Historic Downtown Restaurant
New
For Sale
Contact for pricing
108 & 110 E Market Street, Warsaw, IN 46580
Renovated restaurant space offers dining areas, a bar, commercial kitchen, event room, and additional operational areas.
Property Size2,970 SF
Price / SF$207.07
Days on Market5
Property Features for 108 & 110 E Market Street
General Information
Standard status
Active
Size
2,970 SF
Property subtype
Retail
Zoning
C4
Amenities
full-service bar
commercial kitchen
private event room
basement storage
Building Details
Year Built
1890
Buildings
1
Stories
2
Units
2
Tenancy
Single
Construction
brick
Listing Agency:
Brian Peterson Real Estate
(574) 551-0121
Listed By:
Brian Peterson · License #IN RB14043309
Source:
Crexi
Added: Aug 7
Changed: Aug 11
Last Checked: Aug 11 at 3:06AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Brian Peterson Real Estate
Investment Insights
Based on property information with market context.
Located at 108 & 110 E Market Street in Warsaw, this restaurant property dates to 1890 and is zoned C4. The renovated main level combines two dining areas with a full-service bar, open commercial kitchen, private event room, two public restrooms, a staff restroom, and additional back-of-house space. Exposed original brick, high ceilings, wood accents, large display windows, and natural light define the interior. The property is currently leased to Rocksteady Pizza.
A largely unfinished second floor provides space for future offices, loft-style apartments, additional commercial use, or a mixed-use configuration, subject to applicable approvals. The building also includes a full basement for storage and operational needs. Its downtown setting places the property among restaurants, boutiques, entertainment venues, and year-round community events.
A largely unfinished second floor provides space for future offices, loft-style apartments, additional commercial use, or a mixed-use configuration, subject to applicable approvals. The building also includes a full basement for storage and operational needs. Its downtown setting places the property among restaurants, boutiques, entertainment venues, and year-round community events.
Key Highlights
- 1890‑built restaurant property at 108 & 110 E Market Street in Warsaw, IN
- C4 zoning supports the property’s commercial restaurant classification
- Renovated main level with two dining areas, bar, kitchen, event room, and restrooms
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
$32,009
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
5.20%
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%
$640,180
$640.2K
Cap Rate 7%
$457,271
$457.3K
Cap Rate 9%
$355,656
$355.7K
Market Conditions
NOI Build-Up for 2,970 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
$44.6K $15.00/SF
− Vacancy
−$1.9K −$0.63/SF
EGI
$42.7K $14.37/SF
− OpEx
−$10.7K −$3.59/SF
NOI
$32.0K $10.78/SF
Area
Kosciusko County, IN
Vacancy
4.20%
Lease Rate
$15.00 /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%
$640,180
Cap Rate 7%
$457,271
Cap Rate 9%
$355,656
Alternative Uses
Best Use
Specialty Retail
$457.3K
$400.1K – $533.5K
NOI $32,009 @ 7.0% cap · market cap 5.20%
Second Best
Retail
$430.2K
$376.4K – $501.9K
NOI $30,114 @ 7.0% cap · market cap 4.90%
Theoretical Best
Office A
$517.4K
$452.7K – $603.7K
NOI $36,219 @ 7.0% cap · market cap 5.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
746
Businesses Nearby
87k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 50%
Shops & Services 50%
McDonald's
Dining
24,588 visits/mo
0.3 miles
BP
Shops & Services
13,638 visits/mo
0.4 miles
Dollar General
Shops & Services
8,495 visits/mo
0.3 miles
KFC
Dining
7,547 visits/mo
0.4 miles
Pizza Hut
Dining
6,857 visits/mo
0.4 miles
Demographics for 46580, IN
22,381
Population
8,873
Households
2.5
Avg Household Size
38
Median Age
25%
College-Educated
88%
High-School Grad
71.1 sq mi
ZIP Area
315
Density / Sq Mi
$70,978
Median Household Income
$40,231
Median Earnings
$963
Median Rent
$175,700
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 - Renovated restaurant space offers dining areas, a bar, commercial kitchen, event room, and additional operational areas.
Where is this conventional restaurant located?
The property is located at 108 & 110 E Market Street Warsaw, IN.
What is the asking price?
The asking price for this property is $615,000.
What are key features of this property?
This property features: 1890‑built restaurant property at 108 & 110 E Market Street in Warsaw, IN; C4 zoning supports the property’s commercial restaurant classification; Renovated main level with two dining areas, bar, kitchen, event room, and restrooms
