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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1724 Ironwood Dr South Bend, IN 46635-1844

    • Retail space
    • 2,877 SF
    • 0.25 lot acres
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2236662
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Miracle-Ear Hearing Aid Center / Hearing Aid Store / Hearing Aid Repair Service
    • Divine Dough Co / Donut Shop

    Property Details for 1724 Ironwood Dr

    Year built
    1989
    Construction
    WOOD
    Lot size
    0.25 lot acres
    Property size
    2,877 SF
    Property type
    Retail space
    APN
    71-04-32-309-002.000-004
    APU
    710432309002000004

    Description

    This exceptional single-tenant office suite, identified as Suite A, is ideally situated at 1724 N Ironwood Dr, South Bend, Indiana, 46635. The property is classified as retail, office, and restaurant space, but this specific listing focuses on its use as a traditional office suite. Located in a high-traffic area, this suite offers significant visibility and accessibility for businesses. The building itself boasts energy-efficient features, contributing to lower operating costs and a commitment to sustainability. The suite is available for lease and presents a fantastic opportunity for a business seeking a well-located, efficient, and conveniently sized office space in South Bend. The property's precise latitude and longitude coordinates are 41.69864921229633 and -86.21642947208261 respectively. Further details regarding the specific square footage and lease terms are available upon request. This is a prime location for businesses seeking a strong presence in a vibrant South Bend commercial district. Interested parties are encouraged to inquire promptly to secure this desirable office space.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2162
    Latitude
    41.6987
    CBSA code
    43780
    CBSA name
    SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $3,543
    $32,200
    $72,500
    $104,700
    -
    $32,200
    $72,500
    $104,700

    Comparable in this City

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      6,400 SF

      1427 Ironwood Dr

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    • Value Estimation by Request
      2,124 SF

      17917 State Rd 23

      RETAIL STORES (PERSONAL SERVICES) • 2,124 SF
      17917 State Rd 23, South Bend, IN 46635-1642
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    • Value Estimation by Request
      8,672 SF

      54533 Ter Ln

      RETAIL STORES (PERSONAL SERVICES) • 8,672 SF
      54533 Ter Ln, South Bend, IN 46635-1673
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    • Value Estimation
      $900,000
      6,420 SF

      1728 Ironwood Dr

      RETAIL STORES (PERSONAL SERVICES) • 6,420 SF
      1728 Ironwood Dr, South Bend, IN 46635-1844
      View Details
    • Value Estimation by Request
      2,058 SF

      1404 Ironwood Dr

      RETAIL STORES (PERSONAL SERVICES) • 2,058 SF
      1404 Ironwood Dr, South Bend, IN 46635-1838
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    • Value Estimation by Request
      2,784 SF

      17963 Cleveland Rd

      RETAIL STORES (PERSONAL SERVICES) • 2,784 SF
      17963 Cleveland Rd, South Bend, IN 46635-1380
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    Similar Nearby for Sale

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      Land • 1.34 Acres
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    South Bend, IN 46635-1844
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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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