Corner Retail Space with
For Sale
Contact for pricing
2042 E Ireland Rd, South Bend, IN 46614
Flexible commercial space supports retail, medical, or office occupancy with pylon and suite signage.
Property Size13,723 SF
Price / SF$131.17
Days on Market2189
Property Features for 2042 E Ireland Rd
General Information
Standard status
Active
Size
13,723 SF
Property subtype
Office, Retail
Additional Details
Asking Price
$1,800,000
Corner Location
Yes
Amenities
pylon signage
suite signage
Building Details
Tenancy
Multi
Listing Agency:
Northern Indiana Real Estate Mishawaka
(574) 284-2610
Listed By:
Joe Grabill · License #IN RB14033276
Source:
Crexi
Added: Sep 3, 2020
Changed: Aug 29
Last Checked: Aug 29 at 2:28PM
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 Northern Indiana Real Estate Mishawaka
Investment Insights
Based on property information with market context.
This 13,723-square-foot retail space offers flexible commercial positioning for retail, medical, or office use. Pylon signage and suite signage are available to support property identification and occupant visibility.
The property occupies the corner of East Ireland Road and Ironwood Road in South Bend, Indiana. Its placement within a retail corridor on the city’s south side provides a commercially oriented setting for the available space. The offering is presented for sale.
The property occupies the corner of East Ireland Road and Ironwood Road in South Bend, Indiana. Its placement within a retail corridor on the city’s south side provides a commercially oriented setting for the available space. The offering is presented for sale.
Key Highlights
- 13,723 square feet of retail space
- Retail, medical, or office use supported
- Pylon signage available
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
$164,877
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
9.16%
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%
$3,297,540
$3.3M
Cap Rate 7%
$2,355,386
$2.4M
Cap Rate 9%
$1,831,967
$1.8M
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
$304.7K $22.20/SF
− Vacancy
−$29.9K −$2.18/SF
EGI
$274.8K $20.02/SF
− OpEx
−$109.9K −$8.01/SF
NOI
$164.9K $12.01/SF
Area
South Bend, IN
Vacancy
9.80%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
40.00%
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%
$3,297,540
Cap Rate 7%
$2,355,386
Cap Rate 9%
$1,831,967
Alternative Uses
Best Use
Office B
$2.57M
$2.25M – $3.00M
NOI $179,826 @ 7.0% cap · market cap 9.99%
Second Best
Healthcare Medical
$2.36M
$2.06M – $2.75M
NOI $164,877 @ 7.0% cap · market cap 9.16%
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
Current Use
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Explore this area
Business Placement
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Flexible commercial space supports retail, medical, or office occupancy with pylon and suite signage.
Where is this retail space located?
The property is located at 2042 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 square feet of retail space; Retail, medical, or office use supported; Pylon signage available
