Mixed-Use Property with
For Sale
$350,000
812 E Lasalle Ave, South Bend, IN 46617
Two-story configuration combines a first-floor office with an upstairs apartment and basement storage.
Property Size2,708 SF
Price / SF$129.25
Days on Market30
Property Features for 812 E Lasalle Ave
General Information
Standard status
Active
Size
2,708 SF
Total Parking Spaces
12
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Additional Details
Floor
1st Floor
Amenities
kitchenette
full bath with shower
basement storage
Building Details
Year Built
1930
Listing Agency:
RE/MAX 100
(574) 286-1705
Listed By:
Kenny Kent · License #14007374
Source:
Kmsrealestategroup
Added: Jul 31
Changed: Aug 28
Last Checked: Aug 25 at 4:58AM
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 RE/MAX 100
Investment Insights
Based on property information with market context.
Built in 1930, this 2,708-square-foot mixed-use property combines a five-room office on the ground level with a two-bedroom apartment above. The building also includes a large basement for storage, a kitchenette, and a full bathroom with shower.
Parking includes 10 to 12 on-site spaces, supplemented by street parking. The property is across from St. Joseph High School and near downtown South Bend and the University of Notre Dame campus. A second parcel is identified as 71-08-12-228-006.000-026 at 228 N Saint Peter St, South Bend, IN 46617.
Parking includes 10 to 12 on-site spaces, supplemented by street parking. The property is across from St. Joseph High School and near downtown South Bend and the University of Notre Dame campus. A second parcel is identified as 71-08-12-228-006.000-026 at 228 N Saint Peter St, South Bend, IN 46617.
Key Highlights
- Five‑room office occupies the first floor
- Two‑bedroom apartment located upstairs
- 2,708‑square‑foot building constructed in 1930
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
$29,993
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
8.57%
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%
$599,860
$599.9K
Cap Rate 7%
$428,471
$428.5K
Cap Rate 9%
$333,256
$333.3K
Market Conditions
NOI Build-Up for 2,708 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
$53.6K $19.80/SF
− Vacancy
−$5.6K −$2.08/SF
EGI
$48.0K $17.72/SF
− OpEx
−$18.0K −$6.65/SF
NOI
$30.0K $11.08/SF
Area
South Bend, IN
Vacancy
10.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
37.50%
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%
$599,860
Cap Rate 7%
$428,471
Cap Rate 9%
$333,256
Alternative Uses
Best Use
Office B
$506.9K
$443.6K – $591.4K
NOI $35,486 @ 7.0% cap · market cap 10.14%
Second Best
Mixed Use
$428.5K
$374.9K – $499.9K
NOI $29,993 @ 7.0% cap · market cap 8.57%
Theoretical Best
Office A
$685.1K
$599.5K – $799.3K
NOI $47,956 @ 7.0% cap · market cap 13.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,958
Businesses Nearby
Explore this area
Business Placement
Demographics for 46617, IN
9,813
Population
5,502
Households
1.8
Avg Household Size
35
Median Age
60%
College-Educated
96%
High-School Grad
2.6 sq mi
ZIP Area
3,774
Density / Sq Mi
$73,700
Median Household Income
$37,331
Median Earnings
$1,422
Median Rent
$231,400
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?
Mixed-use property - Two-story configuration combines a first-floor office with an upstairs apartment and basement storage.
Where is this mixed-use property located?
The property is located at 812 E Lasalle Ave South Bend, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Five‑room office occupies the first floor; Two‑bedroom apartment located upstairs; 2,708‑square‑foot building constructed in 1930
