235 Michigan StSouth Bend, IN 46601

Property Details for 235 Michigan St

Year built

1925

Construction

TYPE NOT SPECIFIED

Lot size

0.13 AC

Property size (Sq ft)

21,780 SF

Property type

Office properties

APN

71-08-12-157-012.000-026

APU

710812157012000026

Description

This exceptional 22,810 square foot storefront, located at 235 S Michigan St in South Bend, Indiana, presents a compelling redevelopment opportunity. Built in 1925, this four-story historic building boasts multiple retail entrances on the ground floor, ideal for a variety of businesses. The upper three floors offer versatile space suitable for office, multifamily residential, storage, or other uses permitted within the DT-Downtown zoning district. The property sits on a 0.13-acre lot at a signalized intersection, ensuring high visibility and excellent foot traffic. Convenient street parking is available, supplemented by adjacent garage parking. Benefitting from low operating costs and property taxes, this "value-add" property is situated in the heart of downtown South Bend, within walking distance of county and city offices, financial institutions, hotels, restaurants, cafes, and residential complexes. Its prime location offers easy access to the University of Notre Dame, St. Mary's College, South Bend International Airport, US-31, and the I-80/90 Toll Road. The asking price is $700,000, translating to $30.69 per square foot. This is a rare chance to acquire a significant property in a thriving downtown area. The property's corner location at S. Michigan St. and Wayne St. provides unparalleled visibility and accessibility.

• CAP approach

  CAP return

  Valuation

  6%

  $3,833,217

  6.5%

  $3,538,354

  7%

  $3,285,615

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,836,845

  Geo Method

  $2,836,845

• Alternative Use

  Use

  Valuation

  Residential

  $4,387,560

  Hospitality

  $4,018,981

  Educational

  $3,343,745

  Medical

  $3,458,742

  Retail

  $5,201,381

Location Insight

City

South Bend

County

St. Joseph

State

Indiana

Latitude

41.6738

Longitude

-86.2508

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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