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Property profile & analytics
OFF-MARKET
Estimated value
$1,360,000
Medical Office Space
702 Michigan St South Bend, IN 46601-1035
Entity Owned
Free & Clear
Property ID
US31-1984505
Property profile
Verified
Property type
Medical Office Space
Use group
MEDICAL BUILDING
Year built
2015
Construction
TYPE NOT SPECIFIED
Total area
13,711 SF
Lot
0.2 ac (8,580 SF)
APN
71-08-01-306-002.000-026
UPID
US31-1984505
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
-
Optimal Performance Peptide Therapy Clinic Medical Clinic
-
Bender Water Damage Solutions Construction Company General Contractor
-
South Bend Master Dumpster Rental General Contractor Waste Management Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.18M
Blend (final)
Blend
$1.36M
Owner & transaction history
MEMORIAL HOSPITAL SOUTH BEND INC ATTN, THEODORE J
MEMORIAL HOSPITAL SOUTH BEND INC ATTN, THEODORE J
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$1.2M
+45.5%
Auto repair, garage
$1.2M
+44.7%
Restaurant
$1.2M
+43.5%
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 South Bend submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs South Bend 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
APARTMENT HOUSE (5+ UNITS)
$1,175,000
Change: +46% · Conversion: Moderate
AUTO REPAIR, GARAGE
$1,165,000
Change: +45% · Conversion: Difficult
RESTAURANT
$1,160,000
Change: +43% · Conversion: Difficult
RETAIL STORES
$1,085,000
Change: +34% · Conversion: Difficult
Blend value · Realmo final
$1.36M
Range $1.22M – $1.50M · ±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
$99 / 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
Assessed value
$1,448,800
Assessed 2023
Previous assessed
$1,448,800
+0.0% YoY
Assessed land
$30,400
Assessed improvement
$1,418,400
Land market value
$30,400
Improvement market value
$1,418,400
Total market value
$1,448,800
Applied tax rate
26.0000
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
2015
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Total area
13,711 SF
Lot
0.2 ac (8,580 SF)
APN
71-08-01-306-002.000-026
UPID
US31-1984505
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
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.2M
AUTO REPAIR, GARAGE
Est. value
$1.2M
RESTAURANT
Est. value
$1.2M
RETAIL STORES
Est. value
$1.1M
APARTMENT HOUSE (5+ UNITS)
AUTO REPAIR, GARAGE
RESTAURANT
RETAIL STORES
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
2015
Construction
TYPE NOT SPECIFIED
Heating
NONE
Stories
2
Lot
0.2 ac
Current owner
From public records · entity-resolved
MEMORIAL HOSPITAL SOUTH BEND INC ATTN, THEODORE J
Entity
Free & Clear · 0 yrs held
Mailing address
615 N MICHIGAN ST, SOUTH BEND, IN 46601-1033
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
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.
Try Rey
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