4350 Ironwood DrSouth Bend, IN 46614

Property Details for 4350 Ironwood Dr

Year built

2014

Construction

TYPE NOT SPECIFIED

Lot size

1.84 AC

Property size (Sq ft)

9,016 SF

Property type

Medical offices

Property subtype

Medical centers

APN

71-09-29-151-007.000-033

APU

710929151007000033

Description

This exceptional investment opportunity presents a 9,001 square foot, single-tenant DaVita Dialysis Center located at 4350 S Ironwood Dr, South Bend, Indiana 46614. The property, built in 2014 and renovated in 2023, sits on a 1.8-acre lot and boasts a 100% occupancy rate. The current lease, a NNN net lease with a corporate guarantee from DaVita Healthcare Partners, Inc., commenced January 28, 2015, and has a remaining term of approximately 5.2 years, with two 5-year renewal options. The annual net operating income (NOI) is $335,979, resulting in a 6.50% capitalization rate. The tenant is responsible for all expenses except for structural, electrical, and exterior plumbing repairs exceeding $1,000 per lease year. The property benefits from strong demographics, with a population exceeding 56,000 within a 3-mile radius and average household income of $75,000 (3-mile radius in 2023). Recent improvements include roof repairs (2022) and parking lot resurfacing (2023). This is a rare opportunity to acquire a stable, net-leased medical facility backed by a Fortune 500 company in a high-demand location. The asking price is $5,170,000.

• CAP approach

  CAP return

  Valuation

  6%

  $1,587,364

  6.5%

  $1,465,260

  7%

  $1,360,598

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,174,334

  Geo Method

  $1,174,334

• Alternative Use

  Use

  Valuation

  Residential

  $1,816,922

  Hospitality

  $1,664,290

  Educational

  $1,384,670

  Medical

  $1,432,291

  Retail

  $2,153,932

Location Insight

City

South Bend

County

St. Joseph

State

Indiana

Latitude

41.631

Longitude

-86.2127

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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