Mixed-Use Property with Liquor
New
For Sale
$1,700,000
325 W Marion St, South Bend, IN 46601
Downtown commercial property combining a package liquor store, bar and restaurant operation, office building, and billboard income components.
Property Size9,769 SF
Price / SF$174.02
Days on Market2
Property Features for 325 W Marion St
General Information
Standard status
Active
Size
9,769 SF
Building Details
Year Built
1925
Buildings
2
Listing Agency:
Tiffany Group Real Estate Advisors LLC
Listed By:
Tyler Glenn · License #RB17002052
(574) 286-7333
Source:
Kmsrealestategroup
Added: Sep 11
Last Checked: Sep 11 at 2:09PM
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 Tiffany Group Real Estate Advisors LLC
Investment Insights
Based on property information with market context.
This 9,769-square-foot mixed-use commercial property was built in 1925 and includes a grandfathered package liquor store alongside a bar and restaurant. The bar and restaurant currently have an operator in place, while the package liquor component offers a separate operating opportunity.
The sale also includes an additional commercial office building and a billboard. The office building is leased, and the billboard is under lease as well, adding distinct commercial components to the property. Located in Downtown South Bend, the property combines retail, hospitality, office, and advertising uses within one offering.
The sale also includes an additional commercial office building and a billboard. The office building is leased, and the billboard is under lease as well, adding distinct commercial components to the property. Located in Downtown South Bend, the property combines retail, hospitality, office, and advertising uses within one offering.
Key Highlights
- 9,769‑square‑foot mixed‑use commercial property
- Grandfathered package liquor store included
- Bar and restaurant currently operated by an existing operator
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
$112,521
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
6.62%
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%
$2,250,420
$2.3M
Cap Rate 7%
$1,607,443
$1.6M
Cap Rate 9%
$1,250,233
$1.3M
Market Conditions
NOI Build-Up for 9,769 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
$158.3K $16.20/SF
− Vacancy
−$8.2K −$0.84/SF
EGI
$150.0K $15.36/SF
− OpEx
−$37.5K −$3.84/SF
NOI
$112.5K $11.52/SF
Area
South Bend, IN
Vacancy
5.20%
Lease Rate
$16.20 /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%
$2,250,420
Cap Rate 7%
$1,607,443
Cap Rate 9%
$1,250,233
Alternative Uses
Best Use
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,521 @ 7.0% cap · market cap 6.62%
Second Best
Mixed Use
$1.55M
$1.35M – $1.80M
NOI $108,198 @ 7.0% cap · market cap 6.36%
Theoretical Best
Office A
$2.47M
$2.16M – $2.88M
NOI $173,000 @ 7.0% cap · market cap 10.18%
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
2,807
Businesses Nearby
70k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 68%
Shops & Services 18%
Hotels & Casinos 13%
McDonald's
Dining
24,546 visits/mo
0.3 miles
Burger King
Dining
13,202 visits/mo
0.2 miles
Taco Bell
Dining
9,932 visits/mo
0.2 miles
DoubleTree by Hilton Hotel South Bend
Hotels & Casinos
6,144 visits/mo
0.4 miles
Family Dollar
Shops & Services
5,322 visits/mo
0.3 miles
Demographics for 46601, IN
5,947
Population
2,862
Households
2.1
Avg Household Size
35
Median Age
22%
College-Educated
81%
High-School Grad
2.0 sq mi
ZIP Area
2,974
Density / Sq Mi
$27,080
Median Household Income
$26,835
Median Earnings
$784
Median Rent
$131,600
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 Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial property combining a package liquor store, bar and restaurant operation, office building, and billboard income components.
Where is this mixed-use property located?
The property is located at 325 W Marion St South Bend, IN.
What is the asking price?
The asking price for this property is $1,700,000.
What are key features of this property?
This property features: 9,769‑square‑foot mixed‑use commercial property; Grandfathered package liquor store included; Bar and restaurant currently operated by an existing operator
