Mishawaka Medical Office Investment
For Sale
Contact for pricing
3730 Edison Lakes Pkwy, Mishawaka, IN
Leased medical office space with long-term tenant commitment.
Property Size6,706 SF
Lot Size1.22 Acres
Price / SF$132.52
Days on Market1087
Property Features for 3730 Edison Lakes Pkwy
General Information
Standard status
Active
Size
6,706 SF
Lot size
1.22 Acres
Property subtype
OFFICE
Listing Agency:
Matthews Real Estate Investment Services
(866) 889-0550
Listed By:
Kyle Mackulak · License #02055597(CA)
(262) 672-8388
Source:
Moodyscre
Added: Sep 22, 2023
Changed: Aug 12
Last Checked: Sep 11 at 11:19AM
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 Matthews Real Estate Investment Services
Investment Insights
Based on property information with market context.
This 6,706 square foot property is located at 3730 Edison Lakes Pkwy in Mishawaka, IN. The property is currently leased to a tenant in the autism spectrum disorder therapeutics market. The tenant has recently committed to a 5-year lease term, extending from January 2023 to December 2027, demonstrating a commitment to the location. Autism therapy practices tend to remain in place due to patient retention and moving costs.
Key Highlights
- Tenant secured with a new 5‑year lease running through December 2027.
- Autism Therapy practices rarely relocate, ensuring stable tenancy.
- Patient retention challenges make relocation difficult for this type of business.
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
$55,550
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
6.25%
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%
$1,111,000
$1.1M
Cap Rate 7%
$793,571
$793.6K
Cap Rate 9%
$617,222
$617.2K
Market Conditions
NOI Build-Up for 6,706 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 $14.16/SF
− Vacancy
−$20.9K −$3.12/SF
EGI
$74.1K $11.04/SF
− OpEx
−$18.5K −$2.76/SF
NOI
$55.5K $8.28/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$14.16 /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%
$1,111,000
Cap Rate 7%
$793,571
Cap Rate 9%
$617,222
Alternative Uses
Best Use
Office B
$793.6K
$694.4K – $925.8K
NOI $55,550 @ 7.0% cap · market cap 6.25%
Second Best
Healthcare Medical
$652.2K
$570.7K – $760.9K
NOI $45,654 @ 7.0% cap · market cap 5.14%
Theoretical Best
Retail
$1.33M
$1.16M – $1.55M
NOI $93,085 @ 7.0% cap · market cap 10.47%
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
1,101
Businesses Nearby
Under-served
Demand for This Use
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Business Placement
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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Similar Off Market Nearby
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- Magrane Pet Medical Center — 3945 Edison Lakes Pkwy, Mishawaka, IN 46545
Frequently Asked Questions
What type of property is this?
Medical Office Space - Leased medical office space with long-term tenant commitment.
Where is this medical office space located?
The property is located at 3730 Edison Lakes Pkwy Mishawaka, IN.
What is the asking price?
The asking price for this property is $888,659.
What are key features of this property?
This property features: Tenant secured with a new 5‑year lease running through December 2027.; Autism Therapy practices rarely relocate, ensuring stable tenancy.; Patient retention challenges make relocation difficult for this type of business.
