Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    23941 Brick Rd South Bend, IN 46628
    Back to Search
    Property profile & analytics

    23941 Brick Rd South Bend, IN 46628

    View on Map
    • Land
    • 0.37 lot acres
    Off-Market
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Land

    Property Details for 23941 Brick Rd

    Lot size
    0.37 lot acres
    Property type
    Land

    Description

    This exceptional 0.37-acre vacant commercial lot presents a prime development opportunity in South Bend, Indiana. Located at 23941 Brick Road, this property boasts a buildable area of 5,820 square feet and is zoned for commercial or retail use. Its strategic location near the US31 bypass ensures high visibility and accessibility, making it ideal for a variety of businesses seeking exposure to significant traffic flow into the heart of South Bend. The property's address is 23941 W. Brick Road, South Bend, IN 46628, and its parcel number is 71-03-20-101-007.000-009 / 025-1012-003701. The asking price for this exceptional lot is $260,000. Don't miss this chance to acquire a highly visible and strategically located parcel in a thriving commercial area. This property offers significant potential for growth and return on investment. Serious inquiries only.

    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
    -86.3315
    Latitude
    41.7363

    Comparable in this City

    • Value Estimation by Request
      0.23 Acres

      25551 Scent Trl

      Land • 0.23 Acres
      25551 Scent Trl, South Bend, IN 46628
      View Details
    • Value Estimation by Request
      0.24 Acres

      26081 Lesser Scaup Trl

      Land • 0.24 Acres
      26081 Lesser Scaup Trl, South Bend, IN 46628
      View Details
    • Value Estimation by Request
      0.27 Acres

      53712 Terre Verde Hills Ct

      Land • 0.27 Acres
      53712 Terre Verde Hills Ct, South Bend, IN 46628
      View Details
    • Value Estimation by Request
      10.09 Acres

      4403 Brick Rd

      Land • 10.09 Acres
      4403 Brick Rd, South Bend, IN 46628
      View Details
    • Value Estimation by Request
      0.27 Acres

      52783 Hollow Trl

      Land • 0.27 Acres
      52783 Hollow Trl, South Bend, IN 46628
      View Details
    • Value Estimation by Request
      100.00 Acres

      Area B Nimtz Pkwy

      Land • 100.00 Acres
      Area B Nimtz Pkwy, South Bend, IN 46628
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      Corner Lot Near North Chain Lake

      Corner lot near downtown South Bend and Notre Dame.
      54000 Whitesell Dr, South Bend, IN 46628
      View Details
    • Contact for pricing

      Land in Augustine Lake Estates

      Land in picturesque community with easy highway access.
      26037 Lesser Scaup Trl, South Bend, IN 46628
      View Details
    • Contact for pricing

      Large Multi-Parcel Land Available

      Acreage near South Bend, close to amenities and bypass.
      26912 Us Highway 20, South Bend, IN 46628
      View Details
    • $359,000

      South Bend Outlot Land Available

      1.73 AC outlot available for sale in South Bend.
      1.73 Ac Outlot Sr 19 Hwy, South Bend, IN 46628
      View Details

    Similar Nearby for Lease

    • Contact for pricing

      Carbonmill Plaza Retail Space Available

      Retail space for lease in high-traffic South Bend location.
      4505 Ameritech Dr, South Bend, IN 46628
      View Details
    • Contact for pricing

      Renovated Office Suite Overlooking Golf

      Newly renovated 3,183 SF office suite with golf course views.
      5770 Nimtz Pkwy, South Bend, IN 46628
      View Details
    • Contact for pricing

      Retail Space Available For Lease

      Retail space available for lease in South Bend, Indiana.
      3903 Portage Rd, South Bend, IN 46628
      View Details
    • Contact for pricing
      10,772 SF

      Former Family Dollar Retail Space

      Sublease opportunity in densely populated LaSalle Area.
      2401-2421 Lincoln Way W, South Bend, IN 46628
      View Details
    • $6 SF/Yr
      15,096 SF

      6252 Business Center Drive

      Creative Office Space, 15,096 SF
      6252 Business Center Dr, South Bend, IN 46628
      View Details
    • Contact for pricing

      Flex Industrial/Warehouse Building For Lease

      Flex industrial/warehouse building with office space available for lease.
      3605 Gagnon St, South Bend, IN 46628
      View Details
    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.
    23941 Brick Rd
    South Bend, IN 46628
    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
    23941 Brick Rd, South Bend, IN, 46628
    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!