Retail/Office Building on State
17868 IN-23 South Bend, IN 46635
17868 IN-23, South Bend, IN, 46635
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For Sale
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Retail/office building with high visibility and development potential.
Property Size4,164 SF
Lot Size0.72 Acres
Price / SF$139.29
Days on Market1104
Property Features for 17868 IN-23
General Information
- Standard status
- Active
- Size
- 4,164 SF
- Lot size
- 0.72 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1948
Listing agency
NAI Cressy - Mishawaka
(574) 215-0336
Listed by
Ryan Gableman · License #IN RB14049453
Source
Crexi
Added: Jul 14, 2023 Updated: Jul 10 at 3:44PM Checked: Jul 21 at 9:20AM
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 NAI Cressy - Mishawaka
Investment Insights
Based on property information with market context.
This 4,164 square foot building is configured for two retail or office occupants. A portion of the building is currently leased to a hair salon, while the other portion is vacant. The property features monument signage, two curb cuts, and on-site parking. Situated on a 0.72-acre parcel with approximately 215 feet of frontage on State Road 23, the property offers high visibility. It is located minutes from the University of Notre Dame and enjoys excellent frontage on State Road 23. The property is east of the newest developments along the SR 23 / South Bend Avenue corridor, closer to the University of Notre Dame, which includes several mixed-use retail/office and apartment developments currently under construction.
Key Highlights
- Excellent visibility and frontage (215’) on State Road 23.
- Prime location minutes from the University of Notre Dame.
- 4,164 SF building configured for two retail/office occupants.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $62.5k | $15.00 |
| − Vacancy | −$4.0k | −$0.96 |
| EGI | $58.5k | $14.04 |
| − OpEx | −$17.5k | −$4.21 |
| NOI | $40.9k | $9.83 |
4,164 SF · lease $15.00/SF/yr · vacancy 6.40% · expense 30.00%
Alternative Uses
Best Use
Office B
$779.5K
$682.1K – $909.4K
NOI $54,565 @ 7.0% cap · market cap 9.41%
Second Best
Retail
$584.6K
$511.6K – $682.1K
NOI $40,924 @ 7.0% cap · market cap 7.06%
Theoretical Best
Office A
$1.05M
$921.8K – $1.23M
NOI $73,741 @ 7.0% cap · market cap 12.71%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Retail space
Similar For Sale Nearby
FAQs
What type of property is this?
Retail space - Retail/office building with high visibility and development potential.
Where is this retail space located?
The property is located at 17868 IN-23 South Bend, IN.
What is the asking price?
The asking price for this property is $580,000.
What are key features of this property?
This property features: Excellent visibility and frontage (215’) on State Road 23.; Prime location minutes from the University of Notre Dame.; 4,164 SF building configured for two retail/office occupants.
