Two-Story Office
For Sale
Contact for pricing
212 E Lasalle Ave, South Bend, IN 46617
Downtown riverfront positioning and DT zoning support office, retail, service, residential, and mixed-use applications.
Property Size16,196 SF
Price / SF$160.10
Days on Market58
Property Features for 212 E Lasalle Ave
General Information
Standard status
Active
Size
16,196 SF
Property subtype
OFFICE
Zoning
DT
Additional Details
Opportunity Zone
Yes
Building Details
Buildings
1
Stories
2
Listing Agency:
NAI Cressy Commercial Real Estate - Corporate
(574) 271-4060
Listed By:
Christian Davey
(574) 485-1534
Source:
Moodyscre
Added: Jul 7
Changed: Aug 30
Last Checked: Sep 2 at 6:16PM
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 Commercial Real Estate - Corporate
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.
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 = 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
$212,232
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
8.18%
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%
$4,244,640
$4.2M
Cap Rate 7%
$3,031,886
$3.0M
Cap Rate 9%
$2,358,133
$2.4M
Market Conditions
NOI Build-Up for 16,196 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
$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 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%
$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
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
NOI $286,817 @ 7.0% cap · market cap 11.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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
