Restaurant with Lake
For Sale
$795,000
8939 E Southshore Drive, Unionville, IN 47468
COMMERCIAL, Unionville, IN
Property Size2,682 SF
Lot Size0.56 Acres
Price / SF$296.42
Days on Market381
Property Features for 8939 E Southshore Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
GPS Friendly! Starting at intersection of 10th St. and the Bypass head East on State Road 45 for 7.4 Miles. Turn left on Shuffle Creek Rd. for 1.8 Miles then turn right onto E. Southshore Dr. Property will be on the left.
Subdivision
Monroe County
Standard status
Active
APN
53-01-35-300-030.000-003
Lot size
0.56 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
003-01270-00 PT SW SW 35-10-1E .37A&.19A PLAT 39 (&41); 003-05620-00 PT SW SW 35-10-1E .18A PLAT 40 MOBILE HOME ON REAL ESTATE
Tax Annual Amount
3172
Legal Description
003-01270-00 PT SW SW 35-10-1E .37A&.19A PLAT 39 (&41); 003-05620-00 PT SW SW 35-10-1E .18A PLAT 40 MOBILE HOME ON REAL ESTATE
Utilities
Cooling system
Central Air
Water front features
Lake
Water front
1
Amenities
dock
Building Details
Year built
1957
Flooring type
Concrete
Roof type
Metal
Listing Agency:
FC Tucker/Bloomington REALTORS
(812) 336-7300
Listed By:
Chris Cockerham · License #RB14027897
(812) 340-3083
Added: Sep 22, 2025
Changed: Aug 20
Last Checked: Oct 7 at 12:06PM
MLS# 202538349
Copyright © 2026 Indiana Uplands Realtor® Association. 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 2,682 SF building and a detached 1BR/1BA cabin on 0.56 acres. The operation has been in place since 1957, with dining and kitchen equipment included in the offering. A liquor license and food license are also included. Central air, concrete flooring, and a metal roof are among the existing building features.
The property is located at 8939 E Southshore Drive in Unionville, Monroe County, Indiana, near Lake Lemon. A dock provides direct lake access for boat customers, while ample onsite parking supports visitors arriving by land. The lake setting and existing restaurant improvements define the property's current commercial use.
The property is located at 8939 E Southshore Drive in Unionville, Monroe County, Indiana, near Lake Lemon. A dock provides direct lake access for boat customers, while ample onsite parking supports visitors arriving by land. The lake setting and existing restaurant improvements define the property's current commercial use.
Key Highlights
- 2,682 SF restaurant plus detached 1BR/1BA cabin
- Dock on Lake Lemon provides direct lake access
- Operating restaurant established in 1957
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$34,686
Cap Rate
4.36%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$693,720
$693.7K
Cap Rate 7%
$495,514
$495.5K
Cap Rate 9%
$385,400
$385.4K
Market Conditions
NOI Build-Up for 2,682 SF
Gross rent
$48.3K $18.00/SF
− Vacancy
−$2.0K −$0.76/SF
EGI
$46.2K $17.24/SF
− OpEx
−$11.6K −$4.31/SF
NOI
$34.7K $12.93/SF
Area
Monroe County, IN
Vacancy
4.20%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$693,720
Cap Rate 7%
$495,514
Cap Rate 9%
$385,400
Alternative Uses
Best Use
Specialty Retail
$495.5K
$433.6K – $578.1K
NOI $34,686 @ 7.0% cap · market cap 4.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$524.2K
$458.6K – $611.5K
NOI $36,691 @ 7.0% cap · market cap 4.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
8
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 47468, IN
1,180
Population
905
Households
1.3
Avg Household Size
53
Median Age
41%
College-Educated
95%
High-School Grad
30.3 sq mi
ZIP Area
39
Density / Sq Mi
$81,979
Median Household Income
$45,327
Median Earnings
$973
Median Rent
$282,600
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating dining business with a detached cabin, included equipment, onsite parking, and direct access to Lake Lemon.
Where is this conventional restaurant located?
The property is located at 8939 E Southshore Drive Unionville, IN.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: 2,682 SF restaurant plus detached 1BR/1BA cabin; Dock on Lake Lemon provides direct lake access; Operating restaurant established in 1957
