Credit Union Branch For
For Sale
Contact for pricing
3404 Boland Dr, South Bend, IN 46628
Credit Union branch with drive-thru in Airport Industrial Park.
Property Size2,250 SF
Price / SF$108.89
Days on Market820
Property Features for 3404 Boland Dr
General Information
Standard status
Active
Size
2,250 SF
Class
B
Property subtype
Office
Zoning
Light Industrial
Building Details
Year Built
1979
Listing Agency:
NAI Cressy - Mishawaka
(574) 485-1520
Listed By:
Shawn Todd · License #IN RB14043602
Source:
Crexi
Added: Jun 4, 2024
Changed: Aug 13
Last Checked: Aug 29 at 11:10PM
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 NAI Cressy - Mishawaka
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 = 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
$22,113
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
9.03%
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%
$442,260
$442.3K
Cap Rate 7%
$315,900
$315.9K
Cap Rate 9%
$245,700
$245.7K
Market Conditions
NOI Build-Up for 2,250 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
$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 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%
$442,260
Cap Rate 7%
$315,900
Cap Rate 9%
$245,700
Alternative Uses
Best Use
Specialty Retail
$370.2K
$324.0K – $431.9K
NOI $25,916 @ 7.0% cap · market cap 10.58%
Second Best
Retail
$315.9K
$276.4K – $368.6K
NOI $22,113 @ 7.0% cap · market cap 9.03%
Theoretical Best
Office A
$569.2K
$498.1K – $664.1K
NOI $39,846 @ 7.0% cap · market cap 16.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
Questions? Ask Rey
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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).
