Concentra Medical Office
19567 W Cleveland Rd, South Bend, IN 46637
For Sale
New
$2,127,317
A corporate-guaranteed lease includes annual increases and two renewal options.
Property Size6,684 SF
Price / SF$318.27
Days on Market2
Property Features for 19567 W Cleveland Rd
General Information
Standard status
Size
Property subtype
Lease Type
Site & Location
Highway Access
Road Access
Tenancy & Operations
Currently Operating
Tenant in Place
Additional Details
Cap Rate
Property Use
Medical Specialty
Amenities
Established Occupational Health and Urgent Care Location
Approximately 25 Years of Occupational Health and Urgent Care Use Through Successive Operators, with the Lease Assigned to Concentra Following Its 2018 Acquisition of U.S. HealthWorks.
Lease Renewal | Long-Term Commitment Concentra Executed an Early 7.5-Year Lease Extension in January 2025, with Two Five-Year Renewal Options.
Corporate Guarantee | Annual Rent Growth The Corporate-Guaranteed Lease Features Two Percent Annual Rent Increases, Providing Contractual Income Growth.
Recent Capital Improvements 2025 Updates Include Three New Air-Conditioning Units, Three New Furnaces and Parking Lot Resealing, Restriping and Crack Filling.
Nearest Other Concentra Location Over 33 Miles Away The Facility Serves the South Bend Market, with the Nearest Other Concentra Location More than 33 Miles Away.
Established Health Care Corridor Approximately 4 miles from Memorial Hospital and 5 miles from Saint Joseph Regional Medical Center.
Proximity to the University of Notre Dame Approximately Two Miles from The University of Notre Dame, a Major Regional Employer and Economic Driver.
Building Details
Building Size
Tenancy
Owner Occupied
Listing Agency:
Detroit Office
Listed By:
Seth Haron
(248) 415-2605
Source:
Marcusmillichap
Added: Nov 12
Last Checked: Nov 12 at 2:39PM
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 Detroit Office
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Investment Insights
Based on property information with market context.
At 19567 W Cleveland Rd, this 6,684-square-foot medical office property in South Bend has served occupational health and urgent care users for approximately 25 years. Concentra occupies the building under a lease extended early in January 2025 for 7.5 years. The agreement includes a corporate guarantee, 2% annual rent increases and two five-year renewal options. Capital work completed in 2025 included replacement of three air-conditioning units and three furnaces, along with parking lot resealing, restriping and crack repair.
Cleveland Road frontage carries an estimated 18,200 vehicles per day. The property is less than one mile from the Indiana Toll Road (I-80/90), reported at approximately 28,000 vehicles per day, and about 8.2 miles from South Bend International Airport. The University of Notre Dame is approximately two miles away; Memorial Hospital and Saint Joseph Regional Medical Center are approximately four and five miles away, respectively. National retailers including Meijer, Walmart, Walgreens, Target and Costco are among the businesses located generally 2.5 to 9 miles from the property.
Cleveland Road frontage carries an estimated 18,200 vehicles per day. The property is less than one mile from the Indiana Toll Road (I-80/90), reported at approximately 28,000 vehicles per day, and about 8.2 miles from South Bend International Airport. The University of Notre Dame is approximately two miles away; Memorial Hospital and Saint Joseph Regional Medical Center are approximately four and five miles away, respectively. National retailers including Meijer, Walmart, Walgreens, Target and Costco are among the businesses located generally 2.5 to 9 miles from the property.
Key Highlights
- 6,684‑square‑foot medical office property with approximately 25 years of occupational health and urgent care use
- Concentra extended its lease by 7.5 years in January 2025
- Corporate‑guaranteed lease has 2% annual rent increases and two five‑year renewal options
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$87,587
Cap Rate
4.12%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,751,740
$1.8M
Cap Rate 7%
$1,251,243
$1.3M
Cap Rate 9%
$973,189
$973.2K
Market Conditions
NOI Build-Up for 6,684 SF
Gross rent
$140.4K $21.00/SF
− Vacancy
−$23.6K −$3.53/SF
EGI
$116.8K $17.47/SF
− OpEx
−$29.2K −$4.37/SF
NOI
$87.6K $13.10/SF
Area
South Bend, IN
Vacancy
16.80%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,751,740
Cap Rate 7%
$1,251,243
Cap Rate 9%
$973,189
Alternative Uses
Best Use
Office B
$1.25M
$1.09M – $1.46M
NOI $87,587 @ 7.0% cap · market cap 4.12%
Second Best
Healthcare Medical
$1.15M
$1.00M – $1.34M
NOI $80,306 @ 7.0% cap · market cap 3.77%
Theoretical Best
Office A
$1.69M
$1.48M – $1.97M
NOI $118,368 @ 7.0% cap · market cap 5.56%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
306
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46637, IN
15,887
Population
8,396
Households
1.9
Avg Household Size
38
Median Age
38%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
1,589
Density / Sq Mi
$72,401
Median Household Income
$40,841
Median Earnings
$1,167
Median Rent
$192,000
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - A corporate-guaranteed lease includes annual increases and two renewal options.
Where is this medical office space located?
The property is located at 19567 W Cleveland Rd South Bend, IN.
What is the asking price?
The asking price for this property is $2,127,317.
What are key features of this property?
This property features: 6,684‑square‑foot medical office property with approximately 25 years of occupational health and urgent care use; Concentra extended its lease by 7.5 years in January 2025; Corporate‑guaranteed lease has 2% annual rent increases and two five‑year renewal options
