Updated Restaurant With
For Sale
$675,000
615 E In-212, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size1,712 SF
Lot Size0.71 Acres
Price / SF$394.28
Days on Market163
Property Features for 615 E In-212
General Information
Property type
Commercial Sale
Property subtype
Retail
Parking
10
Parking features
Off Street, Driveway
Interior features
Open Floorplan
Appliances
Stainless Steel Appliance(s)
Lot features
Rectangular Lot
Directions
Hwy 20 to 212, north to property on west side of road.
Standard status
Active
APN
460136176005000022
Size
1,712 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
104 X 300.75 FT IN E 1/2 W 1/2 NW 1/4 S36 T38 R4 .713 AC
Tax Annual Amount
7082
Legal Description
104 X 300.75 FT IN E 1/2 W 1/2 NW 1/4 S36 T38 R4 .713 AC
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Year built
1953
Listing Agency:
Coldwell Banker 1st Choice · Coldwell Banker Real Estate
(219) 324-2121
Listed By:
Rita Beaty · License #RB14017732
(219) 575-2534
Added: Mar 19
Changed: Aug 19
Last Checked: Aug 28 at 6:06AM
MLS# 835790
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 established restaurant property includes a 1,712-square-foot building on 0.713 acres, with a bar, televisions, neon bar lighting, substantial seating, two bathrooms, and an open floor plan. Interior work completed in 2025 included upgrades to the plumbing, electrical, insulation, A/C, and HVAC systems. The property also provides stainless steel appliances, natural gas forced-air heat, a patio, and a newly paved parking area with a circular driveway.
A separate two-bedroom home is included with the property, creating an additional residential component alongside the restaurant. The business includes 2 way liquor and gaming licenses, while public water and public sewer serve the site. Built in 1953, the property is located in Michigan City, Indiana, near Lake Michigan.
A separate two-bedroom home is included with the property, creating an additional residential component alongside the restaurant. The business includes 2 way liquor and gaming licenses, while public water and public sewer serve the site. Built in 1953, the property is located in Michigan City, Indiana, near Lake Michigan.
Key Highlights
- 1,712‑square‑foot restaurant building on 0.713 acres
- Interior renovations and major system upgrades completed in 2025
- 2 way liquor and gaming licenses included
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
$33,316
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
4.94%
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%
$666,320
$666.3K
Cap Rate 7%
$475,943
$475.9K
Cap Rate 9%
$370,178
$370.2K
Market Conditions
NOI Build-Up for 1,712 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
$46.2K $27.00/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$44.4K $25.95/SF
− OpEx
−$11.1K −$6.49/SF
NOI
$33.3K $19.46/SF
Area
LaPorte County, IN
Vacancy
3.90%
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%
$666,320
Cap Rate 7%
$475,943
Cap Rate 9%
$370,178
Alternative Uses
Best Use
Specialty Retail
$475.9K
$416.5K – $555.3K
NOI $33,316 @ 7.0% cap · market cap 4.94%
Second Best
Mixed Use
$165.6K
$144.9K – $193.3K
NOI $11,595 @ 7.0% cap · market cap 1.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
37
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46360, IN
44,209
Population
21,652
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
76.6 sq mi
ZIP Area
577
Density / Sq Mi
$59,641
Median Household Income
$36,738
Median Earnings
$924
Median Rent
$155,900
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established food-and-beverage business includes a separate residence, liquor and gaming licenses, and refreshed building systems.
Where is this conventional restaurant located?
The property is located at 615 E In-212 Michigan City, IN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: 1,712‑square‑foot restaurant building on 0.713 acres; Interior renovations and major system upgrades completed in 2025; 2 way liquor and gaming licenses included
