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    1116 S Harkless Dr Syracuse, IN 46567

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    Contact for pricing

    Restaurant/Bar, Bar,Restaurant - Syracuse, IN

    Lot size:
    0.77 Acres
    Days on Market:
    3
    Last Refresh:
    Feb 11 at 11:06 am

    Property Features for 1116 S Harkless Dr

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Kitchen, Office
    Bathrooms
    4
    APN
    43-04-08-300-376.000-026
    Parking
    38
    Parking features
    Paved or Surfaced
    Interior features
    Drywall, Wood, 220 Volts, Three Phase, Office Space, Public Restrooms, Reception Area, Ventilating/Exhaust Fans, Ansel System, Refrigeration/Freezer
    Exterior features
    220 Volts, Three Phase, Fenced, Office Space, Public Restrooms, Reception Area, Ventilating/Exhaust Fans, Ansel System, Refrigeration/Freezer, Boat Docking Rights, Pier/Dock, Deeded
    Dock
    1
    Fencing
    Fenced
    Lot size
    0.77 Acres

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air, Multi Units
    Water front features
    Waterfront Lake Wawasee, Waterfront, Waterfront Lake Wawasee, Waterfront Boat Docking Rights
    Water front
    1

    Building Details

    Year built
    1949
    Floors in Building
    1
    Flooring type
    Carpet, Laminate, Tile, Tile - Ceramic
    Roof type
    Composition, Rubber, Shingle
    Architectural style
    Other

    We can help!

    Listing Contact
    Timothy Pitts

    Metzger Property Services, LLC (260) 982-0238

    Listing agent Timothy Pitts (260) 982-0238 License #RB21001581

    Listing date Feb 9, 2026

    MLS# 202604028 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.

    Learn more

    Property Insight Report

    Overview

    Lake Wawasee Waterfront Restaurant Opportunity

    This property presents a rare opportunity on Lake Wawasee, featuring approximately 250 feet of lake frontage. It includes the Frog Tavern and the S.S. Lillypad II Houseboat. The Frog Tavern is a popular waterfront destination known for casual dining and live music, accessible by both land and water. This property offers year-round indoor and outdoor dining, live entertainment, waterfront seating with boat docking access, a game room, pool tables, and a long-standing reputation as a premier lake destination. The restaurant includes a full commercial kitchen, walk-in coolers and freezer, offices, and storage. Also included is the S.S. Lillypad II, a 70-foot commercial event houseboat used for private charters and public cruises. The property benefits from two 3-way liquor licenses, supporting both on-site restaurant operations and off-site lake cruises. Situated in a high-demand lakefront market with limited inventory, this property offers a turnkey hospitality and event venue with waterfront real estate. The property is situated on a 0.77-acre lot.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    The Frog Tavern Restaurant ATM Atm

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center

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

    Similar Places Nearby

    The Pier & Back Porch, The Twisted Tiki Food Truck

    Location Insight

    • Map
    • Local Demand
    City
    Syracuse
    County
    Kosciusko
    State
    Indiana
    Longitude
    -85.742484
    Latitude
    41.408194

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    FAQs

    What type of property is this?
    Restaurant - Turnkey restaurant, bar, and event venue on Lake Wawasee.
    Where is this restaurant located?
    The property is located at 1116 S Harkless Dr Syracuse, IN.
    What are key features of this property?
    This property features: - Rare Lake Wawasee Waterfront Property: ~250' frontage in a highly desirable location.; - Established Business: Includes the popular Frog Tavern waterfront restaurant.; - S.S. Lillypad II Houseboat: A 70' commercial event houseboat for charters and cruises.
    (260) 982-0238
    Request Owner's contact information
    1116 S Harkless Dr Syracuse, IN 46567
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    Syracuse, IN 46567
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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.

    More about this property
    1116 S Harkless Dr Syracuse, IN 46567
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    We can help!
    Listing Contact
    Timothy Pitts
    Real Estate License ID: RB21001581
    (260) 982-0238
    Learn more
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