Mixed-Use Property with Warehouse
For Sale
$399,000
521 E Marion St, Mishawaka, IN 46545
Multi-tenant commercial property with adaptable work areas, office support, customer-facing improvements, and on-site parking.
Property Size4,608 SF
Price / SF$86.59
Days on Market47
Property Features for 521 E Marion St
General Information
Standard status
Active
Size
4,608 SF
Building Details
Year Built
1990
Listing Agency:
Coldwell Banker Real Estate Group
Listed By:
Robert Thatcher · License #RB14026300
(574) 596-1576
Source:
Callcriswell
Added: Sep 5
Changed: Oct 8
Last Checked: Oct 7 at 3:02PM
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 Coldwell Banker Real Estate Group
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This mixed-use commercial property, built in 1990, combines two occupied commercial suites with an owner area configured for flexible business use. The approximately 2,500-square-foot owner suite includes a 14-foot eave height, clear-span interior, two 10-by-12-foot overhead doors with openers, reception and office space, storage, work rooms, and restroom facilities. The layout can support warehouse, shop, showroom, or other operational functions, subject to applicable requirements.
The two existing commercial occupants include a custom home builder showroom and an operating shop. The showroom features built-in casework, hard-surface counters, a fireplace, and a custom bathroom with shower. The shop includes a 10-by-12-foot overhead door with opener, dedicated office space, lighting, and restroom facilities. Exterior features include a Dryvit-EFIS finish, monument signage, a front deck, and multiple on-site parking spaces.
The two existing commercial occupants include a custom home builder showroom and an operating shop. The showroom features built-in casework, hard-surface counters, a fireplace, and a custom bathroom with shower. The shop includes a 10-by-12-foot overhead door with opener, dedicated office space, lighting, and restroom facilities. Exterior features include a Dryvit-EFIS finish, monument signage, a front deck, and multiple on-site parking spaces.
Key Highlights
- Approximately 2,500 SF owner suite with 14' eave height
- Clear‑span interior with two 10'x12' overhead doors and openers
- Two longstanding commercial tenants currently occupy the property
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$35,313
Cap Rate
8.85%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,260
$706.3K
Cap Rate 7%
$504,471
$504.5K
Cap Rate 9%
$392,367
$392.4K
Market Conditions
NOI Build-Up for 4,608 SF
Gross rent
$72.4K $15.72/SF
− Vacancy
−$15.9K −$3.46/SF
EGI
$56.5K $12.26/SF
− OpEx
−$21.2K −$4.60/SF
NOI
$35.3K $7.66/SF
Area
St. Joseph County, IN
Vacancy
22.00%
Lease Rate
$15.72 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$706,260
Cap Rate 7%
$504,471
Cap Rate 9%
$392,367
Alternative Uses
Best Use
Flex RnD
$851.3K
$744.9K – $993.2K
NOI $59,592 @ 7.0% cap · market cap 14.94%
Second Best
Warehouse
$686.1K
$600.3K – $800.4K
NOI $48,026 @ 7.0% cap · market cap 12.04%
Theoretical Best
Retail
$913.8K
$799.5K – $1.07M
NOI $63,963 @ 7.0% cap · market cap 16.03%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
412
Businesses Nearby
Explore this area
Business Placement
Demographics for 46545, IN
26,312
Population
13,046
Households
2
Avg Household Size
37
Median Age
31%
College-Educated
94%
High-School Grad
18.3 sq mi
ZIP Area
1,438
Density / Sq Mi
$55,889
Median Household Income
$36,999
Median Earnings
$986
Median Rent
$174,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Multi-tenant commercial property with adaptable work areas, office support, customer-facing improvements, and on-site parking.
Where is this mixed-use property located?
The property is located at 521 E Marion St Mishawaka, IN.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Approximately 2,500 SF owner suite with 14' eave height; Clear‑span interior with two 10'x12' overhead doors and openers; Two longstanding commercial tenants currently occupy the property
