Flex Space with Basement
For Sale
$199,900
314 N Dixie Way, South Bend, IN 46637
Building includes off-street parking and a basement with garage-door access.
Property Size2,171 SF
Price / SF$92.08
Days on Market51
Property Features for 314 N Dixie Way
General Information
Standard status
Active
Size
2,171 SF
Amenities
garage door access to basement
Building Details
Year Built
1947
Buildings
1
Listing Agency:
LPT Realty
Listed By:
Jeffrey Foster, Francee Foster · License #RB14019389
(574) 968-0100
Source:
Spencerchildersgroup
Added: Aug 1
Changed: Sep 15
Last Checked: Sep 19 at 12:44PM
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 LPT Realty
Investment Insights
Based on property information with market context.
This flex-space building in South Bend includes a new roof, a well, off-street parking, and a basement reached through a garage door. The basement also contains a small paint booth. The property previously operated as a trim shop, providing a documented commercial-use history. Located on N Dixie Way in the Roseland area, the building is close to Notre Dame. Its existing basement access, parking, and building improvements provide the primary physical characteristics for evaluating the property.
Key Highlights
- New roof
- Off‑street parking
- Basement access through a garage door
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
$17,491
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
8.75%
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%
$349,820
$349.8K
Cap Rate 7%
$249,871
$249.9K
Cap Rate 9%
$194,344
$194.3K
Market Conditions
NOI Build-Up for 2,171 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
$28.7K $13.20/SF
− Vacancy
−$1.7K −$0.81/SF
EGI
$26.9K $12.39/SF
− OpEx
−$9.4K −$4.34/SF
NOI
$17.5K $8.06/SF
Area
South Bend, IN
Vacancy
6.10%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$349,820
Cap Rate 7%
$249,871
Cap Rate 9%
$194,344
Alternative Uses
Best Use
Office B
$406.4K
$355.6K – $474.2K
NOI $28,449 @ 7.0% cap · market cap 14.23%
Second Best
Retail
$304.8K
$266.7K – $355.6K
NOI $21,337 @ 7.0% cap · market cap 10.67%
Theoretical Best
Office A
$549.2K
$480.6K – $640.8K
NOI $38,446 @ 7.0% cap · market cap 19.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
283
Businesses Nearby
Under-served
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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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?
Flex space - Building includes off-street parking and a basement with garage-door access.
Where is this flex space located?
The property is located at 314 N Dixie Way South Bend, IN.
What is the asking price?
The asking price for this property is $199,900.
What are key features of this property?
This property features: New roof; Off‑street parking; Basement access through a garage door
