Remodeled Mixed-Use Retail
For Sale
Contact for pricing
345 347 Lincolnway W, South Bend, IN 46601
Recently remodeled mixed-use property features first-floor retail on a 10-year lease with Rug Imports.
Property Size6,336 SF
Price / SF$110.48
Days on Market68
Property Features for 345 347 Lincolnway W
General Information
Standard status
Active
Size
6,336 SF
Property subtype
RETAIL
Zoning
NC
Building Details
Year Renovated
2024
Listing Agency:
NAI Cressy Commercial Real Estate - Corporate
(574) 271-4060
Listed By:
Christian Davey
(574) 485-1534
Source:
Moodyscre
Added: Jul 8
Changed: Sep 10
Last Checked: Sep 12 at 11:09AM
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.
This recently remodeled mixed-use property was updated in 2024 and includes first-floor retail space under a 10-year lease with Rug Imports. The offering can be leased as separate suites, including Suite A at 1,250 SF or Suite B at 1,500 SF and up, with an option to combine space up to 8,050 SF by using the first floor of the 345 LWW and adjacent 341/343 LWW. Basement storage is available but not included in the stated square footage.
The property is zoned NC, Neighborhood Center. It is described as being located in the heart of a cluster of downtown South Bend development projects.
Retail space is supported by a flexible suite structure that accommodates smaller or combined occupancy sizes, depending on the selected configuration.
The property is zoned NC, Neighborhood Center. It is described as being located in the heart of a cluster of downtown South Bend development projects.
Retail space is supported by a flexible suite structure that accommodates smaller or combined occupancy sizes, depending on the selected configuration.
Key Highlights
- Recently remodeled 2024 mixed‑use investment property with first‑floor retail
- First‑floor retail on a 10‑year lease with Rug Imports
- NC- Neighborhood Center zoning
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
$62,270
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
8.90%
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%
$1,245,400
$1.2M
Cap Rate 7%
$889,571
$889.6K
Cap Rate 9%
$691,889
$691.9K
Market Conditions
NOI Build-Up for 6,336 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
$95.0K $15.00/SF
− Vacancy
−$6.1K −$0.96/SF
EGI
$89.0K $14.04/SF
− OpEx
−$26.7K −$4.21/SF
NOI
$62.3K $9.83/SF
Area
South Bend, IN
Vacancy
6.40%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,245,400
Cap Rate 7%
$889,571
Cap Rate 9%
$691,889
Alternative Uses
Best Use
Office B
$1.19M
$1.04M – $1.38M
NOI $83,027 @ 7.0% cap · market cap 11.86%
Second Best
Mixed Use
$1.00M
$877.2K – $1.17M
NOI $70,175 @ 7.0% cap · market cap 10.03%
Theoretical Best
Office A
$1.60M
$1.40M – $1.87M
NOI $112,205 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
2,996
Businesses Nearby
Explore this area
Business Placement
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
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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?
Retail space - Recently remodeled mixed-use property features first-floor retail on a 10-year lease with Rug Imports.
Where is this retail space located?
The property is located at 345 347 Lincolnway W South Bend, IN.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: Recently remodeled 2024 mixed‑use investment property with first‑floor retail; First‑floor retail on a 10‑year lease with Rug Imports; NC- Neighborhood Center zoning
