Food-Grade Cold Storage Distribution
For Sale
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1840 Commerce Dr, South Bend, IN 46628
Food-grade temperature controlled distribution facility with freezer, refrigerated, and dry storage plus dock and grade-level access.
Property Size146,102 SF
Lot Size14.20 Acres
Price / SF$74.61
Days on Market254
Property Features for 1840 Commerce Dr
General Information
Standard status
Active
Size
146,102 SF
Total Parking Spaces
173
Lot size
14.20 Acres
Property subtype
Industrial
Site & Location
Neighborhood
Lww Gateway
Highway Access
Yes
Road Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Clear Height
36 ft
Dock-High Doors
8
Drive-In Doors
3
Heavy Power
Yes
Amenities
conference room
gated entrance
Listing Agency:
Pinnacle Properties
Listed By:
Ryan White · License #IN
(574) 315-9615
Source:
Crexi
Added: Feb 12
Changed: Oct 10
Last Checked: Oct 23 at 6:27AM
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 Pinnacle Properties
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Investment Insights
Based on property information with market context.
This food-grade temperature controlled distribution facility offers freezer, refrigerated, and ambient storage with refrigerated and dry warehouse support areas. The cold storage footprint includes a freezer area totaling 30,250 SF at -10°F, and a refrigeration area totaling 20,000 SF spanning 28°F to 55°F, with 14,143 racked positions. Dry storage totals 71,304 SF, with an additional 11,848 SF corridor warehouse, supported by clear heights ranging from 20’ to 36’. A two-story office includes 30+ private offices, a conference room, a production office, and a retail area.
Operational access includes eight dock doors with digital aided levelers, refrigerated/ambient docks, and three 14’ grade-level doors. The facility is served by dual electrical services, with backup generators for both services, multiple electric sub-panels, and drop-down transformers. The freezer includes heated floors, and the warehouse/dry storage areas include drop-down heating gaskets.
Site security and utilities include a gated entrance with about 70% fencing, LED motion lighting, and ample parking including 146 auto spaces, 3 ADA spaces, and 24 truck spaces. Midwest access is supported via I-80 and multiple US and IN routes, with major markets listed within 100–250 miles.
Operational access includes eight dock doors with digital aided levelers, refrigerated/ambient docks, and three 14’ grade-level doors. The facility is served by dual electrical services, with backup generators for both services, multiple electric sub-panels, and drop-down transformers. The freezer includes heated floors, and the warehouse/dry storage areas include drop-down heating gaskets.
Site security and utilities include a gated entrance with about 70% fencing, LED motion lighting, and ample parking including 146 auto spaces, 3 ADA spaces, and 24 truck spaces. Midwest access is supported via I-80 and multiple US and IN routes, with major markets listed within 100–250 miles.
Key Highlights
- 146,102 SF food‑grade temperature‑controlled distribution facility on 14.2 acres in St. Joseph County, IN
- Cold storage totals approx. 1.48M CF (±1.1M CF freezer / 380K CF refrigeration), including 30,250 SF freezer at -10°F
- Refrigeration includes 20,000 SF (28°F–55°F) with 14,143 racked positions; plus 71,304 SF dry storage and 11,848 SF corridor warehouse
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$993,096
Cap Rate
9.11%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$19,861,920
$19.9M
Cap Rate 7%
$14,187,086
$14.2M
Cap Rate 9%
$11,034,400
$11.0M
Market Conditions
NOI Build-Up for 146,102 SF
Gross rent
$1.49M $10.20/SF
− Vacancy
−$71.5K −$0.49/SF
EGI
$1.42M $9.71/SF
− OpEx
−$425.6K −$2.91/SF
NOI
$993.1K $6.80/SF
Area
South Bend, IN
Vacancy
4.80%
Lease Rate
$10.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$19,861,920
Cap Rate 7%
$14,187,086
Cap Rate 9%
$11,034,400
Alternative Uses
Best Use
Warehouse
$16.26M
$14.23M – $18.98M
NOI $1,138,544 @ 7.0% cap · market cap 10.45%
Second Best
Industrial
$14.19M
$12.41M – $16.55M
NOI $993,096 @ 7.0% cap · market cap 9.11%
Theoretical Best
Office A
$36.96M
$32.34M – $43.12M
NOI $2,587,338 @ 7.0% cap · market cap 23.74%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
36 ft
Clear height
8
Dock-high doors
3
Drive-in doors
Yes
Heavy power
Yes
Fenced yard
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
251
Businesses Nearby
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Business Placement
Demographics for 46628, IN
27,011
Population
12,266
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
92%
High-School Grad
34.2 sq mi
ZIP Area
790
Density / Sq Mi
$56,889
Median Household Income
$37,423
Median Earnings
$1,068
Median Rent
$164,500
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - Food-grade temperature controlled distribution facility with freezer, refrigerated, and dry storage plus dock and grade-level access.
Where is this refrigerated & cold storage located?
The property is located at 1840 Commerce Dr South Bend, IN.
What is the asking price?
The asking price for this property is $10,900,000.
What are key features of this property?
This property features: 146,102 SF food‑grade temperature‑controlled distribution facility on 14.2 acres in St. Joseph County, IN; Cold storage totals approx. 1.48M CF (±1.1M CF freezer / 380K CF refrigeration), including 30,250 SF freezer at -10°F; Refrigeration includes 20,000 SF (28°F–55°F) with 14,143 racked positions; plus 71,304 SF dry storage and 11,848 SF corridor warehouse
