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    3886 N state road 341 Highway Wallace, IN 47949

    View on Map
    New
    For Sale
    $199,000

    Restaurant, Restaurant/Bar - Wallace, IN

    Property size:
    7,400 SF
    Lot size:
    0.67 Acres
    Added:
    Apr 2, 2026
    Days on Market:
    4
    Last Refresh:
    Apr 5 at 2:06 pm

    Property Features for 3886 N state road 341 Highway

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    3
    Rooms
    Bathroom 1, Bathroom 2, Bathroom 3, Kitchen, Office
    Parking
    10
    Parking features
    Off Street
    Interior features
    Block, Drywall, Single Phase, Ansel System
    Exterior features
    Single Phase, Ansel System
    Standard status
    Active
    APN
    23-17-19-405-014.100-006
    Size
    7,400 SF
    Lot size
    0.67 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1608

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1930
    Floors in Building
    2
    Flooring type
    Carpet, Concrete, Tile, Vinyl
    Building materials
    Block
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Brian Craft
    Brian Craft

    Listing agent Brian Craft License #RB21000223

    Listing office Warren Agency 34 N MONROE STREET, Williamsport, IN

    Listing date Apr 2, 2026

    MLS# 202611233 Listing URL

    Copyright © 2026 Lafayette Regional 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.

    Overview

    Wallace Cafe & Oprey House

    The World Famous Wallace Cafe & Oprey House is available for purchase. This property is known for its evening music, farmer's breakfast, lunches, and pies. The business is a well-oiled machine of an operation. The property includes a business with regular customers and thousands of dollars worth of equipment. The 7,400 square foot building includes a move-in ready 1,400 square foot, 3-bedroom apartment. Also included is a 50x130 pole barn and a home that could be rent-ready. The property is located in Wallace, Indiana, in Fountain County, and has a lot size of 0.6698 acres. The potential of this property is unlimited, and it is ready for a new owner to take over or completely change it.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Map

    City
    Wallace
    County
    Fountain
    State
    Indiana
    Longitude
    -87.1483
    Latitude
    39.9863

    FAQs

    What type of property is this?
    Conventional restaurant - Well-known restaurant and music venue with living quarters and outbuilding.
    Where is this conventional restaurant located?
    The property is located at 3886 N state road 341 Highway Wallace, IN.
    What is the asking price?
    The asking price for this property is $199,000.
    What are key features of this property?
    This property features: Established business with regular customers and unlimited potential.; Includes a move‑in ready 1,400 sq ft 3‑bedroom apartment.; 7,400 sq ft building included in the sale.
    (765) 426-4941
    We can help!
    Listing Contact
    Brian Craft
    Brian Craft
    Real Estate License ID: RB21000223
    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.

    More about this property
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