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    Property profile & analytics

    2240 Prairie Ave South Bend, IN 46614

    • Retail space
    • 9,500 SF
    • 1.38 lot acres
    For Lease
    View listing
    $18 SF/Yr
    Last Sale
    Oct 13, 2022
    $200,000
    Value Estimations
    $235,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2183506
    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

    • Star Liquors / Liquor Store

    Property Details for 2240 Prairie Ave

    Year built
    2022
    Construction
    TYPE NOT SPECIFIED
    Lot size
    1.38 lot acres
    Property size
    9,500 SF
    Property type
    Retail space
    APN
    71-08-22-202-010.000-026
    APU
    710822202010000026

    Description

    This 8,340-square-foot, single-story Class B retail strip center, built in 2023, is situated on a 1.55-acre lot in St. Joseph County. Located near the intersection of Prairie Avenue and S Olive Street, it offers excellent visibility and convenient access. The property is anchored by Star Liquors and features three available suites: Suite A (1,200 sq ft) is an endcap space with potential for a drive-thru window (subject to city approval), currently featuring installed drywall and partially poured concrete. Suite C (1,485 sq ft) is an inline space adjacent to Star Liquors, also with installed drywall and partially poured concrete. Suite D (1,200 sq ft) is a west endcap space, being finished to "vanilla box" condition with HVAC and electric installed, and partially poured concrete. All suites require tenant installation of HVAC and electric (except Suite D), and tenants are responsible for utilities, insurance, interior maintenance, signage (one building sign and one street pole sign allowed), Wi-Fi, and phone service. Rent ranges from $20 to $25 per square foot, with a $3.50 per square foot CAM fee. The property enjoys a prime location, just half a mile from the Four Winds Casino South Bend, one mile from US 20 Bypass, 2.5 miles from downtown South Bend, 3.5 miles from US 31, four miles from the South Bend International Airport, and five miles from the University of Notre Dame. The zoning is commercial. Minimum divisible space is 1,200 sq ft, with a maximum contiguous space of 2,685 sq ft.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $215,000
      ML approach
      $240,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $295,000
      Market price range: $220k - $660k

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

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2809
    Latitude
    41.65
    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
    $10,287
    $24,800
    $279,200
    $304,000
    -
    $24,800
    $279,200
    $304,000

    Comparable in this City

    • Value Estimation
      $290,000
      3,368 SF

      63992 State Rd 331

      RETAIL STORES (PERSONAL SERVICES) • 3,368 SF
      63992 State Rd 331, South Bend, IN 46614-9693
      View Details
    • Value Estimation
      $335,000
      11,424 SF

      1906 Ireland Rd

      RETAIL STORES (PERSONAL SERVICES) • 11,424 SF
      1906 Ireland Rd, South Bend, IN 46614-2863
      View Details
    • Value Estimation
      $400,000
      16,068 SF

      2902 Michigan St

      RETAIL STORES (PERSONAL SERVICES) • 16,068 SF
      2902 Michigan St, South Bend, IN 46614
      View Details
    • Value Estimation
      $265,000
      4,460 SF

      4325 Michigan St

      RETAIL STORES (PERSONAL SERVICES) • 4,460 SF
      4325 Michigan St, South Bend, IN 46614-2549
      View Details
    • Value Estimation
      $265,000
      7,500 SF

      62981 Us 31st S

      RETAIL STORES (PERSONAL SERVICES) • 7,500 SF
      62981 Us 31st S, South Bend, IN 46614-4855
      View Details
    • Value Estimation
      $4,935,000
      8,536 SF

      206 Ireland Rd

      RETAIL STORES (PERSONAL SERVICES) • 8,536 SF
      206 Ireland Rd, South Bend, IN 46614-2506
      View Details

    Similar Nearby for Sale

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      View Details
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      Land with utilities being installed near major transportation routes.
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    • New
      Contact for pricing
      Pending

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      0.12-acre residential lot near downtown South Bend.
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    Similar Nearby for Lease

    • $21 SF/Yr

      Retail Space in High-Traffic Center

      Prime retail space in a thriving South Bend trade area.
      315 W Ireland Rd, South Bend, IN 46614
      View Details
    • $2,600 /Mo

      Retail/Office Space on Ireland Road

      Retail/office space in a high-traffic South Bend location.
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      View Details
    • $7 SF/Yr

      High-Visibility Retail Space Available

      Spacious 46,645 SF retail space with excellent exposure.
      1911 E Ireland Rd, South Bend, IN 46614
      View Details
    • Contact for pricing

      Renovated Retail Space For Lease

      Recently renovated power center with spaces from 1,200 to 28,000 SF.
      4540 Miami St, South Bend, IN 46614
      View Details
    • $18 SF/Yr
      8,340 SF

      Brand New South Bend Retail Space

      Three suites available, 1,200-2,685 sq ft
      2240 Prairie Ave, South Bend, IN 46614
      View Details
    • $16 SF/Yr
      2,400 SF

      Renovated Retail Space For Lease

      Recently renovated retail spaces available in a power center.
      1240 E Ireland Rd, South Bend, IN 46614
      View Details
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    2240 Prairie Ave
    South Bend, IN 46614
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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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