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    991 N Main St Kewanna, IN 46939

    Sponsored
    For Sale
    $345,000

    Mixed Use - Kewanna, IN

    Type:Mixed Use
    Property size:
    3,856 SF
    Lot size:
    1.50 Acres
    Days on Market:
    2
    Last Refresh:
    Feb 10 at 1:06 pm

    Property Features for 991 N Main St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Mixed Use
    Standard status
    Active
    Rooms
    Bathroom 1, Bathroom 2
    Bathrooms
    2
    APN
    25-05-07-398-004.000-014
    Parking features
    Off Street
    Interior features
    Wood, 220 Volts, Handicap Access, Overhead Door 1, Display Room, Office Space, Public Restrooms, Reception Area
    Exterior features
    220 Volts, Fenced, Handicap Access, Overhead Door 1, Display Room, Office Space, Public Restrooms, Reception Area, Cable
    Fencing
    Fenced
    Accessibility
    Accessible Approach with Ramp
    Size
    3,856 SF
    Lot size
    1.50 Acres

    Utilities

    Utilities
    Cable Available
    Heating system
    Forced Air, Hot Water (Heating), Natural Gas, Other (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Block
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Tracy Dougherty

    Century 21 Scheetz (317) 844-5111

    Listing agent Tracy Dougherty (317) 844-5111

    Listing date Feb 9, 2026

    MLS# 202604014 Listing URL

    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.

    Learn more

    Property Insight Report

    Overview

    Historic Mixed-Use Gem in Kewanna

    This 3,856 sq ft property in Kewanna, IN, is rich with American outlaw history, once frequented by figures such as Jon Dillinger and Al Capone during the Prohibition era. The building has been completely remodeled from top to bottom into a modern space, featuring high-end finishes and preserved historic character. It includes expansive open-concept spaces and comes equipped with a built-in dance floor, classic jukebox, pool table, and a full bar setup. This turnkey property is suited for immediate business operations, requiring no major build-out. It is primed for use as a restaurant, event hall, boutique, craft brewery, or nightlife/entertainment venue. The property is also suitable as a residence, creative business headquarters, private event venue, or investment. The lot size is 1.5 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lake Bruce Garage Wedding Service

    Suggested Use

    Food Market HVAC Service Farmer's Market

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Kewanna
    County
    Fulton
    State
    Indiana
    Longitude
    -86.46403
    Latitude
    41.069762

    Nearby Similar for Sale

    • New
      $345,000
      3,856 SF

      Historic Mixed-Use Gem in Kewanna

      Turnkey property with high-end finishes, ready for immediate business.
      991 N Main St, Kewanna, IN 46939
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Turnkey, remodeled mixed-use property with historic charm, ready for business.
    Where is this mixed-use property located?
    The property is located at 991 N Main St Kewanna, IN.
    What is the asking price?
    The asking price for this property is $345,000.
    What are key features of this property?
    This property features: - Fully remodeled, turnkey property ready for immediate business operation or residential use.; - Expansive **3,856 sq ft space** suitable for restaurant, event hall, boutique, brewery, or residence.; - Includes built-in **dance floor, jukebox, pool table, and full bar setup.**
    (317) 844-5111
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    991 N Main St Kewanna, IN 46939
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    Kewanna, IN 46939
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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
    991 N Main St Kewanna, IN 46939
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    We can help!
    Listing Contact
    Tracy Dougherty
    (317) 844-5111
    Learn more
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