5946 Grape Rd Mishawaka, IN 46545
- Retail space
- 22,108 SF
- 2.00 lot acres
Current Use by Public Records
- Big Sandy Superstore / Furniture Store / Bedroom Furniture Store
Property Details for 5946 Grape Rd
- Year built
- 1987
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 2.00 lot acres
- Property size
- 22,108 SF
- Property type
- Retail space
- APN
- 71-04-28-401-001.000-005
- APU
- 710428401001000005
Description
This exceptional investment opportunity presents a 21,896-square-foot retail shopping center in Mishawaka, Indiana, currently operating at 100% occupancy. Located at 5946 Grape Rd, this single-tenant property sits on a 1.97-acre lot (APN: 71-04-28-401-001.000-005) and is zoned C-2 Shopping Center. Built in 1987 and renovated in 2007, the building features a 20-foot ceiling height and one dock door. The property is part of the Indian Ridge Shopping Center, a thriving retail hub in the University Park Trade Area, boasting strong neighboring anchors such as TJ Maxx, Bed Bath & Beyond, Ashley Furniture, and Gabe's. Its prime location is directly across from the one-million-square-foot University Park Mall and within three miles of four million square feet of additional retail space, including major retailers like Hobby Lobby, Target, and Costco. The area also benefits from the proximity of St. Joseph Regional Medical Center, Edison Lakes Corporate Park, and the University of Notre Dame. The lease is a NNN (Net, Net, Net) agreement, with the landlord responsible for roof and structure maintenance, and the tenant covering all other expenses, including real estate taxes, common area maintenance, and insurance. The asking price is $3,000,000, representing a price per square foot of $141.58. This property offers a compelling investment opportunity in a high-demand retail area with significant growth potential.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $675,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $830,000
- 6.5%
- $805,000
- 7%
- $770,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $855,000
- Geo Method
- $845,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $890,000
- Retail
- $665,000
- Mixed-Use
- $740,000
- Hospitality
- $670,000
- Educational
- $780,000
- Residential Income
- $655,000
- Energy
- $660,000
- Income-Based Land
- $865,000
- Food Service
- $700,000
Location Insight
- Map
- Local Demand
- City
- Mishawaka
- County
- St. Joseph
- State
- Indiana
- Longitude
- -86.1869
- Latitude
- 41.7148
- CBSA code
- 43780
- CBSA name
- SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA
