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    50630 State Hwy South Bend, IN 46637

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    50630 State Hwy South Bend, IN 46637

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    • Neighborhood centers
    • 152,334 SF
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Neighborhood centers

    Property Details for 50630 State Hwy

    Year built
    1962
    Property size
    152,334 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    Wedgewood Plaza, located at 50630 State Hwy 933 in South Bend, Indiana, presents a compelling retail investment opportunity. This 152,334 square foot strip center, built in 1962, sits on a 3.5-acre lot and is zoned 71-03-12-332-001.000-003 (APN: Commercial). Currently, 8,793 square feet of space is available, with a minimum divisible unit of 4,062 square feet and a maximum contiguous space of 4,731 square feet. The property boasts excellent visibility and accessibility due to its location on a major thoroughfare, State Highway 933, just south of the Indiana/Michigan border, providing convenient access to both South Bend and Niles, Michigan. The center benefits from ample surface parking and pylon signage opportunities. Existing tenants include Family Dollar and Dollar Tree, ensuring consistent foot traffic. Available spaces feature open floor plans with 11.5-foot ceiling heights and private restrooms. This property offers a strong foundation for a variety of retail businesses seeking a high-traffic location at an attractive price point in St. Joseph County, zip code 46637. The property's location near the Michigan state line provides access to a larger consumer base.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2502
    Latitude
    41.7578

    Comparable in this City

    • Value Estimation by Request
      9,384 SF

      51522 31/33

      Neighborhood centers • 9,384 SF
      51522 31/33, South Bend, IN 46637
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    • Value Estimation by Request
      11,520 SF

      52144 Indiana State Rte 933

      SHOPPING CENTER, STRIP CENTER • 11,520 SF
      52144 Indiana State Rte 933, South Bend, IN 46637-3862
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    • Value Estimation
      $825,000
      29,700 SF

      2204 Sb Ave

      SHOPPING CENTER, STRIP CENTER • 29,700 SF
      2204 Sb Ave, South Bend, IN 46637
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    • Value Estimation by Request
      17,280 SF

      52303 Emmons Rd

      SHOPPING CENTER, STRIP CENTER • 17,280 SF
      52303 Emmons Rd, South Bend, IN 46637-4294
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    • Value Estimation by Request
      6,164 SF

      52991 Indiana State Rte 933

      SHOPPING CENTER, STRIP CENTER • 6,164 SF
      52991 Indiana State Rte 933, South Bend, IN 46637-3248
      View Details
    • Value Estimation by Request
      8,862 SF

      1801 Bnd Ave

      SHOPPING CENTER, STRIP CENTER • 8,862 SF
      1801 Bnd Ave, South Bend, IN 46637-5637
      View Details

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      Retail/Commercial Opportunity on N Dixie

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    Similar Nearby for Lease

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      South Bend Retail Build-to-Suit

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      Retail Space Near Notre Dame

      High-visibility retail space near Notre Dame and major thoroughfares.
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      Retail and industrial spaces for rent with high traffic exposure.
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    50630 State Hwy
    South Bend, IN 46637
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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
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