608 Main st - Storefront Retail/Residential FOR SALE


Mishawaka, IN 46545
$1,350,000 USD
574-360-6881
608 Main st, Mishawaka, IN for Sale
$1,350,000 USD
Storefront Retail/Residential - FOR SALE
1/9
null | 10.07% Cap Rate

608 Main st
Mishawaka, IN 46545


HIGHLIGHTS

  • 100% Leased - Hometown Pharmacy & 5 Upstairs Apartments
  • 1/2 Block from the Mishawaka Riverwalk
  • Just across river from Ironworks Plaza/The Mill Apartments
  • Downtown Mishawaka vibrant and fast-growing
  • Adjacent Parking Lot Included
  • New roof March 2025 with a 20-year warranty

OVERVIEW

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 (newly signed 3-year lease) on the retail level and 5 apartments upstairs. Seller had a completely new roof done with a 20-year warranty in March of this year. Owner has just finished a new maintenance free metal siding on the building facing the Inova Credit Union as well. The property also includes the adjacent parking lot with alley access. Note: There are 3 total parcels (see aerial). Current Net Operating Income: $135,988.26 (Full breakdown available with a signed Confidentiality Agreement). 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 now opened 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: $7,143.00.

FOR SALE DETAILS

PRICE

$1,350,000 USD

PRICE/SF

$87 USD /SF

CAP RATE

10.07%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Hometown Pharmacy Building

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront Retail/Residential

ADD'L SUBTYPES

Drug Store, Storefront Retail/Office, Office/Residential

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

1922

SPRINKLERS

-

PARKING SPACES

14

LAND DETAILS

LAND ACRES

0.27 AC

LAND SF

11,761 SF

ZONING

C-1: Commercial

APN/PARCEL ID

71-09-09-485-007.000-023,71-09-09-485-009.000-023

ASK ABOUT THIS PROPERTY

John PiracciniColdwell Banker CommercialMore Info
574-360-6881

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John PiracciniColdwell Banker CommercialMore Info
574-360-6881

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.