Office-Flex Warehouse
For Sale
Contact for pricing
4085 Meghan Beeler Court, South Bend, IN 46628
Metal and masonry office-flex/warehouse with office finish, mezzanine space, dock, and overhead door.
Property Size10,000 SF
Lot Size0.95 Acres
Price / SF$95
Days on Market122
Property Features for 4085 Meghan Beeler Court
General Information
Standard status
Active
Size
10,000 SF
Total Parking Spaces
21
Lot size
0.95 Acres
Property subtype
Office, Industrial
Zoning
Industrial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Warehouse & Industrial
Clear Height
25 ft
Dock-High Doors
1
Drive-In Doors
1
Heavy Power
Yes
Building Details
Year Built
1998
Stories
2
Units
21
Listing Agency:
NAI Cressy - Mishawaka
Listed By:
Jonah Davey · License #LIC RB21000300
Source:
Crexi
Added: May 6
Changed: Aug 26
Last Checked: Sep 1 at 8:14PM
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 - Mishawaka
Investment Insights
Based on property information with market context.
Built in 1998, this metal and masonry office/flex/warehouse building totals 10,000 SF on 0.95 acres. The 6,000 SF office area includes a reception/lobby, conference room, multiple private offices, open work areas, men’s and women’s restrooms, and a utility/storage room. A large second-floor mezzanine is available and can be expanded by an additional 5,000 SF. Perimeter offices feature windows for natural lighting, with fluorescent lighting, 2 x 4 lay-in acoustical ceiling tile, and carpeting and vinyl flooring.
The 4,000 SF flex/warehouse portion is designed for open lab/testing and related uses, with a 22 FT minimum ceiling height at the eave and up to 25 FT maximum. It includes a testing room, tool room, warehouse/storage area, a 1,400 SF production office, one dock, and one overhead door. The building has two 200 Amp/3-Phase electric services, municipal utilities, gas forced air heat and air conditioning in the office area, and suspended gas radiant heaters in the warehouse area.
Zoned I- Industrial, the property offers 185 FT of frontage on Cleveland Rd and 21 on-site parking spaces that can be expanded. Located in the Cleveland Road Industrial Park on the northwest side of South Bend, it is within minutes of South Bend Airport and nearby corporate park amenities.
The 4,000 SF flex/warehouse portion is designed for open lab/testing and related uses, with a 22 FT minimum ceiling height at the eave and up to 25 FT maximum. It includes a testing room, tool room, warehouse/storage area, a 1,400 SF production office, one dock, and one overhead door. The building has two 200 Amp/3-Phase electric services, municipal utilities, gas forced air heat and air conditioning in the office area, and suspended gas radiant heaters in the warehouse area.
Zoned I- Industrial, the property offers 185 FT of frontage on Cleveland Rd and 21 on-site parking spaces that can be expanded. Located in the Cleveland Road Industrial Park on the northwest side of South Bend, it is within minutes of South Bend Airport and nearby corporate park amenities.
Key Highlights
- 10,000 SF metal and masonry office/flex/warehouse built in 1998 on 0.95 acres
- 6,000 SF office area with reception/lobby, conference room, 10 private offices, open work areas, restrooms, and utility/storage room
- Second‑floor mezzanine can be expanded by an additional 5,000 SF for flexible office or production use
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
$80,566
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
8.48%
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%
$1,611,320
$1.6M
Cap Rate 7%
$1,150,943
$1.2M
Cap Rate 9%
$895,178
$895.2K
Market Conditions
NOI Build-Up for 10,000 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
$132.0K $13.20/SF
− Vacancy
−$8.1K −$0.81/SF
EGI
$123.9K $12.39/SF
− OpEx
−$43.4K −$4.34/SF
NOI
$80.6K $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%
$1,611,320
Cap Rate 7%
$1,150,943
Cap Rate 9%
$895,178
Alternative Uses
Best Use
Office B
$1.87M
$1.64M – $2.18M
NOI $131,040 @ 7.0% cap · market cap 13.79%
Second Best
Flex RnD
$1.15M
$1.01M – $1.34M
NOI $80,566 @ 7.0% cap · market cap 8.48%
Theoretical Best
Office A
$2.53M
$2.21M – $2.95M
NOI $177,091 @ 7.0% cap · market cap 18.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
25 ft
Clear height
1
Dock-high doors
1
Drive-in doors
Yes
Heavy power
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
146
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 46628, IN
27,011
Population
12,266
Households
2.2
Avg Household Size
38
Median Age
26%
College-Educated
92%
High-School Grad
34.2 sq mi
ZIP Area
790
Density / Sq Mi
$56,889
Median Household Income
$37,423
Median Earnings
$1,068
Median Rent
$164,500
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?
Flex space - Metal and masonry office-flex/warehouse with office finish, mezzanine space, dock, and overhead door.
Where is this flex space located?
The property is located at 4085 Meghan Beeler Court South Bend, IN.
What is the asking price?
The asking price for this property is $950,000.
What are key features of this property?
This property features: 10,000 SF metal and masonry office/flex/warehouse built in 1998 on 0.95 acres; 6,000 SF office area with reception/lobby, conference room, 10 private offices, open work areas, restrooms, and utility/storage room; Second‑floor mezzanine can be expanded by an additional 5,000 SF for flexible office or production use
