Renovated Creative Space with Glass Garage
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For Sale
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543 Lincolnway West, Mishawaka, IN 46544
Updated commercial setting with a convertible gathering room and operable glass garage door.
Property Size944 SF
Price / SF$179.03
Days on Market7
Property Features for 543 Lincolnway West
General Information
Standard status
Active
Size
944 SF
Class
A
Property subtype
Retail, Office
Building Details
Year Built
1894
Listing Agency:
Northern Indiana Real Estate Mishawaka
(574) 284-2610
Listed By:
Joe Grabill · License #IN RB14033276
Source:
Crexi
Added: Aug 25
Changed: Aug 31
Last Checked: Aug 31 at 9:01AM
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 Northern Indiana Real Estate Mishawaka
Investment Insights
Based on property information with market context.
Located at 543 Lincolnway West in Mishawaka, Indiana, this fully renovated creative space combines a modern interior with distinctive original elements. The property includes a converted garage configured as a conference or gathering room, while the existing glass garage door remains operational and brings natural light into the space. The door can also open the room toward the outdoors.
The flexible layout can support professional office functions, counseling or therapy services, insurance operations, boutique retail, studio work, pottery, or other creative business concepts. Built in 1894, the property offers a character-rich setting for an owner-user or business seeking a space that can serve both workplace and customer-facing needs.
The flexible layout can support professional office functions, counseling or therapy services, insurance operations, boutique retail, studio work, pottery, or other creative business concepts. Built in 1894, the property offers a character-rich setting for an owner-user or business seeking a space that can serve both workplace and customer-facing needs.
Key Highlights
- Fully renovated commercial creative space
- Converted garage provides a conference or gathering room
- Functional glass garage door adds natural light and outdoor connection
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
$13,104
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
7.75%
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%
$262,080
$262.1K
Cap Rate 7%
$187,200
$187.2K
Cap Rate 9%
$145,600
$145.6K
Market Conditions
NOI Build-Up for 944 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
$20.7K $21.96/SF
− Vacancy
−$2.0K −$2.13/SF
EGI
$18.7K $19.83/SF
− OpEx
−$5.6K −$5.95/SF
NOI
$13.1K $13.88/SF
Area
St. Joseph County, IN
Vacancy
9.70%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
30.00%
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%
$262,080
Cap Rate 7%
$187,200
Cap Rate 9%
$145,600
Alternative Uses
Best Use
Retail
$187.2K
$163.8K – $218.4K
NOI $13,104 @ 7.0% cap · market cap 7.75%
Second Best
Office B
$111.7K
$97.8K – $130.3K
NOI $7,820 @ 7.0% cap · market cap 4.63%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
957
Businesses Nearby
Explore this area
Business Placement
Demographics for 46544, IN
31,571
Population
13,661
Households
2.3
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
39.8 sq mi
ZIP Area
793
Density / Sq Mi
$57,873
Median Household Income
$40,120
Median Earnings
$1,018
Median Rent
$151,100
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?
Creative space - Updated commercial setting with a convertible gathering room and operable glass garage door.
Where is this creative space located?
The property is located at 543 Lincolnway West Mishawaka, IN.
What is the asking price?
The asking price for this property is $169,000.
What are key features of this property?
This property features: Fully renovated commercial creative space; Converted garage provides a conference or gathering room; Functional glass garage door adds natural light and outdoor connection
