121 Grove StMishawaka, IN 46545

Property Details for 121 Grove St

Year built

1986

Construction

TYPE NOT SPECIFIED

Lot size

0.67 AC

Property size (Sq ft)

3,960 SF

Property type

Retail properties

Property subtype

Banks

APN

71-09-09-485-006.000-023

APU

710909485006000023

Description

This exceptional Class A office building, located at 121 E Grove St in Mishawaka, Indiana, presents a unique investment opportunity. The property boasts 3,960 square feet of finished office space on the main level, complemented by an additional 3,960 square feet of finished lower-level space – a total of 7,920 square feet. Previously a bank branch, the building features a convenient covered drive-thru area and ample on-site parking. Situated on a 0.96-acre lot at the highly visible corner of Main Street and Mishawaka Avenue, this property benefits from exceptional exposure. The location is ideal, offering proximity to Mishawaka's Central Park and a vibrant downtown area experiencing significant redevelopment, including the Ironworks Plaza Ice Rink and Event Center. Nearby amenities include numerous restaurants and breweries such as Jesus Latin Grill, Chickory Café, Doc Pierce's, Ball Band Biergarten, and Sun King Brewery. The property is zoned for commercial use, presenting exciting possibilities for redevelopment into multi-family, mixed-use, or larger office space. The asking price is $450,000, translating to $113.64 per square foot. Currently vacant, this property offers immediate occupancy and significant upside potential. The property is located in the 46545 zip code.

• CAP approach

  CAP return

  Valuation

  6%

  $1,024,877

  6.5%

  $946,040

  7%

  $878,466

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,299,791

  Geo Method

  $1,299,791

• Alternative Use

  Use

  Valuation

  Residential

  $798,020

  Hospitality

  $730,982

  Educational

  $608,169

  Medical

  $629,085

  Retail

  $946,040

Location Insight

City

Mishawaka

County

St. Joseph

State

Indiana

Latitude

41.6668

Longitude

-86.1802

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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