For Sale
$1,299,000

608 Main StMishawaka, IN 46545

High-traffic retail & apartments. 9.28% Cap Rate.

Overview

Added:
Dec 11, 2024
Days on market:
118
This exceptional mixed-use property in Mishawaka, Indiana presents a compelling investment or redevelopment opportunity. Located at 608 N Main Street, this fully occupied building boasts a prime downtown location, adjacent to the newly constructed Inova Federal Credit Union. The property comprises a retail space currently leased to Hometown Pharmacy and five apartments above. Benefitting from high visibility, the building sits 1/2 a block from the intersection of heavily trafficked N Main Street (25,000 cars daily) and Mishawaka Avenue (10,000 cars daily, per INDOT Traffic Counts). Recent improvements include a new roof (2021), new ceilings and insulation, and a new maintenance-free metal siding facing the credit union. The sale includes an adjacent parking lot with convenient alley access, encompassing three total parcels. The property's strategic location offers proximity to the Mishawaka Riverwalk, the newly developed Ironworks Plaza and The Mill apartments (including Mishawaka Public House, Sun King Brewery, and Social Cantina), and the soon-to-open Avalon Apartments. Further enhancing its appeal, the property is conveniently located near major roadways, including the Main St/Grape Rd Shopping Corridor (2 miles), IN-331/Capital Ave (2.5 miles), and the University of Notre Dame (5 miles). The property is zoned C-1 Commercial and has a total tax assessment of $9,034.54 for 2023. The lot size is 11,761 square feet. This is a rare opportunity to acquire a high-performing asset in a rapidly growing area. The 9.28% cap rate makes this an attractive investment.

Highlights

  • Asking Price: $1,299,000
  • Property Type: Mixed-use commercial building with retail and residential components, plus adjacent parking lot on three parcels totaling 11,761 square feet.
  • Cap Rate: 9.28%
  • Occupancy: 100% with a long-term tenant (Hometown Pharmacy) and five occupied apartments.
  • Location: 608 N Main Street, Mishawaka, IN 46545, in a high-traffic area near the Mishawaka Riverwalk and new developments. Zoned C-1 Commercial.

Property Details for 608 Main St

Property type
Retail properties, Land

Location Insight

City
Mishawaka
County
St. Joseph
State
Indiana
Latitude
41.666559
Longitude
-86.180978
608 Main St, Mishawaka, Indiana

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608 Main St
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