1517 Michigan StSouth Bend, IN 46613

Property Details for 1517 Michigan St

Year built

1949

Lot size

0.38 AC

Property size (Sq ft)

8,383 SF

Property type

Retail properties

Property subtype

Grocery and convenience stores

Description

This exceptional investment opportunity presents a 8,383 square foot, multi-tenant retail property located at 1517 S Michigan St, South Bend, Indiana, 46613. The property, built in 1949 with facade renovations completed in 2020, boasts a 100% occupancy rate, generating a strong net operating income (NOI) of $51,455. The property features a national retailer occupying the street-facing retail suite under a NNN lease with significant remaining lease term potential. A long-term tenant (10+ years) occupies the rear warehouse space, although the landlord retains the right to replace this tenant with another user. Additional income is generated from a billboard. All utilities are paid by the tenants, minimizing landlord expenses. Situated in a Federal Opportunity Zone, just south of downtown South Bend's central business district, this property benefits from high visibility and traffic, with a daily count of 22,800 cars. The 0.38-acre lot is zoned MU (Mixed Use) and is surrounded by other commercial and retail businesses, as well as single-family residential properties. The asking price for this prime retail investment is $525,000. Property consists of one building. APN: 71-08-13-156-029.000-026

Location Insight

City

South Bend

County

St Joseph

State

Indiana

Latitude

41.6584

Longitude

-86.2504

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