2221 Michigan StSouth Bend, IN 46613

Property Details for 2221 Michigan St

Year built

1899

Construction

WOOD

Lot size

0.09 AC

Property size (Sq ft)

3,480 SF

Property type

Retail space

APN

71-08-13-356-022.000-026

APU

710813356022000026

Description

This exceptional South Bend property offers a fantastic opportunity for both restaurant operators and investors. Priced at $539,000, this 7,574 square foot, multi-unit building boasts two structures, each two stories, built in 1899 and situated on a 0.08-acre lot. Currently operating as a well-maintained restaurant with a diner-style bar, booths, tables, jukeboxes, a small arcade, and a sizable kitchen, the property is turnkey ready. An adjacent retail space offers potential for expansion, private events, or separate leasing for additional income. Four upstairs apartments provide further investment potential. The property benefits from a high-traffic location at the intersection of Michigan St. (18,000 cars daily) and Ewing Ave. (7,000 cars daily), with ample parking. Its prime location is just 1.5 miles from downtown South Bend, 2 miles from Notre Dame University, 4 miles from downtown Mishawaka, and 5 miles from the South Bend International Airport. The property is zoned NC: Neighborhood Commercial and has a 2022 tax assessment of $4,050. This is a rare opportunity to acquire a thriving restaurant with significant upside potential in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $900,433

  6.5%

  $831,169

  7%

  $771,800

• Comparable approach

  Method

  Valuation

  Relative Method

  $1,142,240

  Geo Method

  $1,142,240

• Alternative Use

  Use

  Valuation

  Residential

  $701,122

  Hospitality

  $642,224

  Educational

  $534,323

  Medical

  $552,699

  Retail

  $831,169

Location Insight

City

South Bend

County

St. Joseph

State

Indiana

Latitude

41.6508

Longitude

-86.2501

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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