Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Back to Search
    Retail/Office Building on State Road Title is generated by Realmo AI

    17868 IN-23, South Bend, IN 46635

    View on Map
    Claim this Listing
    For Sale
    Contact for pricing

    Retail/office building with high visibility and development potential.

    Type:Office
    Property size:
    4,164 SF
    Lot size:
    0.72 Acres
    Price / SF:
    $139/SF
    Added:
    Jul 14, 2023
    Days on Market:
    1058
    Last Refresh:
    May 12 at 8:12 pm

    Property Features for 17868 IN-23

    General Information

    Standard status
    Active
    Size
    4,164 SF
    Lot size
    0.72 Acres
    Property subtype
    Office

    Building Details

    Year Built
    1948

    We can help!

    Listing Contact
    Ryan Gableman

    Listing agent Ryan Gableman License #IN RB14049453

    Listing office NAI Cressy - Mishawaka

    Listing date Jul 14, 2023

    Source Crexi

    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

    HighLights

    • Excellent visibility and frontage (215’) on State Road 23.
    • Prime location minutes from the University of Notre Dame.
    • 4,164 SF building configured for two retail/office occupants.
    • Income potential from existing hair salon lease.
    • .72 acre parcel with two curb cuts and onsite parking.
    • Monument signage for high visibility.

    Overview

    This 4,164 square foot building is configured for two retail or office occupants. A portion of the building is currently leased to a hair salon, while the other portion is vacant. The property features monument signage, two curb cuts, and on-site parking. Situated on a 0.72-acre parcel with approximately 215 feet of frontage on State Road 23, the property offers high visibility. It is located minutes from the University of Notre Dame and enjoys excellent frontage on State Road 23. The property is east of the newest developments along the SR 23 / South Bend Avenue corridor, closer to the University of Notre Dame, which includes several mixed-use retail/office and apartment developments currently under construction.
    Location Intelligence

    Current Use by Public Records

    Retail space

    Map

    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2066
    Latitude
    41.7195

    Nearby Similar for Sale

    • $565,000
      6,600 SF

      Turnkey Restaurant and Event Venue

      Turnkey restaurant property with multiple dining rooms, a bar, and outdoor patio kitchen ready for a new concept.
      24460 Adams Road, South Bend, IN 46628
      View Details
    • $400,000

      Turnkey Tavern with Apartment

      Fully-equipped bar/restaurant with a 2-bedroom apartment and heated garage.
      2209 Kemble Avenue, South Bend, IN 46613
      View Details
    • $750,000

      Historic Church in Downtown South Bend

      Exquisite stone church in downtown South Bend with development potential.
      302 W Washington Street, South Bend, IN 46601-1524
      View Details
    • $489,000
      5,000 SF

      Historic Mixed-Use Office Property

      Turnkey office-and-residential setup with dual zoning, flexible interiors, and outdoor space for client-facing operations.
      3030 S Michigan Street, South Bend, IN 46614-1712
      View Details
    • $125,000
      744 SF

      Western Avenue Commercial Building

      744 sq ft commercial building on Western Avenue, South Bend.
      4122 W Western Avenue, South Bend, IN 46619
      View Details
    • $249,900
      9,583 SF

      Versatile Commercial Building in South Bend

      4,000 sq ft commercial building suitable for various businesses.
      1428 East Calvert Street, South Bend, IN 46613
      View Details
    • $189,000

      South Bend Mixed-Use Opportunity

      Unique mixed-use property with high visibility and endless opportunities.
      1530 S Walnut Street, South Bend, IN 46619-4312
      View Details
    • $259,000

      Warehouse with Compressor and Office

      Warehouse with office, bathroom, cooking area, and compressor system.
      19990 State line Road, South Bend, IN 46637
      View Details
    • $469,000

      Retail/Commercial Opportunity on N Dixie

      Excellent visibility, recent improvements, and favorable location.
      211 and 215 N Dixie Way South Bend, IN 46637
      View Details
    • $290,000
      2,394 SF

      Mixed-Use Property with Storefront

      Two-story mixed-use property with convenience store and living quarters.
      1637 KEMBLE AVE, South Bend, IN 46613
      View Details
    • $750,000

      Triplex Near Notre Dame

      Residential investment opportunity near Notre Dame with student rental history.
      330 N Sunnyside Street, South Bend, IN 46617
      View Details
    • $1,100,000

      South Bend Net Leased Investment

      Single-tenant net leased investment property in South Bend, Indiana.
      1201-1215 S Michigan St, South Bend, IN 46601
      View Details

    FAQs

    What type of property is this?
    Retail space - Retail/office building with high visibility and development potential.
    Where is this retail space located?
    The property is located at 17868 IN-23 South Bend, IN.
    What is the asking price?
    The asking price for this property is $580,000.
    What are key features of this property?
    This property features: Excellent visibility and frontage (215’) on State Road 23.; Prime location minutes from the University of Notre Dame.; 4,164 SF building configured for two retail/office occupants.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Ryan Gableman
    Real Estate License ID: IN RB14049453
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    17868 IN-23, South Bend, IN 46635
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!