Add Listing
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

    60171 Bodnar Blvd Mishawaka, IN 46544

    • Medical Office Space
    • 46,251 SF
    • 6.40 lot acres
    OFF-MARKET
    Last Sale
    Jul 01, 2024
    Value Estimations
    $4,305,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2120371
    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

    • Medical Office Space

    Property Details for 60171 Bodnar Blvd

    Year built
    2009
    Construction
    TYPE NOT SPECIFIED
    Lot size
    6.40 lot acres
    Property size
    46,251 SF
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    71-09-35-200-020.000-031
    APU
    710935200020000031

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $5,250,000
      6.5%
      $4,845,000
      7%
      $4,500,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $3,766,000
      Market price range: $794k - $3.77M

    • Alternative Use

      Use
      Estimation
      RESTAURANT
      $4,615,000
      RETAIL STORES
      $4,170,000
      COMMERCIAL (GENERAL)
      $3,375,000
      AUTO REPAIR, GARAGE
      $3,245,000
      APARTMENT HOUSE (5+ UNITS)
      $2,975,000

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

    Location Insight

    • Map
    • Local Demand
    City
    Mishawaka
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.142
    Latitude
    41.6203
    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
    $185,300
    $346,200
    $9,957,000
    $10,303,200
    -
    $346,200
    $9,957,000
    $10,303,200

    Comparable in this City

    • Value Estimation by Request
      2,340 SF

      116 3rd St

      MEDICAL BUILDING • 2,340 SF
      116 3rd St, Mishawaka, IN 46544-2024
      View Details
    • Value Estimation by Request
      2,508 SF

      2424 5th St

      MEDICAL BUILDING • 2,508 SF
      2424 5th St, Mishawaka, IN 46544-3422
      View Details
    • Value Estimation by Request
      7,000 SF

      309 Bittersweet Rd

      MEDICAL BUILDING • 7,000 SF
      309 Bittersweet Rd, Mishawaka, IN 46544-4220
      View Details
    • Value Estimation
      $2,980,000
      50,188 SF

      60101 Bodnar Blvd

      MEDICAL BUILDING • 50,188 SF
      60101 Bodnar Blvd, Mishawaka, IN 46544-9328
      View Details
    • Value Estimation by Request
      5,376 SF

      1207 Lincolnway W

      MEDICAL BUILDING • 5,376 SF
      1207 Lincolnway W, Mishawaka, IN 46544-1709
      View Details
    • Value Estimation by Request
      4,940 SF

      544 Lincolnway W

      MEDICAL BUILDING • 4,940 SF
      544 Lincolnway W, Mishawaka, IN 46544-1844
      View Details

    Similar Nearby for Sale

    • $249,000

      Mishawaka Office Building For Sale

      Two-story, 2,080 SF office building in downtown Mishawaka.
      607 W Lincolnway Hwy, Mishawaka, IN 46544
      View Details
    • $425,000
      4,834 SF

      Historic Dodge House Office Building

      4,834 SF Office, Mishawaka, IN
      415 Lincolnway, Mishawaka, IN 46544
      View Details
    • $3,676,400
      9.59 Acres

      Mishawaka Industrial Facility For Sale

      Industrial facility with easy access, heavy power, and updated offices.
      1655 E 12Th St, Mishawaka, IN 46544
      View Details
    • $82,000
      2.03 Acres

      Mishawaka Commercial Land Opportunity

      2.03 acre commercial land for multi-use development.
      14332 Harrison Rd, Mishawaka, IN 46544
      View Details
    • $58,000
      0.14 Acres

      Commercial Land on High-Traffic Corner

      Commercial land available on a high-traffic corner lot.
      1213 W Lincolnway, Mishawaka, IN 46544
      View Details
    • $267,750

      Elm Road Medical Campus Land

      Commercial land near US 20 Bypass with municipal utilities.
      60281 Elm Rd, Mishawaka, IN 46544
      View Details

    Similar Nearby for Lease

    • $15 SF/Yr
      15,100 SF

      Mishawaka Medical Office Space

      Downtown Mishawaka medical office suite available.
      303 Main St, Mishawaka, IN 46544
      View Details
    • Contact for pricing
      5,192 SF

      Mishawaka Medical Office Building

      New Construction, Single Tenant, High Visibility
      3707 Bremen Hwy, Mishawaka, IN 46544
      View Details
    • $24 SF/Yr
      79,197 SF

      Avalon Downtown Mishawaka Office Space

      Modern Mishawaka office suites available.
      365 Front St, Mishawaka, IN 46544
      View Details
    • $11 SF/Yr
      15,774 SF

      Yorktown Building: Mishawaka Investment

      Historic Mishawaka building, prime location, mixed-use potential.
      102 Lincolnway, Mishawaka, IN 46544
      View Details
    • $20 SF/Yr
      32,891 SF

      200 Church St

      Office properties & Spaces • 32,891 SF
      200 Church St, Mishawaka, IN 46544
      View Details
    • $9 SF/Yr
      15,535 SF

      Riverside Auto Clinic - Mishawaka, IN

      High-Visibility Warehouse/Shop, Great Potential
      2102 Lincolnway, Mishawaka, IN 46544
      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.
    60171 Bodnar Blvd
    Mishawaka, IN 46544
    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.
    Sign Up Successful!
    You now have access to more from Realmo!