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Property profile & analytics
OFF-MARKET
Estimated value
$2,000,000
Medical Office Space
2235 Cleveland Rd South Bend, IN 46628-3529
Entity Owned
11-yr Hold
Free & Clear
Property ID
US31-2626615
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2015
Construction
TYPE NOT SPECIFIED
Total area
20,553 SF
Lot
4.53 ac (197,327 SF)
APN
71-03-22-451-022.000-009
UPID
US31-2626615
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
Current use
Occupant on record · Public records
-
Sandra A. Cho, DPM Physician
-
Kira Bloom, LCSW - Beacon Medical Group Cleveland Road Foster Care Service Social Service Agency
-
Charles Hagenow Pediatrician Physician
-
Joel Mulder Pediatrician Physician
-
Arif Goreja Physician
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.77M
Blend (final)
Blend
$2.00M
Owner & transaction history
Beacon Health System INC · 11 yrs held
Beacon Health System INC
since 2015
1 recorded transaction
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Retail stores
$1.8M
+47.9%
Apartment house (5+ units)
$1.8M
+45.5%
Restaurant
$1.7M
+43.5%
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
Method
Estimation
Statistic approach
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
MEDICAL BUILDING
$1,210,000
Current use
RETAIL STORES
$1,790,000
Change: +48% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$1,760,000
Change: +46% · Conversion: Moderate
RESTAURANT
$1,735,000
Change: +43% · Conversion: Difficult
COMMERCIAL (GENERAL)
$1,345,000
Change: +11% · Conversion: Easy
AUTO REPAIR, GARAGE
$1,340,000
Change: +11% · Conversion: Difficult
Blend value · Realmo final
$2.00M
Range $1.80M – $2.20M · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$97 / SF
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
$8,842
Tax year 2023
Assessed value
$2,612,900
Assessed 2023
Previous assessed
$2,612,900
+0.0% YoY
Effective rate
0.34%
On assessed value
Assessed land
$368,500
Assessed improvement
$2,244,400
Land market value
$368,500
Improvement market value
$2,244,400
Total market value
$2,612,900
Applied tax rate
9.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
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
Medical Office Space
Use group
MEDICAL BUILDING
Status
Off-Market
Year built
2015
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Total area
20,553 SF
Lot
4.53 ac (197,327 SF)
APN
71-03-22-451-022.000-009
UPID
US31-2626615
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
Alternative use value scenarios
Repositioning upside vs current use
MEDICAL BUILDING Current
Est. value
$1.2M
RETAIL STORES
Est. value
$1.8M
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.8M
RESTAURANT
Est. value
$1.7M
COMMERCIAL (GENERAL)
Est. value
$1.3M
AUTO REPAIR, GARAGE
Est. value
$1.3M
MEDICAL BUILDING Current
RETAIL STORES
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
2015
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Lot
4.53 ac
Current owner
From public records · entity-resolved
Beacon Health System INC
Entity
Free & Clear · 11 yrs held
Mailing address
615 N MICHIGAN ST, SOUTH BEND, IN 46601-1033
Ownership since
2015
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 18, 2015
—
Beacon Health System INC
Steve Cooreman
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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