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Office

South Bend Regional Chamber of Commerce Offices

101 N Michigan St, South Bend, IN 46601

Listing Price: $1,900,000

Cap Rate
7.84%
Gross SF
7,839
Rentable SF
7,839
Price/Gross SF
$242.38
Lot Size
0.42 acres
Year Built
1920

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the South Bend Regional Chamber of Commerce Offices –a single-tenant, net-leased office condominium unit located on the third floor of 101 North Michigan Street in the heart of the Central Business District of South Bend, Indiana. The Subject Property is a rare single-tenant office condominium leased on an fresh 10-year triple-net lease extension that provides the Landlord total passivity and no exposure to the operating expenses of the investment. The Subject Property is the third floor of the historic American Trust Place building that underwent a major redevelopment and expansion in 2009 and currently houses a renowned local eatery called Café Navarre as well as a branch and offices for Lake City Bank on numerous floors of the building. Market: South Bend, Indiana is located in the north-central part of Indiana just south of the Michigan border. It is the central part of the South Bend Region which is comprised of South Bend, Mishawaka, Notre Dame, New Carlisle, Granger, Lakeville, North Liberty, Osceola, Roseland, and Walkerton and is the county seat of St. Joseph County which has a population of 266,000. It is only 90 minutes away from Chicago, has the second busiest airport in the State of Indiana, is served by two major hospital networks (Memorial Hospital & St. Joseph Health System), and is home to five major universities, most notably Notre Dame University which is just outside the Central Business District of South Bend. Location: The South Bend Regional Chamber is located in the heart of downtown South Bend on the northwest corner of the intersection of North Michigan Street and East Washington Street, two of the main arteries bringing people into and out of the Central Business District. The Subject Property is directly west across North Michigan Street from the 1st Source Bank Center, a 150,000 square foot office building that headquarters 1st Source Bank, offers surface parking directly to the north of the building, is surrounded by ample restaurant and hospitality amenities, and is within two city blocks of St. Joseph County Courthouse and City-County Building. Downtown South Bend and the Subject Property are just over two miles to the southwest of Notre Dame University, one of the most well-known and well-respected universities in the United States. Tenant: The South Bend Regional Chamber of Commerce was established in 1909 to serve the region surrounding South Bend and St. Joseph County and has successfully done so since that time, making it the most influential business organization in this region of the State. The South Bend Regional Chamber of Commerce is one of only 1% of the chambers around the country that has been awarded a 5-Star Accreditation by the United States Chamber of Commerce for its effective organizational procedures, sound policies, and positive impact on the area and community it serves. It has been in this location 2015 and had this location fitted out to its specific needs and design.

Investment Highlights

  • Single-Tenant NNN Offices with Brand New 10-Year Lease Extension
  • Tenant is 5-Star Accredited Chamber that has Served this Region for Over 100 Years
  • Phenomenal Location in the Heart of the Central Business District of South Bend, IN just Two Miles from Notre Dame University
  • Attractive 10 Percent Rent Bump in Year 5 of the Lease

Exclusively Listed By

Office

South Bend Regional Chamber of Commerce Offices

Listing Price: $1,900,000

Cap Rate
7.84%
Gross SF
7,839
Rentable SF
7,839
Price/Gross SF
$242.38
Lot Size
0.42 acres
Year Built
1920

Investment Highlights

  • Single-Tenant NNN Offices with Brand New 10-Year Lease Extension
  • Tenant is 5-Star Accredited Chamber that has Served this Region for Over 100 Years
  • Phenomenal Location in the Heart of the Central Business District of South Bend, IN just Two Miles from Notre Dame University
  • Attractive 10 Percent Rent Bump in Year 5 of the Lease

Investment Overview

Marcus & Millichap is pleased to present to market available for sale the South Bend Regional Chamber of Commerce Offices –a single-tenant, net-leased office condominium unit located on the third floor of 101 North Michigan Street in the heart of the Central Business District of South Bend, Indiana. The Subject Property is a rare single-tenant office condominium leased on an fresh 10-year triple-net lease extension that provides the Landlord total passivity and no exposure to the operating expenses of the investment. The Subject Property is the third floor of the historic American Trust Place building that underwent a major redevelopment and expansion in 2009 and currently houses a renowned local eatery called Café Navarre as well as a branch and offices for Lake City Bank on numerous floors of the building. Market: South Bend, Indiana is located in the north-central part of Indiana just south of the Michigan border. It is the central part of the South Bend Region which is comprised of South Bend, Mishawaka, Notre Dame, New Carlisle, Granger, Lakeville, North Liberty, Osceola, Roseland, and Walkerton and is the county seat of St. Joseph County which has a population of 266,000. It is only 90 minutes away from Chicago, has the second busiest airport in the State of Indiana, is served by two major hospital networks (Memorial Hospital & St. Joseph Health System), and is home to five major universities, most notably Notre Dame University which is just outside the Central Business District of South Bend. Location: The South Bend Regional Chamber is located in the heart of downtown South Bend on the northwest corner of the intersection of North Michigan Street and East Washington Street, two of the main arteries bringing people into and out of the Central Business District. The Subject Property is directly west across North Michigan Street from the 1st Source Bank Center, a 150,000 square foot office building that headquarters 1st Source Bank, offers surface parking directly to the north of the building, is surrounded by ample restaurant and hospitality amenities, and is within two city blocks of St. Joseph County Courthouse and City-County Building. Downtown South Bend and the Subject Property are just over two miles to the southwest of Notre Dame University, one of the most well-known and well-respected universities in the United States. Tenant: The South Bend Regional Chamber of Commerce was established in 1909 to serve the region surrounding South Bend and St. Joseph County and has successfully done so since that time, making it the most influential business organization in this region of the State. The South Bend Regional Chamber of Commerce is one of only 1% of the chambers around the country that has been awarded a 5-Star Accreditation by the United States Chamber of Commerce for its effective organizational procedures, sound policies, and positive impact on the area and community it serves. It has been in this location 2015 and had this location fitted out to its specific needs and design.

Exclusively Listed By

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