5946 Grape RdMishawaka, IN 46545

Property Details for 5946 Grape Rd

Year built

1987

Construction

TYPE NOT SPECIFIED

Lot size

2.00 AC

Property size (Sq ft)

22,108 SF

Property type

Retail space

APN

71-04-28-401-001.000-005

APU

710428401001000005

Description

This exceptional investment opportunity presents a 21,896-square-foot retail shopping center in Mishawaka, Indiana, currently operating at 100% occupancy. Located at 5946 Grape Rd, this single-tenant property sits on a 1.97-acre lot (APN: 71-04-28-401-001.000-005) and is zoned C-2 Shopping Center. Built in 1987 and renovated in 2007, the building features a 20-foot ceiling height and one dock door. The property is part of the Indian Ridge Shopping Center, a thriving retail hub in the University Park Trade Area, boasting strong neighboring anchors such as TJ Maxx, Bed Bath & Beyond, Ashley Furniture, and Gabe's. Its prime location is directly across from the one-million-square-foot University Park Mall and within three miles of four million square feet of additional retail space, including major retailers like Hobby Lobby, Target, and Costco. The area also benefits from the proximity of St. Joseph Regional Medical Center, Edison Lakes Corporate Park, and the University of Notre Dame. The lease is a NNN (Net, Net, Net) agreement, with the landlord responsible for roof and structure maintenance, and the tenant covering all other expenses, including real estate taxes, common area maintenance, and insurance. The asking price is $3,000,000, representing a price per square foot of $141.58. This property offers a compelling investment opportunity in a high-demand retail area with significant growth potential.

• CAP approach

  CAP return

  Valuation

  6%

  $4,339,710

  6.5%

  $4,005,890

  7%

  $3,719,750

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,994,750

  Geo Method

  $2,994,750

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $7,686,790

  Mixed-Use / Specialty

  $4,042,150

  Hospitality / Lodging

  $3,031,400

  Office

  $4,070,780

  Institutional / Educational

  $4,220,270

  Residential Income

  $4,937,720

  Multifamily

  $5,641,830

  Automotive / Energy

  $3,617,380

  Parking / Income-Based Land

  $1,198,380

  Restaurant / Food Service

  $2,210,220

  Healthcare / Senior Housing

  $4,093,320

Location Insight

City

Mishawaka

County

St. Joseph

State

Indiana

Latitude

41.7148

Longitude

-86.1869

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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