Add Listing
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    2322 Michigan St South Bend, IN 46614-1040
    Back to Search
    Property profile & analytics

    2322 Michigan St, South Bend, IN 46614-1040

    View on Map
    • Gas stations
    • 410 SF
    • 0.23 lot acres
    Off-Market
    Last Sale May 27, 2022
    $20,000
    Property ID
    US31-1843953
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Gas stations

    Property Details for 2322 Michigan St

    Year built
    1957
    Construction
    WOOD
    Lot size
    0.23 lot acres
    Property type
    Gas stations
    APN
    71-08-24-126-005.000-026
    APU
    710824126005000026

    Sales History

    Date Price Buyer Seller Deed Type Mortgage
    May 27, 2022 $25,000 Rudy E Lopez Anthony Escotto Quit Claim Deed · related —
    Jul 14, 2008 $20,000 St Joseph County Richard H Gleick Warranty Deed —

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2493
    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
    $897
    $16,700
    $9,800
    $26,500
    -
    $16,700
    $9,800
    $26,500

    Comparable in this City

    • Value Estimation by Request
      0.11 Acres

      37 Chippewa Hts

      PARKING LOT
      37 Chippewa Hts, South Bend, IN 46614
      View Details
    • Value Estimation by Request
      0.15 Acres

      2411 Michigan St

      PARKING LOT
      2411 Michigan St, South Bend, IN 46614
      View Details
    • Value Estimation by Request
      0.18 Acres

      2813 Michigan St

      PARKING LOT
      2813 Michigan St, South Bend, IN 46614
      View Details
    • Value Estimation by Request
      0.11 Acres

      3907 Michigan St

      PARKING LOT
      3907 Michigan St, South Bend, IN 46614-2541
      View Details
    • Value Estimation by Request
      0.19 Acres

      62975 Us 31st S

      PARKING LOT
      62975 Us 31st S, South Bend, IN 46614-4855
      View Details
    • Value Estimation
      $590,000
      7,428 SF

      759 Chippewa Ave

      AUTO REPAIR, GARAGE
      759 Chippewa Ave, South Bend, IN 46614-3711
      View Details

    Similar Nearby for Sale

    • Contact for pricing

      South Bend Land Parcels Available

      Two land parcels available at a major South Bend intersection.
      4115 S Main St, South Bend, IN 46614
      View Details
    • $33,900
      0.28 Acres

      Residential Land in South Bend

      Residential land in Jewell Park, South Bend. Close to amenities.
      20440 Jewell Ave, South Bend, IN 46614
      View Details
    • Contact for pricing
      7,280 SF

      Office Building with Security System

      Office building featuring high-tech security and flexible space.
      22988 Ireland Rd, South Bend, IN 46614
      View Details
    • $30,900
      0.31 Acres

      Residential Land in South Bend

      Residential land conveniently located near shopping, restaurants, and major routes.
      20312 Garnet Dr, South Bend, IN 46614
      View Details
    • $33,900
      0.26 Acres

      Residential Land in South Bend

      Residential land in Jewell Park, South Bend, close to amenities.
      20485 Jewell Ave, South Bend, IN 46614
      View Details
    • $33,900
      0.28 Acres

      Residential Land in South Bend

      Residential land in Jewell Park, South Bend, Indiana.
      20454 Jewell Ave, South Bend, IN 46614
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr

      Remodeled End Cap Retail Space

      Remodeled retail space in South Bend's primary retail corridor.
      119 W Ireland Rd, South Bend, IN 46614
      View Details
    • Contact for pricing

      Retail Space in Broadmoor Plaza

      Retail space available in South Bend's Broadmoor Plaza.
      1143 East Ireland Rd, South Bend, IN 46614
      View Details
    • Contact for pricing

      Retail Land in High-Traffic Corridor

      0.37-acre retail site in high-traffic Ireland Rd retail corridor.
      110 E Callander St, 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
    • Contact for pricing

      Retail Center Space For Lease

      Retail space available in high-traffic South Bend location.
      4615 Miami St, South Bend, IN 46614
      View Details
    • Contact for pricing
      2,600 SF

      High-Traffic Retail Space Available

      2,600 SF retail suite in high-traffic US-31/US-20 corridor.
      202 West Ireland Rd, South Bend, IN 46614
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    2322 Michigan St
    South Bend, IN 46614-1040
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    2322 Michigan St, South Bend, IN, 46614
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!