Modern Industrial Facility For
For Sale
Contact for pricing
Pending
445 N Sheridan St, South Bend, IN 46619
Purpose-built industrial facility designed for manufacturing, storage, and distribution.
Property Size112,250 SF
Days on Market175
Property Features for 445 N Sheridan St
General Information
Standard status
Pending
Size
112,250 SF
Total Parking Spaces
75
Property subtype
Industrial
Occupancy
100%
Lease Type
Net
Investment Type
Net Lease
Building Details
Year Built
2025
Buildings
1
Stories
1
Units
1
Tenancy
Single
Listing Agency:
Marcus & Millichap - Indianapolis
(317) 218-5334
Listed By:
Joseph DiSalvo · License #IN RB14051407
Source:
Crexi
Added: Feb 18
Changed: Aug 8
Last Checked: Jul 24 at 9:48AM
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 Marcus & Millichap - Indianapolis
Investment Insights
Based on property information with market context.
The property at 445 N. Sheridan Street is a build-to-suit industrial distribution and production facility. It was developed to support the long-term, expanding operational needs of GTA Containers, who built and fully occupies the two neighboring properties. This modern development is designed for specialized manufacturing use, storage, and distribution. It offers investors exposure to a mission-critical facility occupied by an established industrial operator. The development reflects continued reinvestment in South Bend’s industrial base, transforming an underutilized site into a modern production facility aligned with current manufacturing standards. Municipal support for the project underscores the city’s commitment to retaining and expanding industrial employers within the local economy. The property presents a compelling industrial investment opportunity anchored by a purpose-built facility and an established manufacturing tenant. The property benefits from modern construction, municipal support, and placement within a stable and evolving industrial market. The property was developed as a build-to-suit industrial facility specifically tailored for GTA Containers’ manufacturing and operational requirements. The project includes a newly constructed industrial building with layout, infrastructure, and utility capacity designed to support container manufacturing, assembly, storage, and distribution functions. The property has a size of 112250 square feet. Key characteristics of the development include a purpose-built industrial design aligned with tenant specifications, modern construction supporting efficient manufacturing workflows, infrastructure designed for heavy equipment, production operations, and logistics, long-term occupancy by an established industrial user, and public-sector support through approved real and personal property abatements. The development represents a meaningful private capital investment and contributes to local job creation, reinforcing the site’s importance within South Bend’s industrial landscape.
Key Highlights
- Build‑to‑suit industrial facility designed for specialized manufacturing, storage, and distribution.
- Long‑term occupancy by GTA Containers, an established industrial operator.
- Modern construction (built in 2025) supporting efficient manufacturing workflows.
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
$874,742
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
6.09%
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%
$17,494,840
$17.5M
Cap Rate 7%
$12,496,314
$12.5M
Cap Rate 9%
$9,719,356
$9.7M
Market Conditions
NOI Build-Up for 112,250 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
$1.08M $9.60/SF
− Vacancy
−$48.5K −$0.43/SF
EGI
$1.03M $9.17/SF
− OpEx
−$154.4K −$1.38/SF
NOI
$874.7K $7.79/SF
Area
South Bend, IN
Vacancy
4.50%
Lease Rate
$9.60 /SF/Yr
Expense Ratio
15.00%
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%
$17,494,840
Cap Rate 7%
$12,496,314
Cap Rate 9%
$9,719,356
Alternative Uses
Best Use
Warehouse
$12.50M
$10.93M – $14.58M
NOI $874,742 @ 7.0% cap · market cap 6.09%
Second Best
Industrial
$10.90M
$9.54M – $12.72M
NOI $762,995 @ 7.0% cap · market cap 5.31%
Theoretical Best
Office A
$28.40M
$24.85M – $33.13M
NOI $1,987,849 @ 7.0% cap · market cap 13.84%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
164
Businesses Nearby
Explore this area
Business Placement
Demographics for 46619, IN
20,527
Population
8,823
Households
2.3
Avg Household Size
36
Median Age
14%
College-Educated
80%
High-School Grad
23.5 sq mi
ZIP Area
873
Density / Sq Mi
$46,679
Median Household Income
$31,948
Median Earnings
$944
Median Rent
$98,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Manufacturing property - Purpose-built industrial facility designed for manufacturing, storage, and distribution.
Where is this manufacturing property located?
The property is located at 445 N Sheridan St South Bend, IN.
What is the asking price?
The asking price for this property is $14,366,000.
What are key features of this property?
This property features: Build‑to‑suit industrial facility designed for specialized manufacturing, storage, and distribution.; Long‑term occupancy by GTA Containers, an established industrial operator.; Modern construction (built in 2025) supporting efficient manufacturing workflows.
