Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2324 Elwood Ave South Bend, IN 46628-2911

    • Retail space
    • 2,532 SF
    • 0.45 lot acres
    OFF-MARKET
    Last Sale
    Sep 16, 2024
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2329051
    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

    • Expo / Grocery & Convenience Store
    • R a Mini Mart / Grocery & Convenience Store
    • Bitcoin Depot | Bitcoin ATM / Atm

    Property Details for 2324 Elwood Ave

    Year built
    1978
    Construction
    WOOD
    Lot size
    0.45 lot acres
    Property size
    2,532 SF
    Property type
    Retail space
    APN
    71-08-03-201-002.000-026
    APU
    710803201002000026

    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
    -86.2835
    Latitude
    41.6935
    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
    $2,162
    $15,400
    $48,500
    $63,900
    -
    $15,400
    $48,500
    $63,900

    Comparable in this City

    • Value Estimation by Request
      0.37 Acres

      26444 Edison Rd

      RETAIL STORES (PERSONAL SERVICES) • 0.37 Acres
      26444 Edison Rd, South Bend, IN 46628-4838
      View Details
    • Value Estimation by Request
      825 SF

      111 Olive St

      RETAIL STORES (PERSONAL SERVICES) • 825 SF
      111 Olive St, South Bend, IN 46628-2019
      View Details
    • Value Estimation by Request
      1,036 SF

      3006 Ardmore Trl

      RETAIL STORES (PERSONAL SERVICES) • 1,036 SF
      3006 Ardmore Trl, South Bend, IN 46628-1927
      View Details
    • Value Estimation by Request
      1,134 SF

      1627 Linden Ave

      RETAIL STORES (PERSONAL SERVICES) • 1,134 SF
      1627 Linden Ave, South Bend, IN 46628-2124
      View Details
    • Value Estimation by Request
      1,257 SF

      1502 Lincoln W Way

      RETAIL STORES (PERSONAL SERVICES) • 1,257 SF
      1502 Lincoln W Way, South Bend, IN 46628-2420
      View Details
    • Value Estimation
      $770,000
      5,434 SF

      26230 Southport Dr

      RETAIL STORES (PERSONAL SERVICES) • 5,434 SF
      26230 Southport Dr, South Bend, IN 46628-4854
      View Details

    Similar Nearby for Sale

    • $830,000
      6,480 SF

      O'Reilly Auto Parts Retail Building

      High-Yield Investment-Grade Retail Property
      3030 W Lincoln Way, South Bend, IN 46628
      View Details
    • Contact for pricing
      8,000 SF

      Portage Ave Restaurant Space For Sale

      High-visibility South Bend restaurant space.
      1405 Portage Ave, South Bend, IN 46628
      View Details
    • $695,000
      6,610 SF

      Iconic Carriage House Restaurant

      Turnkey Restaurant, 6,610 SF, 1.72 Acres
      24460 Adams Rd, South Bend, IN 46628
      View Details
    • $695,000

      Iconic Restaurant Building For Sale

      Turnkey restaurant on 1.72 acres with high-end dining space.
      24460 Adams Rd, South Bend, IN 46628
      View Details
    • $335,000
      1.00 Acre

      Prime Portage Road Commercial Land

      South Bend, IN Retail Land - $335,000
      3903 Portage Rd, South Bend, IN 46628
      View Details
    • Contact for pricing
      115,486 SF

      Industrial Property With Fuel Station

      115,486 SF industrial property with fuel station for sale.
      2929 Lathrop St, South Bend, IN 46628
      View Details

    Similar Nearby for Lease

    • $16 SF/Yr
      1,392 SF

      Retail Space For Lease

      1,392 SF retail space available for lease.
      3903 Portage Ave, South Bend, IN 46628
      View Details
    • Contact for pricing
      10,772 SF

      Former Family Dollar Retail Space

      Sublease opportunity in densely populated LaSalle Area.
      2401-2421 Lincoln Way W, South Bend, IN 46628
      View Details
    • Contact for pricing
      1,493 SF

      Retail Space Near Notre Dame

      Retail space for rent near Walmart and Notre Dame.
      3697 Portage Rd, South Bend, IN 46628
      View Details
    • Contact for pricing

      Retail Space at Lincoln Way

      Retail space for sublease at a hard corner location.
      2401 Lincoln Way W, South Bend, IN 46628
      View Details
    • $16 SF/Yr

      Retail Space in South Bend

      1,392 SF retail space for lease in South Bend.
      3903 Portage Rd, South Bend, IN 46628
      View Details
    • $18 SF/Yr
      18,747 SF

      3903 Portage Rd

      Lifestyle centers • 18,747 SF
      3903 Portage Rd, South Bend, IN 46628
      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.
    2324 Elwood Ave
    South Bend, IN 46628-2911
    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

    Google sign-in failed. Please try again or use another login method.