Town & Country Shopping Center | 820 W McKinley Ave
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Town & Country Shopping Center 820 W McKinley Ave
382,139 SF Retail Building Mishawaka, IN 46545 $14,000,000 ($37/SF) 8.17% Cap Rate
Investment Highlights
- Recent capital improvements include nearly 80,000 SF of new roofs and mechanical upgrades throughout the center.
- A near-fully executed Lease with Five Below awaits reengagement by new ownership.
- The property features several different outlots and inlots primed for future retail development as a value-add for new ownership.
- Rent Roll shows huge value-add opportunities with many Leases below market rent and most not covering operating expenses.
Executive Summary
Centrally located in the South Bend/Mishawaka market, the historic Town & Country Shopping Center has been a staple of the Michiana retail scene for over six decades and is primed for a resurgence under new ownership. Tenant mix includes a variety of national brands, including Kroger, Harbor Freight Tools, Rent-A-Center, Dollar Tree, Chuck E Cheese, Firestone, Popeyes, Subway, Arby’s, CitiTrends, Dunham’s, H&R Block and Rainbow Apparel. The 382,139 SF power center is located directly across McKinely Avenue from the expanding Bethel University and less than five miles from the University of Notre Dame.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
Sale Type
Investment
Property Type
Retail
Property Subtype
Building Size
382,139 SF
Building Class
C
Year Built
1958
Price
$14,000,000
Price Per SF
$37
Cap Rate
8.17%
NOI
$1,143,688
Tenancy
Single
Building Height
1 Story
Zoning
C - Commercial
Amenities
- Pylon Sign
- Signage
Walk Score ®
Very Walkable (75)
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 71-09-04-351-005.000-023 | Total Assessment | $428,700 (2023) |
| Land Assessment | $139,900 (2023) | Annual Taxes | ($1) ($0.00/SF) |
| Improvements Assessment | $288,800 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
71-09-04-351-005.000-023
Land Assessment
$139,900 (2023)
Improvements Assessment
$288,800 (2023)
Total Assessment
$428,700 (2023)
Annual Taxes
($1) ($0.00/SF)
Tax Year
2024
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Town & Country Shopping Center | 820 W McKinley Ave
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