Single-Tenant Medical
For Sale
$1,200,000
53732 Generations Dr, South Bend, IN 46635
Net-lease dental facility with scheduled 3% annual rent increases and a single-occupant configuration.
Property Size3,432 SF
Lot Size0.70 Acres
Price / SF$349.65
Days on Market41
Property Features for 53732 Generations Dr
General Information
Standard status
Active
Size
3,432 SF
Net Rentable
3,469 SF
Lot size
0.70 Acres
Property subtype
Single-Tenant Office Medical
Occupancy
100%
Lease Type
NN
Additional Details
Cap Rate
7.11%
Office Units
1
Amenities
Single Tenant Dental Office Located in South Bend, Indiana
Net Lease Structure Providing Minimal Landlord Obligations
Three Percent Annual Rent Increases Creating Built in Income Growth
Building Details
Building Size
3,432 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap - Cleveland
(216) 264-2032
Listed By:
Kobe Gaskin · License #License(s): OH: SAL.2025003139
(216) 264-2032
Source:
Marcusmillichap
Added: Jul 22
Changed: Aug 31
Last Checked: Aug 31 at 12:51PM
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 - Cleveland
Investment Insights
Based on property information with market context.
This medical office property is occupied by a single dental practice at 53732 Generations Drive in South Bend, Indiana. The facility sits on a 0.7-acre parcel and is structured under a net lease, aligning the property with a streamlined landlord responsibility profile. The lease also provides for 3% annual rent increases.
The asset is positioned within the South Bend market, with the surrounding area described as near residential neighborhoods, healthcare providers, and regional transportation corridors. Its medical-office use, single-tenant format, and contractual rent-growth provision define the principal property characteristics.
The asset is positioned within the South Bend market, with the surrounding area described as near residential neighborhoods, healthcare providers, and regional transportation corridors. Its medical-office use, single-tenant format, and contractual rent-growth provision define the principal property characteristics.
Key Highlights
- Single‑tenant dental office at 53732 Generations Dr, South Bend, IN 46635
- Medical office property situated on a 0.7‑acre parcel
- Net lease structure
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
$44,973
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
3.75%
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%
$899,460
$899.5K
Cap Rate 7%
$642,471
$642.5K
Cap Rate 9%
$499,700
$499.7K
Market Conditions
NOI Build-Up for 3,432 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
$72.1K $21.00/SF
− Vacancy
−$12.1K −$3.53/SF
EGI
$60.0K $17.47/SF
− OpEx
−$15.0K −$4.37/SF
NOI
$45.0K $13.10/SF
Area
South Bend, IN
Vacancy
16.80%
Lease Rate
$21.00 /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%
$899,460
Cap Rate 7%
$642,471
Cap Rate 9%
$499,700
Alternative Uses
Best Use
Office B
$642.5K
$562.2K – $749.6K
NOI $44,973 @ 7.0% cap · market cap 3.75%
Second Best
Healthcare Medical
$589.1K
$515.4K – $687.2K
NOI $41,234 @ 7.0% cap · market cap 3.44%
Theoretical Best
Office A
$868.3K
$759.7K – $1.01M
NOI $60,778 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
546
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46635, IN
6,420
Population
2,913
Households
2.2
Avg Household Size
45
Median Age
39%
College-Educated
89%
High-School Grad
3.1 sq mi
ZIP Area
2,071
Density / Sq Mi
$79,416
Median Household Income
$44,505
Median Earnings
$942
Median Rent
$193,100
Median Home Value
Market
Vacancy Rate% for Office 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?
Medical Office Space - Net-lease dental facility with scheduled 3% annual rent increases and a single-occupant configuration.
Where is this medical office space located?
The property is located at 53732 Generations Dr South Bend, IN.
What is the asking price?
The asking price for this property is $1,200,000.
What are key features of this property?
This property features: Single‑tenant dental office at 53732 Generations Dr, South Bend, IN 46635; Medical office property situated on a 0.7‑acre parcel; Net lease structure
