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    Property profile & analytics

    2330 Hickory Rd Mishawaka, IN 46545

    • Grocery and convenience stores
    • 42,761 SF
    For Lease
    View listing
    Value Estimations
    $880,000
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-1521681
    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

    • Kroger Bakery / Dessert Shop / Donut Shop
    • Cardtronics ATM / Atm
    • Redbox / Movie Rental Kiosk / Dvd Store
    • Kroger Deli / Deli / Cheese Shop
    • Kroger / Grocery Store / Bakery

    Property Details for 2330 Hickory Rd

    Year built
    1986
    Construction
    TYPE NOT SPECIFIED
    Property size
    42,761 SF
    Property type
    Grocery and convenience stores
    APN
    71-09-04-351-901.000-023
    APU
    710904351901000023

    Description

    This exceptional 0.5-acre commercial pad site presents a remarkable opportunity for retail development in Mishawaka, Indiana. Strategically located within the thriving Town & Country shopping center at 2330 Hickory Rd, zip code 46545, this property boasts unparalleled visibility and accessibility. The site is situated directly north of a Kroger grocery store, ensuring high foot traffic and strong consumer presence. The surrounding area is anchored by a diverse mix of established national and regional retailers, including Dunham's Sports, Chuck E. Cheese, a BMV branch, United Art & Education, Dollar Tree, Harbor Freight Tools, Arby's, Rent-A-Center, Mishawaka Furniture, Popeyes, and Firestone. This nearly fully-leased, 350,000+ square foot power center guarantees a robust and established customer base. The property is classified as commercial land for single-tenant occupancy, offering significant potential for a variety of retail uses. Located in St. Joseph County, this site provides easy access to major roadways and a dense residential population, making it an ideal location for businesses seeking high visibility and strong sales potential. The property's prime location and surrounding retail environment make it an exceptional investment opportunity.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $860,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,217,000
      Market price range: $1.18M - $3.89M

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

    Location Insight

    • Map
    • Local Demand
    City
    Mishawaka
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.1959
    Latitude
    41.6812
    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
    $42,837
    $0.00
    $1,279,700
    $1,279,700
    -
    $0.00
    $1,279,700
    $1,279,700

    Comparable in this City

    • Value Estimation
      $570,000
      17,913 SF

      210 Douglas Rd

      GROCERY, SUPERMARKET • 17,913 SF
      210 Douglas Rd, Mishawaka, IN 46545-1458
      View Details
    • Value Estimation
      $250,000
      3,000 SF

      910 Douglas Rd

      CONVENIENCE STORE • 3,000 SF
      910 Douglas Rd, Mishawaka, IN 46545-1434
      View Details
    • Value Estimation
      $285,000
      2,480 SF

      3410 Main St

      CONVENIENCE STORE • 2,480 SF
      3410 Main St, Mishawaka, IN 46545
      View Details
    • Value Estimation
      $285,000
      2,220 SF

      335 Mckinley Ave

      CONVENIENCE STORE • 2,220 SF
      335 Mckinley Ave, Mishawaka, IN 46545-5601
      View Details
    • Value Estimation
      $240,000
      1,440 SF

      1607 Mckinley Ave

      CONVENIENCE STORE • 1,440 SF
      1607 Mckinley Ave, Mishawaka, IN 46545-7211
      View Details
    • Value Estimation
      $280,000
      2,300 SF

      12517 Mckinley Hwy

      CONVENIENCE STORE • 2,300 SF
      12517 Mckinley Hwy, Mishawaka, IN 46545-7521
      View Details

    Similar Nearby for Sale

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    Similar Nearby for Lease

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      Retail Endcap Suite on Grape

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      24,000 SF end-cap available in newly remodeled McKinley Commons.
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      View Details
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      Retail Space in Mishawaka Plaza

      Retail space available in a busy Mishawaka shopping center.
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      View Details
    • Contact for pricing
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      Retail Space in Mishawaka Plaza

      Retail space available in a busy shopping center.
      5604-5668 Grape Rd, Mishawaka, IN 46545
      View Details
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    Mishawaka, IN 46545
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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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