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Bittersweet Plaza 306-338 N Bittersweet Rd Local commercial 3 394 m² 21 % Loué À vendre Mishawaka, IN 46544 4 178 239 € (1 231,12 €/m²) Taux de capitalisation 7,40 %

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INFORMATIONS PRINCIPALES SUR L'INVESTISSEMENT

  • Value-Add opportunity, shadow anchored by Martin’s Super Markets, with nearly 12,000 square feet currently vacant and in rent ready condition
  • Priced at a 7.4% CAP on the current, in-place NOI, with the ability to push the cap rate to nearly 10.5% by leasing up the vacant space
  • Although not included in the offering, the adjacent Martin’s Super Market has historically demonstrated robust per square foot sales figures
  • In addition to the shop space, the property also includes a developable padsite, as well as a separately parceled PNC Bank and a Martin's Fuel Station
  • Given the asking cap rate and available debt, the property will cash flow substantially on day one while an investor executes their value-add strategy
  • Mishawaka is located next to South Bend, home of Notre Dame University and part of the third largest MSA within the business friendly State of Indiana

RÉSUMÉ ANALYTIQUE

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Bittersweet Plaza, a 36,531 square foot grocery shadow anchored retail
center located in Mishawaka, just outside South Bend, Indiana. Priced at a 7.4% CAP on the current, in-place net operating income, the building is positioned to meaningfully
cash flow at the asking price. The most compelling aspect of this opportunity is the optionality with which one can approach several complimentary value-add strategies.
Bittersweet Plaza is currently 68% occupied, with two vacant suites that will significantly add to the property’s cash flow once leased. The plaza will be conveyed along with a
single tenant, triple drive-thru PNC Bank – with notably high deposits – as well as an additional half-acre developable outparcel. Adjacent to the outparcel, Martin’s leases
a fuel station that currently pays $15,000 in ground rent annually. Though Martin’s has two years of term remaining on that lease, as well as two flat 5-year option
periods, the long-term potential of the fuel station is enormous.
It is not as if this upside can all be unlocked overnight, but for a patient investor with time on their side, this is a rare opportunity to create value over the entirety of their
hold period, while enjoying cash flow along the way.
By all accounts, the Martin’s Super Market is high performing, and though it is owned separately, Martin’s is still responsible for their pro rata share of parking lot expenses,
and as a result are contributing substantially to the gross income of Bittersweet Plaza. This is important because Martin’s contributions to overall CAMs help ease the amount
of expense leakage that one would typically see in a 68% occupied retail center.
Martin’s Super Market is known as the dominant grocer in this part of the country. Although Martin’s is currently owned by Spartan Nash, C&S Wholesale Grocers, the
8th largest privately held company in the United States, is in the process of acquiring them in a deal expected to close at the end of 2025.
Please reach out to Marcus & Millichap with additional questions about Bittersweet Plaza.

INFORMATIONS SUR L’IMMEUBLE

Type de vente
Investissement triple net
Type de bien
Local commercial
Sous-type de bien
Superette
Surface de l’immeuble
3 394 m²
Classe d’immeuble
C
Année de construction/rénovation
1992/2004
Prix
4 178 239 €
Prix par m²
1 231,12 €
Taux de capitalisation
7,40 %
RNE
309 234 €
Pourcentage loué
21 %
Occupation
Multi
Hauteur du bâtiment
1 étage
Quais de chargement
4 Extérieur
Coefficient d’occupation des sols de l’immeuble
0,14
Surface du lot
2,51 ha
Zonage
C-2 - Commerciale
Stationnement
429 places (126,41 places par 1 000 m² loué)
Façade
189 m sur N Bittersweet

PRINCIPAUX OCCUPANTS Cliquez ici pour accéder à

  • OCCUPANT
  • SECTEUR D’ACTIVITÉ
  • m² OCCUPÉS
  • LOYER/m²
  • FIN DU BAIL
  • Services
  • 99,999 SF
  • -
  • -

Great Clips is a franchised company with many hair salons across the U.S. and Canada. They pride themselves on making it easy for customers to get a great haircut at a great price at a time and place that’s convenient for them. That’s why they are open evenings and weekends. And they have made it easy for customers to make Great Clips their hair salon of choice with their Online Check-In and Clip Notes®. From day one—and throughout the decades they have been in business—Great Clips has created a host of innovations to make it faster, easier, and more convenient for people to get a hair cut. Great Clips, Inc. was established in 1982 in Minneapolis, Minnesota. Today, there are many independently owned Great Clips® salons throughout the United States and Canada, making it the world’s largest salon brand.

  • Services professionnels, scientifiques et techniques
  • 99,999 SF
  • -
  • -

H&R Block, Inc. is a global leader in tax preparation services, founded in 1955 by brothers Henry and Richard Bloch in Kansas City, Missouri. With a mission to make tax filing simple and accessible, H&R Block pioneered the tax preparation industry and has since prepared over 800 million tax returns worldwide. The company operates thousands of retail offices across the U.S., Canada, and Australia, offering in-person, online, and virtual tax solutions. Known for its upfront pricing, expert tax professionals, and commitment to community impact, H&R Block continues to innovate in financial services while helping individuals and small businesses navigate their financial futures

  • Hébergement et restauration
  • 99,999 SF
  • -
  • -

Papa Johns International, Inc. is a leading global pizza brand known for its commitment to “Better Ingredients. Better Pizza.®” Founded in 1984, the company has grown to thousands of locations in over 45 countries. Papa Johns stands out for its fresh, never-frozen dough, signature sauces, and quality toppings. Headquartered in Atlanta, Georgia, the brand continues to innovate in digital ordering, customer experience, and community engagement, while staying true to its promise of delivering better pizza every time.

  • PNC Bank
  • Finance et assurances
  • 99,999 SF
  • -
  • -
  • Services
  • 99,999 SF
  • -
  • -

There is nothing more important to Sophia Nails than your safety and comfort when you visit their salon. That’s why we pledge to adhere to the highest industry standards. They sanitize and disinfect all reusable nail tools in accordance with state regulations and industry “best practices”. Any tools that can’t be disinfected are disposed of or given to the client after a single use. You are welcome to bring in your own tools. They still disinfect your tools before using them, as required by state law. Moreover, they regularly take classes in techniques, health and safety, and product knowledge to enhance the quality and safety of your services.

OCCUPANT SECTEUR D’ACTIVITÉ m² OCCUPÉS LOYER/m² FIN DU BAIL
Services 99,999 SF - -
Services professionnels, scientifiques et techniques 99,999 SF - -
Hébergement et restauration 99,999 SF - -
PNC Bank Finance et assurances 99,999 SF - -
Services 99,999 SF - -

DISPONIBILITÉ DE L’ESPACE

  • ESPACE
  • SURFACE
  • TYPE DE BIEN
  • POSTE
  • DISPONIBLE
  • Pad A
  • 1 619 m²
  • Local commercial
  • Parcelle de terrain vacant
  • Maintenant

This is an out lot available for ground lease.

  • 316
  • 743 m²
  • Local commercial
  • -
  • Maintenant
  • 326-328
  • 121 – 348 m²
  • Local commercial
  • -
  • Maintenant
Espace Surface Type de bien Poste Disponible
Pad A 1 619 m² Local commercial Parcelle de terrain vacant Maintenant
316 743 m² Local commercial - Maintenant
326-328 121 – 348 m² Local commercial - Maintenant

Pad A

Surface
1 619 m²
Type de bien
Local commercial
Poste
Parcelle de terrain vacant
Disponible
Maintenant

316

Surface
743 m²
Type de bien
Local commercial
Poste
-
Disponible
Maintenant

326-328

Surface
121 – 348 m²
Type de bien
Local commercial
Poste
-
Disponible
Maintenant

Pad A

Surface 1 619 m²
Type de bien Local commercial
Poste Parcelle de terrain vacant
Disponible Maintenant

This is an out lot available for ground lease.

PRINCIPAUX COMMERCES À PROXIMITÉ

Anytime Fitness
Starbucks
Martin's Super Market

TAXES FONCIÈRES

TAXES FONCIÈRES

Numéro de parcelle
71-10-18-201-001.000-022
Évaluation du terrain
441 466 €
Évaluation des aménagements
1 754 946 €
Évaluation totale
2 196 413 €
  • ID de l’annonce: 38086427

  • Date de mise sur le marché: 15/10/2025

  • Dernière mise à jour:

  • Adresse: 306-338 N Bittersweet Rd, Mishawaka, IN 46544

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