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    518 Lincolnway Way La Porte, IN 46350

    View on Map
    Sponsored
    For Sale
    $349,900

    COMMERCIAL - Laporte, IN

    Property size:
    2,200 SF
    Lot size:
    0.06 Acres
    Days on Market:
    40
    Last Refresh:
    Mar 22 at 12:06 am

    Property Features for 518 Lincolnway Way

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    460635441003000043
    Size
    2,200 SF
    Lot size
    0.06 Acres

    Utilities

    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2

    We can help!

    Listing Contact
    Antje Gehrken
    Antje Gehrken

    A.R.E. Partners

    Listing agent Antje Gehrken

    Listing date Feb 10, 2026

    MLS# 12451497

    Copyright © 2026 Midwest Real Estate Data, LLC. 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

    Turnkey Restaurant with Upstairs Apartment

    Located in downtown La Porte, Indiana, this mixed-use property features a 54-seat restaurant and an upstairs apartment. Originally built in 1900, the property combines historic charm with modern functionality. The restaurant is fully equipped with a bar, TVs, and a 23-tap system for beer, wine, and nitro beer. The commercial kitchen includes a hood and Ansul system. The basement provides ample storage and prep space, featuring two large walk-in coolers (7.5'x14' for beer and 7.5'x20' for food storage), along with a grease trap integrated into the kitchen floor. The main floor spans 2,200 square feet, with an additional 2,000 square feet in the basement. The restaurant has two single-use restrooms and a kitchen outfitted with two split A/C units for climate control. Major system updates include new plumbing and water lines in 2019, a new 200-amp electrical panel in 2018, and a water heater installed in 2019. Upstairs, a 1,200-square-foot, 2-bedroom, 1-bath apartment provides additional income potential and is currently operating as an Airbnb. The unit was updated in 2019 with new appliances, hot water heater, A/C, and furnace, and includes a washer and dryer. The lot size is 0.0596 acres. Security and fire monitoring systems are already in place. The property is suitable for an owner-operator or investor looking to step into an established setting.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Turn key restaurants

    Map

    City
    La Porte
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.7184
    Latitude
    41.599

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    FAQs

    What type of property is this?
    Turn key restaurant - Updated restaurant with apartment in booming Northwest Indiana.
    Where is this turn key restaurant located?
    The property is located at 518 Lincolnway Way La Porte, IN.
    What is the asking price?
    The asking price for this property is $349,900.
    What are key features of this property?
    This property features: - Turnkey, fully equipped 54-seat restaurant with bar, 23-tap system, and commercial kitchen in downtown La Porte.; - Mixed-use property includes a 1,200 sq ft, 2-bedroom apartment, currently operating as an Airbnb, for additional income.; - Located in La Porte, recently ranked the 2nd Best Small City in America by USA Today for 2025, indicating strong growth potential.
    (312) 339-7655
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    518 Lincolnway Way La Porte, IN 46350
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    La Porte, IN 46350
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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
    518 Lincolnway Way La Porte, IN 46350
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    We can help!
    Listing Contact
    Antje Gehrken
    Antje Gehrken
    Real Estate License ID: 471002284
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