Building Details

Year Built 1979

Listing Agency: NAI Cressy - Mishawaka

Listed By: Shawn Todd · License #IN RB14043602 Show Phone

Source: Crexi

Added: Jun 4, 2024 Changed: Oct 16 Last Checked: Oct 16 at 7:59AM

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Investment Insights

Based on property information with market context.

This property is a current credit union branch, featuring a lobby, teller line, three private offices, a break room, and a restroom. It includes a one-lane drive behind the building, previously used as a drive-thru lane. The property offers ample acreage for potential expansion or further development. It is situated in the Airport Industrial Park, specifically within the Blackthorn Development area, located off Bendix Drive on South Bend’s northwest side. The property is well-positioned in the Boland/Kenmore Drive industrial park, proximal to many small businesses and a Meijer shopping center. The building size is 2,250 square feet.

Key Highlights

• Ample acreage for expansion/development.
• Located in the Airport Industrial Park - Blackthorn Development area.
• Existing building suitable for immediate use (former Credit Union branch).

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$22,113

Cap Rate

9.03%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$442,260 $442.3K

Cap Rate 7%

$315,900 $315.9K

Cap Rate 9%

$245,700 $245.7K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,250 SF

Gross rent

$33.8K $15.00/SF

− Vacancy

−$2.2K −$0.96/SF

EGI

$31.6K $14.04/SF

− OpEx

−$9.5K −$4.21/SF

NOI

$22.1K $9.83/SF

Area

South Bend, IN

Vacancy

6.40%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$442,260

Cap Rate 7%

$315,900

Cap Rate 9%

$245,700

Alternative Uses

Best Use

Specialty Retail

$370.2K

$324.0K – $431.9K (±1% cap)

NOI $25,916 @ 7.0% cap · market cap 10.58%

Second Best

Retail

$315.9K

$276.4K – $368.6K (±1% cap)

NOI $22,113 @ 7.0% cap · market cap 9.03%

Theoretical Best

Office A

$569.2K

$498.1K – $664.1K (±1% cap)

NOI $39,846 @ 7.0% cap · market cap 16.26%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Imeco Federal Credit ... Credit Union

Suggested Use

Top Pick Real Estate Agency Law Firm Hair Salon Spa & Massage Center Dental Office Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

216

Businesses Nearby

851

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Home Improvements & Furnishings 100%

Johnstone Supply Home Improvements & Furnishings

851 visits/mo 0.1 miles

Demographics for 46628, IN

27,011

Population

12,266

Households

2.2

Avg Household Size

38

Median Age

26%

College-Educated

92%

High-School Grad

34.2 sq mi

ZIP Area

790

Density / Sq Mi

$56,889

Median Household Income

$37,423

Median Earnings

$1,068

Median Rent

$164,500

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Bank - Credit Union branch with drive-thru in Airport Industrial Park.

Where is this bank located?

The property is located at 3404 Boland Dr South Bend, IN.

What is the asking price?

The asking price for this property is $245,000.

What are key features of this property?

This property features: Ample acreage for expansion/development.; Located in the Airport Industrial Park - Blackthorn Development area.; Existing building suitable for immediate use (former Credit Union branch).