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South Bend, IN

Kirby Risk Corporation

Address:
1331 North Iowa Street, South Bend, IN 46628
Property Type:
Single Tenant
Price:
$650,000
Cap Rate:
8.22% cap
NOI:
$53,458
Square Feet:
12,728 sqft
Lot Size:
1.10 Acres
Price Per Square Foot:
$51.07
Year Built:
1989/1994
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* By downloading the Marketing Package (Offering Memorandum) you hereby agree to the CONFIDENTIALITY AND BUYER REGISTRATION AGREEMENT.

Investment Highlights

Investment Highlights

Investment Highlights

  • 12,728-Square-Foot Warehouse Situated on 1.1 Acres
  • Fully Occupied by Kirby Risk Corporation Since 2006 | Full-Service Electrical Distributor with 45 Locations
  • +/- Five Years Remaining on NNN Lease | Landlord Responsible for Roof, Structure and Parking Lot
  • Constructed in 1989 / 1994 with 16’ Clear Height, 10 Drive-Ins, and 1 Dock-High Door
  • High Barrier-to-Entry Submarket: 3.7% Market Vacancy, 8.0% Rent Growth
  • Great Location Near Airport, US 20/31 Bypass and I 80/90 Toll Road in Northwest South Bend

Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire the property located at 1331 North Iowa Street in South Bend, Indiana, leased to Kirby Risk Corporation. The subject property consists of approximately 12,728 square feet of warehouse space and is situated on a total 1.1 acres of land. The asset features a clear height of 16’, one dock-high door, and 10 grade-level doors. Since 2006, the tenant has fully occupied the property, with the current lease expiring in January 2028. Anchored by a triple-net lease, the asset minimizes landlord responsibilities to just the roof, building structure, and parking lot. The tenant remains responsible for the maintenance of the HVAC system. With 45 locations throughout Indiana, Illinois, Ohio, and Georgia, Kirby Risk Corporation is a full-service electrical distributor (Kirby Risk).

The subject property is situated within Greater South Bend, a tough barrier-to-entry submarket containing roughly 20.6 million square feet of industrial space. Unlike the overall market, warehouse and distribution centers dominate the Greater South Bend submarket, making up 54 percent of inventory. Specialized space, mostly manufacturing facilities, and flex properties account for 41 percent and 5 percent, respectively. Thanks to now three consecutive years of net absorption of at least 350,000 square feet, the vacancy rate has steadily fallen from an eight year high of 9.0 percent in Q2 2019 to a record low of 3.7 percent at the start of Q4 2022. Consistently high demand has kept market rent growth close to historical highs, rising 8.0 percent year-over-year in Q3. With nothing currently under construction, there are no supply-side pressures on vacancy or rent for the foreseeable future (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).

BROKER OF RECORD
Josh Caruana
Indiana Broker of Record
600 East 96th Street, Ste. 500
Indianapolis, IN 46240
Tel: (317) 218-5300
Josh.Caruana@MarcusMillichap.com
License #: RB14034355
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2022 Marcus & Millichap. All rights reserved. (Activity ID: ZAD0370585)