Day & Fir, Lot 1 | Southwest Corner

Mishawaka, Indiana

9% Cap Rate On Existing Income | Upside For Add'l Development At Site

Property Snapshot

  • Land: 1.1 Acres; 1.43 Acres Additional Land
  • CAP Rate: 9%
  • List Price: $520,000 or $670,000; $409,000 Additional Land
Property Details

Excellent investment opportunity in the path of growth on Mishawaka’s northeast side in the shadow of Edison Lakes Corporate Park and the $355 million Saint Joseph Health System, Mishawaka. Site is approximately 1.1 acres with in-place land leases, and upside for future development on site. Cap Rate: 9%

The property is offered for sale under two scenarios:

A) $520,000 excluding carwash equipment (which is personal property)

B) $670,000 including carwash equipment. The price includes both the existing ATM Lease with 1st Source Bank and new leaseback to Lighthouse Carwash for operation of the carwash.

Opportunity for accelerated 7 year depreciation on equipment sale provides even more compelling returns.

Remaining developable site can accommodate an additional 7,000 to 9,000 SF building.

Adjacent 1.43-acre parcel to the west for sale separately at $409,000 to enlarge site if desired.

Location 

The property is located on the east side of Edison Lakes Corporate Park and the University Park Trade Area that encompasses over 5 million SF of commercial, retail, office, hospitality and medical space. The site is minutes from the new Capital Avenue extension and the Main Street/Grape Road corridors, the Saint Joseph Health System, Mishawaka development and Elkhart.

Please contact us for financial analysis and details on investment sale.

 

EDWARD F. BRADLEY, CCIM/CPM/SIOR
Senior Vice President, Principal
574.485.1538
edbradley@cressyandeverett.com

For More Information Please Contact

Eddie Bradley, CCIM/CPM/SIOR
Senior Vice President, Principal
574.485.1538
ebradley@cressy.com

EDWARD F. BRADLEY, CCIM/CPM/SIOR
Senior Vice President, Principal
574.485.1538
edbradley@cressyandeverett.com