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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    935 Ironwood Dr South Bend, IN 46615

    • Retail space
    • 3,598 SF
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US31-2096108
    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

    • Globe Star LLC / Social Services Organization

    Property Details for 935 Ironwood Dr

    Year built
    1930
    Property size
    3,598 SF
    Property type
    Retail space
    Property subtype
    Storefront properties
    APN
    710917101005000026

    Description

    This exceptional mixed-use storefront property at 935 S. Ironwood Dr., South Bend, IN 46615, presents a unique investment opportunity. The 3,598 square foot building, constructed in 1930, sits on a substantial 21,780 square foot lot (APN: 710917101005000026) and is zoned UF Urban Flex, allowing for a variety of uses. The two-story structure offers ample space for a small-scale business and/or residential development. The property includes Lot 6, featuring the existing building with plentiful parking, and an additional 66 x 165 foot vacant lot (Lot 7) providing significant potential for future expansion or development. This location is part of the UF District, designed to support a mix of housing types and small-scale commercial uses, fostering neighborhood stability and integrating compatible businesses. The property's pedestrian-oriented scale, with sidewalks and street trees, contributes to a vibrant and walkable environment. The asking price is $299,000. This is an ideal opportunity for an owner/user seeking a versatile property with significant upside potential in a thriving South Bend neighborhood. Don't miss this chance to acquire a property with both immediate income potential and long-term development possibilities.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    South Bend
    County
    St. Joseph
    State
    Indiana
    Longitude
    -86.2154328
    Latitude
    41.6645924

    Comparable in this City

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    • $499,000

      South Bend Office Building For Sale

      3,928 SF office building in South Bend with modern amenities.
      310 N Ironwood Dr, South Bend, IN 46615
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    • $219,900
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      Updated Office Building For Sale

      Updated office building with multi-tenant possibilities, near IUSB.
      1434 Mishawaka Ave, South Bend, IN 46615
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    Similar Nearby for Sale

    • $175,000
      Pending

      South Bend Duplex Investment Opportunity

      Two-story duplex with rental income potential near Mishawaka River Walk.
      3312 Mishawaka Ave, South Bend, IN 46615
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    • $499,000

      South Bend Office Building For Sale

      3,928 SF office building in South Bend with modern amenities.
      310 N Ironwood Dr, South Bend, IN 46615
      View Details
    • $219,900
      4,364 SF

      Updated Office Building For Sale

      Updated office building with multi-tenant possibilities, near IUSB.
      1434 Mishawaka Ave, South Bend, IN 46615
      View Details

    Similar Nearby for Lease

    • $1,000 /Mo
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      Retail Space on Mishawaka Avenue

      1,000 SF retail space available for lease immediately.
      2214 E Mishawaka Ave, South Bend, IN 46615
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    • $14 SF/Yr
      825 SF

      Retail Space on Ironwood Road

      Retail spaces available in a high-traffic shopping plaza.
      1801-1823 S Ironwood Dr, South Bend, IN 46615
      View Details
    • $18 SF/Yr

      Professional Office Space Available

      Professionally managed office park with flexible, functional layout.
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    935 Ironwood Dr
    South Bend, IN 46615
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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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