1108 Ann Street
- 1108 Ann Street, Mishawaka, IN 46545
- Property Type:
- Square Feet:
- 14,000 sqft
- Lot Size:
- 0.84 acres
- Price Per Square Foot:
- Year Built:
- 14,000-Square-Foot Warehouse Situated on 0.36 Acres with Neighboring Parcels Totaling 0.84 Acres
- Features 2 Drive-Ins, 1 Interior Dock, 18’ Clear Height and 50’ x 25’ Bay Spacing
- Tough Barrier-to-Entry Submarket: 2.6% Vacancy Rates and 6.4% Rent Growth
- EPDM Roof Replaced Between 2010-2012
- Ideal for Service-Related Business, Warehousing and Storage
Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1108 Ann Street in Mishawaka, Indiana. The subject property consists of approximately 14,000 square feet of space and is situated on a combined 0.84 acres of land. The asset features a clear height of 18’, two drive-in doors, one interior dock-high door, and 50’ by 25’ bay spacing. Between 2010 to 2012, the seller reports the roof was replaced with EPDM. Situated in a tight barrier-to-entry submarket, the property is ideal for service-related businesses, warehousing, and storage.
Mishawaka is a midsized submarket, containing around 7.3 million square feet of industrial space. Unlike the national norm, Mishawaka and the overall market largely consist of specialized space, such as manufacturing, making up nearly 61 percent of local inventory. Logistics and flex space round out the inventory, accounting for about 25 percent and 14 percent, respectively. While absorption has been in negative territory over the last year, availability remains tight as indicative of the 2.6 percent vacancy rate posted during the first quarter. Furthermore, no new deliveries have hit the market in five years, and nothing is currently underway. The lack of new supply has allowed market rent growth to post a new annual record of 6.4 percent in Q1. Industrial rents now average just under $5.60-per-square-foot, offering investors an 11 percent premium compared to the overall market (CoStar).
Located along the southernmost bend of the St. Joseph River, hence the name, South Bend is the fourth largest city in Indiana, with a population of 103,453 residents. Established as a fur trading post, South Bend grew quickly with the rise of the now-defunct automobile maker, Studebaker Corporation. Today, South Bend’s economy is anchored by the famed University of Notre Dame. With nearly 6,000 workers, Notre Dame is the single largest employer in South Bend. Both residents and businesses benefit from a low cost of living and business-friendly environment, which has spawned growth in the logistics and high-tech manufacturing industries (Marcus & Millichap).