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    101 N State Street South Whitley, IN 46787

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    For Sale
    $225,000

    Restaurant/Bar - South Whitley, IN

    Lot size:
    0.11 Acres
    Added:
    May 27, 2025
    Days on Market:
    344
    Last Refresh:
    May 5 at 5:06 pm

    Property Features for 101 N State Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1, Kitchen
    Parking features
    Off Street, Paved or Surfaced
    Interior features
    Drywall, Alley, Public Restrooms, Refrigeration/Freezer
    Exterior features
    Alley, Public Restrooms, Refrigeration/Freezer
    Standard status
    Active
    APN
    92-08-04-103-001.000-002
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Annual Amount
    196.94

    Utilities

    Heating system
    Natural Gas

    Building Details

    Year built
    1963
    Floors in Building
    1
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Tyler Dohner

    Listing agent Tyler Dohner License #RB23000685

    Listing office CENTURY 21 Bradley Realty, Inc 2928 E Dupont Road, Fort Wayne, IN

    Listing date May 27, 2025

    MLS# 202519678 Listing URL

    Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Restaurant and Home Combo

    This offering includes a 450 sqft restaurant and a 2,591 sqft home. The restaurant, known as Carol’s Corner Drive-In, features a restroom, off-street parking, and a covered seating/play area. It is equipped with multiple freezers, an Electrofreeze 2-flavor twist ice cream machine, a Ross-Temp pop machine, an Electrofreeze slushie machine, antique cash registers, a 4-door refrigerator, a Star steamer hot dog machine, a Keurig coffee maker, a microwave, two Fry Master french fryers, a Vulcan-Hart grill, a Crosley refrigerator, and a full set of utensils, pots, and pans. Also included is a 1989 Volkswagen “Burger Buggy”. The residential property offers 4 bedrooms, 2 full bathrooms, original hardwood floors, main-floor laundry, an attached 1-car garage, a large detached garage, and a screened/glassed-in front porch. The combined property is situated on a 0.11-acre lot in South Whitley, Indiana. This package offers potential for a combined home and business venture.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Drive through restaurants

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Auto Repair Shop Daycare Center Department Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    South Whitley
    County
    Whitley
    State
    Indiana
    Longitude
    -85.628224
    Latitude
    41.086056

    FAQs

    What type of property is this?
    Drive through restaurant - Restaurant and residential property package in South Whitley, Indiana.
    Where is this drive through restaurant located?
    The property is located at 101 N State Street South Whitley, IN.
    What is the asking price?
    The asking price for this property is $225,000.
    What are key features of this property?
    This property features: Rare opportunity: Own a fully equipped, established restaurant (Carol's Corner Drive‑In) and a separate 4‑bedroom home in one package.; Restaurant includes valuable equipment: Electrofreeze ice cream and slushie machines, Fry Master fryers, Vulcan‑Hart grill, and more.; The 2,591 sq ft residence features 4 bedrooms, 2 bathrooms, original hardwood floors, and main‑floor laundry.
    (260) 246-1298
    We can help!
    Listing Contact
    Tyler Dohner
    Real Estate License ID: RB23000685
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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