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Listing Agency: NAI Cressy Commercial Real Estate - Corporate Show Phone

Listed By: Christian Davey Show Phone

Source: Moodyscre

Added: Jul 7 Changed: Oct 1 Last Checked: Oct 16 at 12:00PM

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Investment Insights

Based on property information with market context.

Located at 212 E Lasalle Ave in South Bend, Indiana, this office property contains 16,196 square feet across two stories, along with a 5,830-square-foot basement designated for storage. The building sits along the St. Joseph River and includes 222 feet of river frontage.

DT – Downtown zoning supports a broad range of uses, including office, retail, service, residential, and mixed-use applications. The property is also within an Opportunity Zone, adding a defined economic-development designation to its downtown setting.

Key Highlights

• 16,196‑square‑foot, two‑story office building
• Additional 5,830‑square‑foot basement storage area
• 222 feet of frontage along the St. Joseph River

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$212,232

Cap Rate

8.18%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$4,244,640 $4.2M

Cap Rate 7%

$3,031,886 $3.0M

Cap Rate 9%

$2,358,133 $2.4M

Is this asking price fair?

Market Conditions

NOI Build-Up for 16,196 SF

Gross rent

$340.1K $21.00/SF

− Vacancy

−$57.1K −$3.53/SF

EGI

$283.0K $17.47/SF

− OpEx

−$70.7K −$4.37/SF

NOI

$212.2K $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%

$4,244,640

Cap Rate 7%

$3,031,886

Cap Rate 9%

$2,358,133

Alternative Uses

Best Use

Office B

$3.03M

$2.65M – $3.54M (±1% cap)

NOI $212,232 @ 7.0% cap · market cap 8.18%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$4.10M

$3.59M – $4.78M (±1% cap)

NOI $286,817 @ 7.0% cap · market cap 11.06%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

David P Aranowski ... Tax Preparation South Bend Personal ... Law Firm Edward Jones - Financial ... Financial Advisor Warner Jones & Co Accounting Firm THK Law, LLP Law Firm

Suggested Use

Top Pick (Bike/Boat/Book/etc) Store Locksmith Catering Service Nail Salon Cosmetic Store Barber Shop

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3,311

Businesses Nearby

Explore this area Business Placement

Demographics for 46617, IN

9,813

Population

5,502

Households

1.8

Avg Household Size

35

Median Age

60%

College-Educated

96%

High-School Grad

2.6 sq mi

ZIP Area

3,774

Density / Sq Mi

$73,700

Median Household Income

$37,331

Median Earnings

$1,422

Median Rent

$231,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

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Frequently Asked Questions

What type of property is this?

Office building - Downtown riverfront positioning and DT zoning support office, retail, service, residential, and mixed-use applications.

Where is this office building located?

The property is located at 212 E Lasalle Ave South Bend, IN.

What is the asking price?

The asking price for this property is $2,593,000.

What are key features of this property?

This property features: 16,196‑square‑foot, two‑story office building; Additional 5,830‑square‑foot basement storage area; 222 feet of frontage along the St. Joseph River