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    3371 Cleveland Rd South Bend, IN 46628

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    For Lease
    Contact for pricing

    Versatile South Bend industrial/office space available.

    Lot size:
    44,493 SF

    Property Features for 3371 Cleveland Rd

    General Information

    Property type
    Distribution properties
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    44,493 SF
    Total Rate
    16684.88

    Building Details

    Year Built/Renovated
    1988/1999

    Spaces For Lease

    at 3371 Cleveland Rd, South Bend, IN 46628 Contact us
    Unit Suite 200

    $4 /Mo

    Size
    4,081 SF
    Contact us

    We can help!

    Listing Contact
    Jeremy Mcclements
    Jeremy Mcclements

    Listing Agent: Jeremy Mcclements

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Capital Centre, located at 3371 W Cleveland Rd in South Bend, Indiana, presents a unique opportunity for businesses seeking flexible space. This multi-tenant property, totaling 44,493 square feet, offers a variety of configurations suitable for executive offices, flex space, warehouse, and distribution operations. Currently, 4,081 square feet of space is immediately available. Built in 1988 and renovated in 1999, the property sits on a 5.3-acre lot and provides ample parking with 200 spaces. The building is zoned D - Light Industrial, ensuring suitability for a range of commercial uses. Located in the Blackthorn Development Area of St. Joseph County, this property benefits from convenient access to major transportation routes. Utilities are municipal, and suites are separately metered for efficient cost management. The property's features include abundant on-site parking, making it an attractive option for employees and clients alike. This versatile space offers a blend of modern amenities and functional design, ideal for businesses seeking a strategic location in South Bend's thriving commercial landscape. The zip code is 46628.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lift Solutions Material Handling Equipment Supplier Creative Dance N' Training Center U93 Radio Radio Station Artistic Media Partners Radio Station Channah Klor Physician

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Building Supply Dental Office Big Box & Wholesale Store Auto Repair Shop Hair Salon Nail Salon

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St Joseph
    State
    Indiana
    Longitude
    -86.2965607
    Latitude
    41.7265526

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    FAQs

    What type of property is this?
    Distribution property - Versatile South Bend industrial/office space available.
    Where is this distribution property located?
    The property is located at 3371 Cleveland Rd South Bend, IN.
    What is the lease rate?
    The lease rate is $4 SF/Yr.
    What are key features of this property?
    This property features: 4,081 SF corner office suite available.; High visibility on heavily traveled Cleveland Rd, with toll road visibility.; Metronet high-speed fiber optic connectivity.
    (574) 876-9535 Call to check price and availability
    Request Owner's contact information
    3371 Cleveland Rd South Bend, IN 46628
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    South Bend, IN 46628
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    3371 Cleveland Rd South Bend, IN 46628
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    Contact for Pricing
    Please call us for current price
    and status of this listing Jeremy Mcclements
    Jeremy Mcclements
    Real Estate License ID: SP30808607
    (574) 876-9535 (574) 237-6000
    Learn more
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