Corner Retail
For Sale
$299,000
702 S Ironwood Dr, Mishawaka, IN 46544
Commercial small-retail zoning supports a range of storefront and specialty-shop uses.
Property Size1,266 SF
Price / SF$236.18
Days on Market88
Property Features for 702 S Ironwood Dr
General Information
Standard status
Active
Size
1,266 SF
Additional Details
Corner Location
Yes
Building Details
Year Built
1961
Listing Agency:
Cressy & Everett - South Bend
Listed By:
Bashar Saleh
Source:
Callcriswell
Added: Jul 20
Changed: Sep 15
Last Checked: Oct 7 at 1:48PM
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 Cressy & Everett - South Bend
Investment Insights
Based on property information with market context.
This retail property occupies a corner position at 702 S Ironwood Drive in Mishawaka, Indiana, at the intersection of Ironwood and Milburn. The site is currently operating as Mishawaka Smoke Shop and is configured for commercial small-retail use.
Its placement along a busy corridor provides exposure to vehicle traffic, with the property information indicating hundreds to thousands of vehicles pass the area daily. The existing operation has a 4.4 out of 5-star Google rating, reflecting an established customer presence. The property may accommodate continued retail use, a specialty shop, or another commercial application supported by its zoning.
Its placement along a busy corridor provides exposure to vehicle traffic, with the property information indicating hundreds to thousands of vehicles pass the area daily. The existing operation has a 4.4 out of 5-star Google rating, reflecting an established customer presence. The property may accommodate continued retail use, a specialty shop, or another commercial application supported by its zoning.
Key Highlights
- Corner location at Ironwood and Milburn in Mishawaka
- Zoned for commercial small‑retail use
- Currently operating as Mishawaka Smoke Shop
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,573
Cap Rate
5.88%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$351,460
$351.5K
Cap Rate 7%
$251,043
$251.0K
Cap Rate 9%
$195,256
$195.3K
Market Conditions
NOI Build-Up for 1,266 SF
Gross rent
$27.8K $21.96/SF
− Vacancy
−$2.7K −$2.13/SF
EGI
$25.1K $19.83/SF
− OpEx
−$7.5K −$5.95/SF
NOI
$17.6K $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 Rate 5%
$351,460
Cap Rate 7%
$251,043
Cap Rate 9%
$195,256
Alternative Uses
Best Use
Retail
$251.0K
$219.7K – $292.9K
NOI $17,573 @ 7.0% cap · market cap 5.88%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
293
Businesses Nearby
90k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 39%
Groceries 33%
Shops & Services 29%
Martin's Super Markets
Groceries
29,364 visits/mo
0.4 miles
McDonald's
Dining
25,320 visits/mo
0.2 miles
Phillips 66
Shops & Services
9,951 visits/mo
0.2 miles
Dollar General
Shops & Services
9,277 visits/mo
0.3 miles
Arby's
Dining
5,693 visits/mo
0.3 miles
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Commercial small-retail zoning supports a range of storefront and specialty-shop uses.
Where is this retail space located?
The property is located at 702 S Ironwood Dr Mishawaka, IN.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Corner location at Ironwood and Milburn in Mishawaka; Zoned for commercial small‑retail use; Currently operating as Mishawaka Smoke Shop
