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Property profile & analytics
OFF-MARKET
Estimated value
$1,780,000
Office Spaces
227 Main St, South Bend, IN 46601-2124
Entity Owned
3-yr Hold
Free & Clear
Property ID
US31-2222319
Property summary
AI-generated overview
This three-story, Class B office building at 227 S Main St, South Bend, IN 46601, offers 18,298 square feet of space, with 8,953 square feet currently vacant. Built in 1928, the property features a total of 42 parking spaces and is situated on a 0.17-acre lot within the South Bend Central Business District. Flexible lease options are available, ranging from 1,000 to 5,312 contiguous square feet. The building's prime location offers easy access to courthouses, a library, and the County City Building. Rent includes taxes, utilities, daily cleaning, snow removal, trash disposal, insurance, and surface parking lot use. Tenants are responsible for their own liability insurance, telephone, and data services. The available 5,312 square foot space is located on the third floor. This is an excellent opportunity for businesses seeking a well-maintained, centrally located office space in a vibrant downtown setting. The property's APN is 71-08-12-156-014.000-026.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1928
Construction
TYPE NOT SPECIFIED
Total area
21,768 SF
Lot
0.5 ac (21,911 SF)
APN
71-08-12-156-014.000-026
UPID
US31-2222319
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
Michiana Speech Lab Physician
-
Wagner Dumpster Rental Waste Management Facility
-
Interlink Group IT Consulting Firm Tech Support Center
-
Indiana Legal Services, Inc. Law Firm
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.73M
Blend (final)
Blend
$1.78M
Owner & transaction history
Vermillion 227 LLC · 3 yrs held
Vermillion 227 LLC
since 2022
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$2.0M
+31.9%
Auto repair, garage
$1.7M
+11.7%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs South Bend submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs South Bend submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,475,000
Current use
RETAIL STORES
$1,950,000
Change: +32% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,650,000
Change: +12% · Conversion: Difficult
Blend value · Realmo final
$1.78M
Range $1.60M – $1.96M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$82 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$24,893
Tax year 2023
Assessed value
$735,600
Assessed 2023
Previous assessed
$735,600
+0.0% YoY
Effective rate
3.38%
On assessed value
Assessed land
$77,200
Assessed improvement
$658,400
Land market value
$77,200
Improvement market value
$658,400
Total market value
$735,600
Applied tax rate
26.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1928
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Total area
21,768 SF
Lot
0.5 ac (21,911 SF)
APN
71-08-12-156-014.000-026
UPID
US31-2222319
Jurisdiction
ST JOSEPH
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.5M
RETAIL STORES
Est. value
$2.0M
AUTO REPAIR, GARAGE
Est. value
$1.7M
COMMERCIAL (GENERAL) Current
RETAIL STORES
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1928
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
4
Lot
0.5 ac
Current owner
From public records · entity-resolved
Vermillion 227 LLC
Entity
Free & Clear · 3 yrs held
Mailing address
603 ROOSEVELT RD, WALKERTON, IN 46574-1219
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 7, 2022
—
Vermillion 227 LLC
227 Main St Assoc LP
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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