Project Description


Niles Colfax Building – 22,636 Square Foot Class A Office Building in South Bend, Indiana

Issues Prior To Acquisition:

  • Only minor physical issues (roof/HVAC) with the property.
  • Ownership wanted to exit real estate to focus on business.

DVP Actions:

Negotiated a full roof and water tower replacement paid for by tenant to occur within four years.  Building is leased to a single tenant for 9 years and serves as their corporate headquarters.


The property was acquired at a 38% discount to replacement cost and a good tenant relationship established immediately.   73% LTV 7 year loan attained with a 5 year fixed term at 4.2%.

Projected Returns:

18% leveraged Return on Investment, 9.2% Cash on Cash on a 5-year average to investors.  9.0% Cash on Cash return to investors on Day 1.

Purchased for $2,800,000 in 2015.