Tippecanoe Place 620 W
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Offering Memorandum | Single-Tenant Investment Owner-Operator Sale/Leaseback TIPPECANOE PLACE 620 W. Washington Street | South Bend, Indiana TIPPECANOE PLACE 2 Tippecanoe Place S i n g l e - Tenant Investment 620 W. Washington Street | South Bend, Indiana TABLE OF CONTENTS EXECUTIVE SUMMARY Offering Summary 3 Property Summary 4 PROPERTY DETAILS Property History 5 Property Photos 6 Property Location 13 Floor Plans & Site Plan 14 Tenant Information 17 DEMOGRAPHIC & AREA PROFILE Area Demographics 18 Area Profile 19 OTHER INFORMATION Confidential Memorandum and Disclaimer 20 NOAH DAVEY, CCIM CHRISTIAN DAVEY, CCIM/SIOR Senior Broker, Principal Senior Broker, Principal 574.485.1530 574.485.1534 [email protected] [email protected] © 2017 Newmark Grubb Cressy Commercial. Reproduction or sharing of this information, in whole or in part, is permitted only with the written consent of Newmark Grubb Cressy & Everett. Some of the data in this report has been gathered from third party sources and has not been independently verified. Newmark Grubb Cressy Commercial makes no warranties or representations as to the completeness or accuracy thereof. TIPPECANOE PLACE 3 OFFERING SUMMARY Newmark Grubb Cressy Commercial, as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire Tippecanoe Place, the historic Studebaker Mansion, located at 620 W. Washington Street in South Bend, Indiana. Built by Clem Studebaker from 1886-1889, the OFFERING SNAPSHOT Tippecanoe Place mansion has a rich and colorful history. The 24,223 square-foot Romanesque style mansion currently houses one of South Bend’s ADDRESS Tippecanoe Place www.tippe.com finest restaurants. The property features four 620 W. Washington Street floors, 40 rooms and 20 fireplaces, and the South Bend, Indiana sprawling 2.67 acre grounds compliment the stately interior. There are 2 additional lots across EXECUTIVE SUMMARY YEAR BUILT 1886 Washington Street totaling 0.67 additional acres that can be used for parking for larger events. The ZONING MU-Mixed Use interior of the home emphasizes high quality wood and stone work throughout with expert carving RENTABLE AREA 24,223 Square Feet skills. The versatile, unparalleled character of the property creates a one-of-a-kind event and dining LOT SIZE 3.34 Acres experience. PERCENTAGE The property has been impeccably maintained and LEASED/OCCUPIED 100% tactfully preserved. NOI $106,000 The property is located near the University of Notre Dame and within walking distance to the ANNUAL TAXES $26,836.69 ($1.11 PSF) heart of Downtown South Bend’s Central Business District, which has been undergoing a revitalization of approximately $300 million in OFFERING TYPE Single-Tenant Investment Owner-Occupied Sale/Leaseback public and private projects. OFFERING PRICE $1,325,000 Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 4 PROPERTY SUMMARY ADDRESS: 620 W. Washington Street South Bend, Indiana CONSTRUCTION TYPE: Stone structure and slate/tile roof UTILITIES: Electric, natural gas, municipal sewer and water PARCEL NUMBERS: 71-08-11-231-010.000-026; 71-08-11-231-011.000-026; 71-08-11-276-002.000-026 LEGAL DESCRIPTION: BOL L and 44 and Lot 45 except 147.84’ West side; Lots 7 and 8 Cobbs Sub BOL EXECUTIVE SUMMARY 21-25 and 55 Ft W Side Lot 24 Bol Portage Township, St. Joseph County, Indiana ASSESSED VALUE: Land $144,500 Improvements $614,500 Total $759,000 ($31.33 PSF) The property is listed as Property Class 430 (Restaurant/Commercial) TOWNSHIP: Portage ZONING: MU-Mixed Use OWNERSHIP ENTITY: Tippecanoe Place Holdings, LLC BUILDING RENTABLE AREA: 24,223 Square Feet LAND: 3.34 Total Acres * *2.67 acres on site & 0.67 additional acres across Washington Street for overflow parking YEAR BUILT: 1886 Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 5 PROPERTY HISTORY PROPERTY DETAILS Henry Cobb, a famous Chicago-based architect, designed this Richardsonian Romanesque style mansion for Clement Studebaker. It has 40 rooms (including a ball room, library and billiard room) and 20 fireplaces. It now houses one of South Bend’s finest restaurants and event venues—Tippecanoe Place. Clement Studebaker hired Henry Cobb in 1885 to design and plan an impressive family home, which, when completed was over 24,000 square feet. Clement took residence in the mansion in 1888 and enjoyed living in Tipp ecanoe until his death in 1901. His widow continued to live in the mansion, passing it on to their son, George in 1916, who subsequently lost the building during the great depression. The building was purchased in 1941 by E.M. Morris who donated it to the City of South Bend. It then served as a school for handicapped children, and during World War II it served as the Red Cross Headquarters. After the war, it continued as a school for handicapped children. In the early 1970s the mansion served as an administration building for South Bend Schools. In the mid-1970s it was presented to the local preservation organization, Southhold Restoration. After restoration efforts, Southhold sold the property to Continental Restaurant Systems, a division of Ralston Purina, which in 1979/1980 converted the building into its current state: The Tippecanoe Place Restaurant, one of South Bend’s most elegant dining establishments. The versatile unparalleled character of the property creates a one of a kind event and dining experience. The sprawling grounds compliment the stately interior while also allowing for unique outdoor dining and special events. The building is the only building in St. Joseph County on the National Historic Registry as a National Historic Landmark. Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 6 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 7 PROPERTY PHOTOS PROPERTY DETAILS PROPERTY DETAILS DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 8 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 9 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 10 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 11 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 12 PROPERTY PHOTOS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 13 PROPERTY LOCATION PROPERTY DETAILS The property is located in the heart of South Bend’s Near West Side, in the West Washington neighborhood that surrounds South Bend’s museum campus and highlights the community’s innovation and heritage. The property is surrounded by historic and newer single-family residential developments and commercial businesses. It is well located in an emerging mixed-use area with good access to major transportation infrastructure, minutes to the new Saint Joseph High School, South Bend Clinic, Memorial Hospital, University of Notre Dame and downtown South Bend. Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 14 FLOOR PLANS PROPERTY DETAIL S Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 15 FLOOR PLANS PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 16 SITE PLAN PROPERTY DETAILS Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 17 TENANT INFORMATION PROPERTY DETAILS Tippecanoe Place is a unique fine dining experience set in one of South Bend’s most notable structures, the historic Studebaker Mansion. The building is over 130 years old and currently hosts weddings, banquets, special events, breakfasts, lunches, dinners and brunches. The timeless finishes and stately grounds heighten all outdoor and indoor weddings, celebrations, banquets, fine dining experiences or cocktails. Over the past century, many special recipes have come and gone. The exceptional entrées on Tippecanoe’s menu have withstood the test of time and are presented to provide you with the opportunity to taste some truly traditional favorites. Additionally, the Studebaker Lounge and Patio Bar provide an elegant environment that complement the Tippecanoe Place Restaurant. Enjoy a variety of your favorite brews, wines and specialty hand crafted classic cocktails, all in a beautiful, and collective atmosphere. It's an unspoken experience worth sharing with your family and friends. Web address: http://www.tippe.com Informational Video: https://youtu.be/IpOi5E9WJzE Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 18 AREA DEMOGRAPHICS DEMOGRAPHIC & AREA 2017 DEMOGRAPHICS 3 MILE 5 MILE 10 MILE PROFILE POPULATION 89,644 167,658 262,336 MEDIAN AGE 30.1 34.3 37.2 NUMBER OF HOUSEHOLDS 31,606 65,916 102,557 AVERAGE HOUSEHOLD INCOME $46,429 $51,534 $61,968 AVERAGE HOME VALUE $101,305 $119,781 $151,610 Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback TIPPECANOE PLACE 19 AREA PROFILE DEMOGRAPHIC & AREA South Bend is a city located in the county seat of St. Joseph County, Indiana, on the St. Joseph River near its southernmost bend, from which it