivy Tech, Witches BrewPub, and LangLab. This placement provides a connected setting to nearby established destinations and local activity.
With a compact building size and a dual configuration of storefront plus residential unit, the property may appeal to buyers seeking a single-site setup for combined retail and living arrangements.
The property is located in South Bend, Indiana (46613-2840) near Crooked Ewe, the South Bend Farmers Market, Ivy Tech, Witches BrewPub, and LangLab. This placement provides a connected setting to nearby established destinations and local activity.
With a compact building size and a dual configuration of storefront plus residential unit, the property may appeal to buyers seeking a single-site setup for combined retail and living arrangements.
Key Highlights
- Mixed‑use property built in 1922 with a storefront plus an attached 2‑bedroom apartment
- Flooring includes tile, wood, and laminate
- Off‑street parking for 2 vehicles
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
7.21%
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 7.21%
Second Best
Retail
$91.4K
$80.0K – $106.6K
NOI $6,398 @ 7.0% cap · market cap 6.40%
Theoretical Best
Office A
$164.7K
$144.1K – $192.2K
NOI $11,529 @ 7.0% cap · market cap 11.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
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 - Storefront space with an attached 2-bedroom apartment and off-street parking for two vehicles.
Where is this mixed-use property located?
The property is located at 1518 Miami Street South Bend, IN.
What is the asking price?
The asking price for this property is $100,000.
What are key features of this property?
This property features: Mixed‑use property built in 1922 with a storefront plus an attached 2‑bedroom apartment; Flooring includes tile, wood, and laminate; Off‑street parking for 2 vehicles
