4350 Ironwood DrSouth Bend, IN 46614

For Sale
$5,170,000

Net-leased medical building, strong tenant.

Overview

Added:
Dec 11, 2024
Days on market:
93
This exceptional investment opportunity presents a 9,001 square foot, single-tenant DaVita Dialysis Center located at 4350 S Ironwood Dr, South Bend, Indiana 46614. The property, built in 2014 and renovated in 2023, sits on a 1.8-acre lot and boasts a 100% occupancy rate. The current lease, a NNN net lease with a corporate guarantee from DaVita Healthcare Partners, Inc., commenced January 28, 2015, and has a remaining term of approximately 5.2 years, with two 5-year renewal options. The annual net operating income (NOI) is $335,979, resulting in a 6.50% capitalization rate. The tenant is responsible for all expenses except for structural, electrical, and exterior plumbing repairs exceeding $1,000 per lease year. The property benefits from strong demographics, with a population exceeding 56,000 within a 3-mile radius and average household income of $75,000 (3-mile radius in 2023). Recent improvements include roof repairs (2022) and parking lot resurfacing (2023). This is a rare opportunity to acquire a stable, net-leased medical facility backed by a Fortune 500 company in a high-demand location. The asking price is $5,170,000.

Highlights

  • Limited Landlord Responsibilities: Tenant responsible for most repairs and maintenance (see OM), excluding structure, electrical, and exterior plumbing.
  • Corporate Guarantee: Lease backed by DaVita Healthcare Partners, Inc., a Fortune 500 company.
  • Essential Business Asset: Healthcare tenant provides stable cash flow, less susceptible to market disruptions.
  • Strong Demographics: High population density (56,000 within 3 miles, 130,000 within 5 miles) and high average household income ($75,000 within 3 miles).
  • Recent Capital Improvements: Roof repaired (2022), parking lot resealed (2023).

Property Details for 4350 Ironwood Dr

Property type
Other retail properties, Other office properties
Square Feet
9,001 SF
Year Built/Renovated
2014/2023
Buildings
1
Lot Size (sq. ft)
78,408 SF
Units
1

Location Insight

City
South Bend
County
St Joseph
State
Indiana
Latitude
41.630870887208
Longitude
-86.213328340611
4350 Ironwood Dr, South Bend, Indiana

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4350 Ironwood Dr
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