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Hometown Pharmacy Building 608 Main st

15,534 SF 100% Leased Retail Building Mishawaka, IN 46545 $1,299,000 ($84/SF) 10.29% Cap Rate

Investment Highlights

  • 100% Leased - Hometown Pharmacy & 5 Upstairs Apartments
  • Just across river from Ironworks Plaza/The Mill Apartments
  • Adjacent Parking Lot Included
  • 1/2 Block from Mishawaka Ave & Mishawaka Riverwalk
  • Downtown Mishawaka vibrant and fast-growing
  • Adjacent to newly constructed Inova Federal Credit Union

Executive Summary

Fantastic investment or redevelopment opportunity in the vibrant and fast-growing downtown district of Mishawaka, adjacent to the newly constructed Inova Federal Credit Union. Located 1/2 a block from heavily traveled intersection of N Main St (25,000 cars daily) and Mishawaka Ave (10,000 cars daily, INDOT Traffic Counts), the building is completely rented out with Hometown Pharmacy on the retail level and 5 apartments upstairs. Seller had a new roof put on in 2021 along with new ceilings and insulation. Owner also has just finished a new maintenance free metal side to the building facing the Inova Credit Union. The property also includes the adjacent parking lot with alley access. Note: There are 3 total parcels (see aerial). The property boasts excellent location and visibility, with the Mishawaka Riverwalk just across Mishawaka Ave. Also, across the river (0.2 miles) is the newly developed Ironworks Plaza and The Mill apartments which includes the Mishawaka Public House, Sun King Brewery, and Social Cantina. The Mill Phase II is currently in the works along with the soon to open Avalon Apartments. The property is also only 2 miles (6 mins) from the Main St/Grape Rd Shopping Corridor, 2.5 miles (7 mins) from IN-331/Capital Ave, and 5 miles (15 mins) to the University of Notre Dame. Zoned C-1: Commercial. Total Taxes for all 3 parcels: $9,034.54. Tax Year: 2023.

Financial Summary (Actual - 2021) Click Here to Access

Annual Annual Per SF
Gross Rental Income - -
Other Income - -
Vacancy Loss - -
Effective Gross Income - -
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2021) Click Here to Access

Gross Rental Income
Annual -
Annual Per SF -
Other Income
Annual -
Annual Per SF -
Vacancy Loss
Annual -
Annual Per SF -
Effective Gross Income
Annual -
Annual Per SF -
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Property Subtype
Storefront Retail/Residential
Building Size
15,534 SF
Year Built
1922
Price
$1,299,000
Price Per SF
$84
Cap Rate
10.29%
NOI
$133,625
Percent Leased
100%
Tenancy
Multiple
Building Height
2 Stories
Building FAR
1.32
Land Acres
0.27 AC
Zoning
C-1: Commercial - C-1: Commercial
Parking
4 Spaces (0.26 Spaces per 1,000 SF Leased)
Frontage
116 FT on N Main St.

Amenities

  • Air Conditioning
Walk Score ®
Very Walkable (80)
Bike Score ®
Very Bikeable (73)
What is a Walk Score®, Transit Score® & Bike Score®?
Walk Score® measures the walkability of any address.
Transit Score® measures access to public transit.
Bike Score® measures bikeability of a location.
What is a Walk Score®
, Transit Score® & Bike Score?
Walk Score® measures the walkability
of any address. Transit Score®
measures access to public transit. Bike Score®
measures bikeability of a location.®

PROPERTY TAXES

PROPERTY TAXES

Parcel Numbers
Multiple
  • 71-09-09-485-007.000-023
  • 71-09-09-485-009.000-023
Land Assessment
$57,600 (2023)
Improvements Assessment
$367,000 (2023)
Total Assessment
$424,600 (2023)
  • Listing ID: 29339277

  • Date on Market: 8/22/2023

  • Last Updated:

  • Address: 608 Main st, Mishawaka, IN 46545

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