Bar and Restaurant with Outdoor
For Sale
$2,100,000
2385 Willowcreek Road, Portage, IN 46368
Commercial Sale, Portage, IN
Property Size7,566 SF
Lot Size1.38 Acres
Price / SF$277.56
Days on Market77
Property Features for 2385 Willowcreek Road
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
60
Interior features
Ceiling Fan(s), Wet Bar, Open Floorplan
Directions
From I-94: Take Exit 19 (Willowcreek Road). Proceed south on Willowcreek Road approximately 1.5 miles. Property is located on the east side of Willowcreek Road at 2385 Willowcreek Road, Portage, Indiana.
Standard status
Active
APN
640512351002000016
Size
7,566 SF
Lot size
1.38 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
S182 OF N222 W330 N1 2 SW SW 12-36-7 1.38A
Tax Annual Amount
8043
Legal Description
S182 OF N222 W330 N1 2 SW SW 12-36-7 1.38A
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Central
Water source
Public
Building Details
Year built
1980
Listing Agency:
McColly Real Estate
(219) 322-5508
Listed By:
Anthony Christopher · License #RB22001074
(708) 715-6193
Added: Jun 12
Changed: Aug 19
Last Checked: Aug 27 at 9:06AM
MLS# 840616
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This turn-key bar and restaurant includes a nearly 1,700 SF rentable space within a 7,566 SF building on a 1.38-acre lot. The interior features include a wet bar and an open floorplan, with forced-air central heating and central cooling. A large walk-in cooler supports daily operations.
The building is located on Willowcreek Road just off the Indiana Toll Road exit, offering visibility in a high-traffic area. Roll-up garage door windows open the bar/restaurant directly to an outdoor patio, creating an indoor-outdoor experience. Nearby hotels and surrounding businesses help support consistent traffic.
The sale includes the thriving business, all fixtures, and a valuable 3-way liquor license. On-site parking is paved with 60 spaces, and utilities include public water and public sewer.
The building is located on Willowcreek Road just off the Indiana Toll Road exit, offering visibility in a high-traffic area. Roll-up garage door windows open the bar/restaurant directly to an outdoor patio, creating an indoor-outdoor experience. Nearby hotels and surrounding businesses help support consistent traffic.
The sale includes the thriving business, all fixtures, and a valuable 3-way liquor license. On-site parking is paved with 60 spaces, and utilities include public water and public sewer.
Key Highlights
- 3‑way liquor license included with the sale
- 7,566 SF bar/restaurant building with nearly 1,700 SF of rentable space
- Roll‑up garage door windows open to an outdoor patio for indoor‑outdoor service
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$147,849
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.04%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,956,980
$3.0M
Cap Rate 7%
$2,112,129
$2.1M
Cap Rate 9%
$1,642,767
$1.6M
Market Conditions
NOI Build-Up for 7,566 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$204.3K $27.00/SF
− Vacancy
−$7.1K −$0.95/SF
EGI
$197.1K $26.06/SF
− OpEx
−$49.3K −$6.51/SF
NOI
$147.8K $19.54/SF
Area
Porter County, IN
Vacancy
3.50%
Lease Rate
$27.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,956,980
Cap Rate 7%
$2,112,129
Cap Rate 9%
$1,642,767
Alternative Uses
Best Use
Specialty Retail
$2.11M
$1.85M – $2.46M
NOI $147,849 @ 7.0% cap · market cap 7.04%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.87M
$2.51M – $3.35M
NOI $200,730 @ 7.0% cap · market cap 9.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
107k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 45%
Groceries 35%
Shops & Services 18%
Hotels & Casinos 2%
Strack & Van Til
Groceries
37,168 visits/mo
0.3 miles
McDonald's
Dining
19,411 visits/mo
0.4 miles
Dunkin' Donuts
Dining
13,207 visits/mo
0.4 miles
Pet Supplies Plus
Shops & Services
8,744 visits/mo
0.4 miles
Burger King
Dining
7,644 visits/mo
0.4 miles
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Moods Pub & Sports Bar — 2548 Portage Mall, Portage, IN 46368
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- On the Roxx — 2522 Portage Mall, Portage, IN 46368
- Mark O's Bar & Grill Portage — 2385 Willowcreek Rd, Portage, IN 46368
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turn-key bar and restaurant building with roll-up door access to an outdoor patio and central forced-air HVAC.
Where is this bar & pub located?
The property is located at 2385 Willowcreek Road Portage, IN.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 3‑way liquor license included with the sale; 7,566 SF bar/restaurant building with nearly 1,700 SF of rentable space; Roll‑up garage door windows open to an outdoor patio for indoor‑outdoor service
