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Office

Main Street Row Office Building

207 N Main St, South Bend, IN 46601

Listing Price: $1,250,000

Cap Rate
5.24%
Gross SF
27,641
Rentable SF
27,641
Price/Gross SF
$45.22
Lot Size
0.38 acres
Year Built
1926

Investment Overview

Marcus & Millichap, in partnership with Bradley Company, is proud to present to the market Main Street Row a rare, value-add 27,461 square foot, multi-tenant mixed use property currently at sixty-percent occupied in the heart of downtown South Bend, Indiana, which is the home of Notre Dame University. The Property is located at 207 North Main Street and is three stories with a newly updated faade along both corridors at the hard corner of North Main Street and West Colfax Avenue with individual entrances to all of the first floor suites. The second and third floor units are accessible via main lobby that comes in off the main entrance on North Main Street and all suites have window views along the main corridors.

Main Street Row is a rare opportunity in this market to acquire an asset with strong lease-up potential at an incredibly low price per foot of $45 right in the heart of a strong college town. The existing tenant mix is a strong mix of local and regional credit tenants, and the current vacancies have a very high probability of lease-up if the Investor is willing to invest some capital into refreshing and white-boxing the units. The leasing activity and demand in this market is strong and, and the low initial basis getting into the asset, the Investor should be able to be extremely competitive in the market by being able to offer below-market rents. With a low basis, in-place cash flow, strong upside potential in lease-up coupled with consistent demand in the submarket located in the heart of the downtown South Bend and less than three miles from Notre Dame University, Main Street Row should prove to be a very lucrative value-add investment for the savvy Investor.

Investment Highlights

  • Value-Add 27,641 SF Multi-Tenant Office / Retail Center in Downtown South Bend, IN
  • Extreme Upside Potential in 40% Vacancy Lease-Up
  • Strong In-Place Income on 60 Percent Occupancy Provides Cash Flow During Lease-Up
  • Incredibly Low Price Per SF at $45 Per Square Foot Providing Minimal Downside Risk
  • Property is Situated on Main Street in Downtown South Bend
  • Home of Notre Dame University

Exclusively Listed By

Office

Main Street Row Office Building

Listing Price: $1,250,000

Cap Rate
5.24%
Gross SF
27,641
Rentable SF
27,641
Price/Gross SF
$45.22
Lot Size
0.38 acres
Year Built
1926

Investment Highlights

  • Value-Add 27,641 SF Multi-Tenant Office / Retail Center in Downtown South Bend, IN
  • Extreme Upside Potential in 40% Vacancy Lease-Up
  • Strong In-Place Income on 60 Percent Occupancy Provides Cash Flow During Lease-Up
  • Incredibly Low Price Per SF at $45 Per Square Foot Providing Minimal Downside Risk
  • Property is Situated on Main Street in Downtown South Bend
  • Home of Notre Dame University

Investment Overview

Marcus & Millichap, in partnership with Bradley Company, is proud to present to the market Main Street Row a rare, value-add 27,461 square foot, multi-tenant mixed use property currently at sixty-percent occupied in the heart of downtown South Bend, Indiana, which is the home of Notre Dame University. The Property is located at 207 North Main Street and is three stories with a newly updated faade along both corridors at the hard corner of North Main Street and West Colfax Avenue with individual entrances to all of the first floor suites. The second and third floor units are accessible via main lobby that comes in off the main entrance on North Main Street and all suites have window views along the main corridors.

Main Street Row is a rare opportunity in this market to acquire an asset with strong lease-up potential at an incredibly low price per foot of $45 right in the heart of a strong college town. The existing tenant mix is a strong mix of local and regional credit tenants, and the current vacancies have a very high probability of lease-up if the Investor is willing to invest some capital into refreshing and white-boxing the units. The leasing activity and demand in this market is strong and, and the low initial basis getting into the asset, the Investor should be able to be extremely competitive in the market by being able to offer below-market rents. With a low basis, in-place cash flow, strong upside potential in lease-up coupled with consistent demand in the submarket located in the heart of the downtown South Bend and less than three miles from Notre Dame University, Main Street Row should prove to be a very lucrative value-add investment for the savvy Investor.

Exclusively Listed By

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