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DaVita Dialysis 4350 S Ironwood Dr 9,001 SF Office Building South Bend, IN 46614 $6,203,250 CAD ($689.17 CAD/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- CORPORATE-BACKED LEASE WITH ESTABLISHED TENANT
- DENSELY POPULATED TRADE AREA
- HIGH-PROFILE ACADEMIC HUB DRIVING LONG-TERM MARKET STABILITY
- EARLY LONG-TERM COMMITMENT SECURED
- NEARBY MAJOR US HIGHWAY (US-20)
EXECUTIVE SUMMARY
Forged Real Estate is pleased to exclusively offer the fee simple interest in a single-tenant property leased to DaVita Kidney Care (the “Property”), located in South Bend, Indiana, an established regional hub situated along the St. Joseph River and serving as the county seat of St. Joseph County. The tenant operates under a double-net (NN) lease with scheduled 2% annual rent increases beginning in 2032, offering built-in income growth. The lease is guaranteed by DaVita Healthcare Partners, Inc. (NYSE: DVA), providing investors with the security of a corporate-backed obligation. Rated BB by Standard & Poor’s, DaVita is a nationally recognized healthcare provider and has earned recognition as one of Fortune’s World’s Most Admired Companies for 15 consecutive years. Demonstrating strong financial performance, the company generated $506 million in operating income in Q3 2025. Further solidifying the investment’s stability, the tenant proactively executed a 7-year lease extension well ahead of expiration, resulting in more than 11 years of remaining term, a clear indicator of long-term confidence in the location and continued operational commitment. This combination of corporate credit, extended lease duration, and steady rent growth positions the offering as a compelling opportunity for investors seeking durable, predictable cash flow.
The property is further strengthened by its prime positioning within a densely populated trade area, with more than 132,000 residents and 55,000 households located within a five-mile radius. This strong population base reinforces consistent demand for essential healthcare services and supports long-term tenant performance. Additionally, the property benefits from excellent regional connectivity, situated less than half a mile from U.S. Highway 20, a major coast-to-coast arterial carrying approximately 39,300 vehicles per day. This high traffic volume enhances visibility and accessibility, further contributing to the site’s long-term operational viability and investment stability.
The property is further strengthened by its prime positioning within a densely populated trade area, with more than 132,000 residents and 55,000 households located within a five-mile radius. This strong population base reinforces consistent demand for essential healthcare services and supports long-term tenant performance. Additionally, the property benefits from excellent regional connectivity, situated less than half a mile from U.S. Highway 20, a major coast-to-coast arterial carrying approximately 39,300 vehicles per day. This high traffic volume enhances visibility and accessibility, further contributing to the site’s long-term operational viability and investment stability.
PROPERTY FACTS
Sale Type
Investment
Property Type
Office
Property Subtype
Medical
Building Size
9,001 SF
Building Class
B
Year Built
2014
Price
$6,203,250 CAD
Price Per SF
$689.17 CAD
Cap Rate
6%
NOI
$372,236 CAD
Tenancy
Single
Building Height
1 Story
Typical Floor Size
9,001 SF
Building FAR
0.11
Lot Size
1.84 AC
Zoning
CB - Community Business (CB) zoning allows high-intensity commercial use with limited outdoor sales or operations.
Parking
37 Spaces (4.11 Spaces per 1,000 SF Leased)
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PROPERTY TAXES
| Parcel Number | 71-09-29-151-007.000-033 | Improvements Assessment | $1,259,260 CAD |
| Land Assessment | $327,945 CAD | Total Assessment | $1,587,205 CAD |
PROPERTY TAXES
Parcel Number
71-09-29-151-007.000-033
Land Assessment
$327,945 CAD
Improvements Assessment
$1,259,260 CAD
Total Assessment
$1,587,205 CAD
CONTACTS
-
Marc Mandel -
James Yi -
Maxwell Leonard -
Steve Schrenk -
Marco DiPrinzio -
Greg Zimmerman -
Forged Real Estate
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DaVita Dialysis | 4350 S Ironwood Dr
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