3575 Moreau CtSouth Bend, IN 46628

Property Details for 3575 Moreau Ct

Year built

1998

Construction

TYPE NOT SPECIFIED

Lot size

8.27 AC

Property size (Sq ft)

84,398 SF

Property type

Office properties

APN

71-03-20-300-022.000-009

APU

710320300022000009

Description

This exceptional Class A office building, totaling 79,844 rentable square feet, presents a compelling investment opportunity in South Bend, Indiana. Situated on a 12.47-acre lot, this three-story building boasts panoramic views and is strategically located at the intersection of I-80/90 and US 31, providing easy access to major Midwestern cities. Its proximity to the South Bend International Airport and the recently announced $3.5 billion General Motors/Samsung SDI EV Battery Complex further enhances its value. Built in 1998 and extensively renovated in 2021, the property features a 49% occupancy rate with three tenants, including a major anchor tenant, LabCorp, which recently completed a $4 million+ renovation of its first-floor space (26,704 RSF). The building offers ample parking (3.6 spaces per 1,000 sq ft) and benefits from access to MetroNet's high-speed fiber-optic network. Significant portions of the second and third floors (a combined 39,459 RSF) are currently available for lease, presenting a substantial opportunity to increase occupancy and revenue. The asking price is $5,400,000, translating to $67.63 per square foot. The property's zoning is O (Office), and its APN is 71-03-29-100-001.000-009. The seller invested over $1.5 million in renovations since 2020. Two new leases on the second floor have recently been signed with terms ranging from five to seven years. This property offers a blend of strong existing tenancy, significant upside potential, and a prime location in a rapidly growing area.

• CAP approach

  CAP return

  Valuation

  6%

  $14,846,295

  6.5%

  $13,704,273

  7%

  $12,725,396

• Comparable approach

  Method

  Valuation

  Relative Method

  $10,992,840

  Geo Method

  $10,992,840

• Alternative Use

  Use

  Valuation

  Residential

  $16,993,298

  Hospitality

  $15,565,770

  Educational

  $12,950,538

  Medical

  $13,395,926

  Retail

  $20,145,280

Location Insight

City

South Bend

County

St. Joseph

State

Indiana

Latitude

41.723

Longitude

-86.326

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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