2240 Prairie AveSouth Bend, IN 46614

Property Details for 2240 Prairie Ave

Year built

2022

Construction

TYPE NOT SPECIFIED

Lot size

1.38 AC

Property size (Sq ft)

9,500 SF

Property type

Retail properties

Property subtype

Retail space

APN

71-08-22-202-010.000-026

APU

710822202010000026

Description

This 8,340-square-foot, single-story Class B retail strip center, built in 2023, is situated on a 1.55-acre lot in St. Joseph County. Located near the intersection of Prairie Avenue and S Olive Street, it offers excellent visibility and convenient access. The property is anchored by Star Liquors and features three available suites: Suite A (1,200 sq ft) is an endcap space with potential for a drive-thru window (subject to city approval), currently featuring installed drywall and partially poured concrete. Suite C (1,485 sq ft) is an inline space adjacent to Star Liquors, also with installed drywall and partially poured concrete. Suite D (1,200 sq ft) is a west endcap space, being finished to "vanilla box" condition with HVAC and electric installed, and partially poured concrete. All suites require tenant installation of HVAC and electric (except Suite D), and tenants are responsible for utilities, insurance, interior maintenance, signage (one building sign and one street pole sign allowed), Wi-Fi, and phone service. Rent ranges from $20 to $25 per square foot, with a $3.50 per square foot CAM fee. The property enjoys a prime location, just half a mile from the Four Winds Casino South Bend, one mile from US 20 Bypass, 2.5 miles from downtown South Bend, 3.5 miles from US 31, four miles from the South Bend International Airport, and five miles from the University of Notre Dame. The zoning is commercial. Minimum divisible space is 1,200 sq ft, with a maximum contiguous space of 2,685 sq ft.

• CAP approach

  CAP return

  Valuation

  6%

  $2,457,802

  6.5%

  $2,268,740

  7%

  $2,106,688

• Comparable approach

  Method

  Valuation

  Relative Method

  $3,118,185

  Geo Method

  $3,118,185

• Alternative Use

  Use

  Valuation

  Residential

  $1,913,767

  Hospitality

  $1,753,000

  Educational

  $1,458,476

  Medical

  $1,508,635

  Retail

  $2,268,740

Location Insight

City

South Bend

County

St. Joseph

State

Indiana

Latitude

41.65

Longitude

-86.2809

CBSA code

43780

CBSA name

SOUTH BEND-MISHAWAKA, IN-MI METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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