Flexible Multi-Level Flex
For Sale
$250,000
907 S 31st St, South Bend, IN 46615
Open commercial layout includes a kitchen, restrooms, and separate entry points on each level.
Property Size2,677 SF
Price / SF$93.39
Days on Market50
Property Features for 907 S 31st St
General Information
Standard status
Active
Size
2,677 SF
Building Details
Year Built
1977
Stories
2
Listing Agency:
Coldwell Banker Realty
Listed By:
Ashley Hairston
(574) 383-4027
Source:
Kmsrealestategroup
Added: Aug 8
Changed: Sep 21
Last Checked: Sep 24 at 2:17PM
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 Coldwell Banker Realty
Investment Insights
Based on property information with market context.
This multi-level flex space in South Bend combines an open commercial area with supporting rooms and building amenities. The main floor includes approximately 1,400 sq. ft. of open space, a kitchen, and two restrooms with separate stalls. Separate entryways on both levels support different access arrangements.
The basement is configured with 11 rooms and additional bathrooms, creating substantial interior flexibility for offices, storage, or other commercial functions. The property also includes secluded parking and a new rubber roof. Located at 907 S 31st St in the River Park area, the building offers more than 2,000 sq. ft. of commercial space across its levels.
The basement is configured with 11 rooms and additional bathrooms, creating substantial interior flexibility for offices, storage, or other commercial functions. The property also includes secluded parking and a new rubber roof. Located at 907 S 31st St in the River Park area, the building offers more than 2,000 sq. ft. of commercial space across its levels.
Key Highlights
- More than 2,000 sq. ft. commercial building at 907 S 31st St, South Bend, IN
- Approximately 1,400 sq. ft. of open main‑floor space
- Basement configured with 11 rooms and additional bathrooms
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
$21,568
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
8.63%
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%
$431,360
$431.4K
Cap Rate 7%
$308,114
$308.1K
Cap Rate 9%
$239,644
$239.6K
Market Conditions
NOI Build-Up for 2,677 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
$35.3K $13.20/SF
− Vacancy
−$2.2K −$0.81/SF
EGI
$33.2K $12.39/SF
− OpEx
−$11.6K −$4.34/SF
NOI
$21.6K $8.06/SF
Area
South Bend, IN
Vacancy
6.10%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
35.00%
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%
$431,360
Cap Rate 7%
$308,114
Cap Rate 9%
$239,644
Alternative Uses
Best Use
Flex RnD
$308.1K
$269.6K – $359.5K
NOI $21,568 @ 7.0% cap · market cap 8.63%
Second Best
Industrial
$259.9K
$227.5K – $303.3K
NOI $18,196 @ 7.0% cap · market cap 7.28%
Theoretical Best
Office A
$677.2K
$592.6K – $790.1K
NOI $47,407 @ 7.0% cap · market cap 18.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
477
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46615, IN
14,777
Population
7,234
Households
2
Avg Household Size
36
Median Age
33%
College-Educated
89%
High-School Grad
3.3 sq mi
ZIP Area
4,478
Density / Sq Mi
$57,983
Median Household Income
$39,744
Median Earnings
$971
Median Rent
$127,800
Median Home Value
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Open commercial layout includes a kitchen, restrooms, and separate entry points on each level.
Where is this flex space located?
The property is located at 907 S 31st St South Bend, IN.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: More than 2,000 sq. ft. commercial building at 907 S 31st St, South Bend, IN; Approximately 1,400 sq. ft. of open main‑floor space; Basement configured with 11 rooms and additional bathrooms
