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Property profile & analytics
OFF-MARKET
Estimated value
$700,000
Medical Office Space
3838 Main St Mishawaka, IN 46545-3100
Entity Owned
6-yr Hold
~
Est. High Equity
Property ID
US31-1524404
Property summary
AI-generated overview
This exceptional Class A medical office building, located at 3838 N Main St in Mishawaka, Indiana, offers a prime opportunity for medical professionals seeking flexible and modern space. The property boasts a total of 35,286 square feet, with 20,666 square feet currently vacant and available for lease. Multiple tenancy options are available, ranging from a minimum of 2,207 square feet to a maximum contiguous space of 8,348 square feet, providing scalability to suit various practice sizes. Built in 1990, the building is well-maintained and situated on a generous 2.5-acre lot, providing ample parking with 126 spaces for patients and staff. The property's convenient location in St. Joseph County, with easy access to major roadways, ensures high visibility and accessibility for patients. This is an ideal opportunity to establish or expand a medical practice in a thriving community. The building's Class A designation reflects its high-quality construction and modern amenities. Don't miss this chance to secure your ideal medical office space in a desirable location. Contact us today to learn more about leasing options and schedule a viewing.
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
1990
Construction
TYPE NOT SPECIFIED
Total area
9,464 SF
Lot
2.27 ac (98,883 SF)
APN
71-04-33-476-005.000-005
UPID
US31-1524404
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
-
Michiana Infectious Disease Specialists Medical Clinic
-
Vertical Plus MRI Physician
-
RXO Postal Service Courier Service
-
David Temple Financial Advisor
-
Temple Financial, LLC Financial Advisor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$757k
Blend (final)
Blend
$700k
Owner & transaction history
Mas Leasing LLC · 6 yrs held
Mas Leasing LLC
since 2020
5 recorded transactions
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$795,000
+90.0%
Auto repair, garage
$670,000
+60.2%
Apartment house (5+ units)
$660,000
+57.7%
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 Mishawaka submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Mishawaka 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
COMMERCIAL (GENERAL)
$795,000
Change: +90% · Conversion: Easy
AUTO REPAIR, GARAGE
$670,000
Change: +60% · Conversion: Difficult
APARTMENT HOUSE (5+ UNITS)
$660,000
Change: +58% · Conversion: Moderate
RESTAURANT
$625,000
Change: +50% · Conversion: Difficult
RETAIL STORES
$510,000
Change: +22% · Conversion: Difficult
WAREHOUSE, STORAGE
$425,000
Change: +1% · Conversion: Difficult
Blend value · Realmo final
$700k
Range $630k – $770k · ±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
$74 / 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
$98,490
Tax year 2023
Assessed value
$2,909,100
Assessed 2023
Previous assessed
$2,909,100
+0.0% YoY
Effective rate
3.39%
On assessed value
Assessed land
$472,800
Assessed improvement
$2,436,300
Land market value
$472,800
Improvement market value
$2,436,300
Total market value
$2,909,100
Applied tax rate
5.0000
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
1990
Construction
TYPE NOT SPECIFIED
Heating
NONE
Buildings
2
Stories
1
Total area
9,464 SF
Lot
2.27 ac (98,883 SF)
APN
71-04-33-476-005.000-005
UPID
US31-1524404
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
COMMERCIAL (GENERAL)
Est. value
$795,000
AUTO REPAIR, GARAGE
Est. value
$670,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$660,000
RESTAURANT
Est. value
$625,000
RETAIL STORES
Est. value
$510,000
WAREHOUSE, STORAGE
Est. value
$425,000
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
RETAIL STORES
WAREHOUSE, STORAGE
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
1990
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
1
Buildings
2
Lot
2.27 ac
Current owner
From public records · entity-resolved
Mas Leasing LLC
Entity
Mailing address
W, CHICAGO, IL 60185
Ownership since
2020
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 16, 2026
—
Mas Leasing LLC
—
Deed
related
$360,000 · First State Bank
Sep 17, 2020
—
Mas Leasing LLC
—
Deed
related
$1,680,000 · First State Bank
Jan 2, 2020
—
Mas Leasing LLC
Centier Bank
Special Warranty Deed
$1,680,000 · First State Bank
Aug 11, 2016
$2,500
Centier Bank
Saint Joseph County Sheriff
Sheriffs Deed
related
—
Jun 22, 2007
—
Varsity Medical Center LLC
3838 Northmain Street Development L
Warranty Deed
$4,300,000 · Centier Bank
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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