1659 Mishawaka St

Elkhart, IN

Occupied Investment Opportunity

Property Snapshot

  • Building: 15,260 SF
  • Land: 2.5 Acres
  • Year Built: 1986
  • Zoning: B3-Service Business District (Allows For B1 & B2 Zoning)
  • Parking: 120
  • Utilities: Municipal
  • HVAC: 7 Gas Forced Air Units & Central A/C
  • Annual Taxes: $27,53.42 / $1.3 PSF
  • CAP Rate: 10.26%
  • NOI: $143,744
  • List Price: $1,400,000

Property Details

Two-tenant occupied office building offered as an investment opportunity. The 15,260 square-foot building contains approximately 17 private offices, two (2) conference rooms, two (2) lobby/reception areas, large open work areas ideal for cubicle use, file/storage areas, a break room and four (4) restrooms.

The exterior of the building is steel frame construction with brick veneer and metal panel exterior walls with a flat rubber membrane roof on a concrete slab foundation. The building features a small deck at the rear of the property, paved asphalt parking lot that accommodates over 120 cars. The interior finishes of the building include painted drywall wall finish, carpeting, VCT and ceramic tile flooring, acoustic tile ceiling, fluorescent lighting, seven gas forced air heat and central air conditioning units, 30-gallon water heater, the electric service is separately metered, and each tenant pays their own utilities.

Detailed financial information is available upon execution of a confidentiality agreement.

The property is bank owned and owner makes no representation as to the condition of the property. Buyer should conduct their own due diligence regarding all aspects of the property. The property is being sold “as is”.

Location

The property is on the west side of City of Elkhart surrounded by other office, commercial, service/retail businesses, industrial and single family residential developments. The property is two-tenths of a mile from SR 19, a north/south commercial connector to the I-80/90 Indiana Toll Road located approximately 4 miles to the north, and 5 miles to the US 20/31 ByPass located south.

For More Information Please Contact

James Ringler
Senior Broker
574.485.1561 | 574.298.8980 (c)
jringler@cressy.com