820 Mckinley Ave Mishawaka, IN 46545-5514

Property Details for 820 Mckinley Ave

Year built

1967

Construction

TYPE NOT SPECIFIED

Lot size

0.44 lot acres

Property size

7,959 SF

Property type

Retail space

APN

71-09-04-351-005.000-023

APU

710904351005000023

Description

This exceptional 382,139 square foot retail power center, located at 820 W McKinley Ave in Mishawaka, Indiana, presents a compelling investment opportunity. Boasting an 8.17% cap rate and a strong 92.6% occupancy, the property generates a substantial net operating income (NOI) of $1,143,688. The asking price is $14,000,000, translating to a price per square foot of $36.64. The center benefits from a diverse tenant mix including national brands such as Kroger, Harbor Freight Tools, and several popular restaurants and retailers. Its prime location across from Bethel University and within five miles of the University of Notre Dame ensures high visibility and consistent foot traffic. Recent capital improvements encompass nearly 80,000 square feet of new roofs and mechanical upgrades, enhancing the property's value and longevity. Furthermore, several outlots and inlots offer significant potential for future retail development, providing a substantial value-add opportunity for the new owner. A nearly finalized lease with Five Below awaits execution. A review of the rent roll reveals considerable value-add potential, with numerous leases below market rent and many not covering operating expenses, indicating significant upside for future income growth. This well-established shopping center, a staple in the South Bend/Mishawaka market for over six decades, is poised for continued success under new ownership.