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Property profile & analytics
OFF-MARKET
Office buildings
1509 Michigan St South Bend, IN 46613
Trust Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US31-1614528
Property summary
AI-generated overview
This exceptional 0.52-acre commercial land parcel presents a unique investment opportunity in South Bend, Indiana. Located at 1509 Michigan Street, this property boasts 138 feet of frontage on South Michigan Street (US 31), a major thoroughfare with a daily traffic count of 12,158 vehicles. The property's strategic location places it just south of Ivy Tech Community College, ensuring high visibility and accessibility. Zoned NC - Neighborhood Center, the land offers versatile development potential, accommodating a range of uses including storefront retail, professional offices, medical and dental clinics, and restaurants. The parcel is surrounded by a mix of commercial and residential properties, creating a vibrant and established neighborhood. The property's APN is 71-08-13-156-025.000-026
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1959
Construction
TYPE NOT SPECIFIED
Lot
0.15 ac (6,640 SF)
APN
71-08-13-156-027.000-026
UPID
US31-1614528
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
by Request
Owner & transaction history
Tepe Joint Trust · 1 yrs held
Tepe Joint Trust
since 2025
2 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs South Bend submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs South Bend submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
CAP Approach
Comparable Approach
Alternative Use
Get a detailed, property-specific estimation — fast and free
Price per SF
Sale + rent benchmarks
Subject property
—
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$349
Tax year 2023
Assessed value
$10,300
Assessed 2023
Previous assessed
$10,300
+0.0% YoY
Effective rate
3.39%
On assessed value
Assessed land
$7,400
Assessed improvement
$2,900
Land market value
$7,400
Improvement market value
$2,900
Total market value
$10,300
Applied tax rate
26.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1959
Construction
TYPE NOT SPECIFIED
Heating
NONE
Lot
0.15 ac (6,640 SF)
APN
71-08-13-156-027.000-026
UPID
US31-1614528
Jurisdiction
ST JOSEPH
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1959
Construction
TYPE NOT SPECIFIED
Heating
NONE
Lot
0.15 ac
Current owner
From public records · entity-resolved
Tepe Joint Trust
Trust
Free & Clear · 1 yrs held
Mailing address
1431 S MICHIGAN ST, SOUTH BEND, IN 46613-2213
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2025
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 23, 2025
—
Tepe Joint Trust
Mark A Tepe
Deed
related
—
Sep 27, 2011
—
Elro Company LLC
Elro Company
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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