Drive-Thru Restaurant and Service
For Sale
Contact for pricing
1107 Lincoln Way W, South Bend, IN 46616
Two-building site with drive-thru restaurant windows and a separate service center with overhead doors, for sale with redevelopment potential.
Property Size788 SF
Lot Size0.99 Acres
Price / SF$380.71
Days on Market29
Property Features for 1107 Lincoln Way W
General Information
Standard status
Active
Size
788 SF
Lot size
0.99 Acres
Property subtype
LAND
Additional Details
Traffic Count
18,000 vehicles/day
Listing Agency:
Bradley Company | South Bend
(574) 970-9006
Listed By:
Matt Wetzel · License #RB14048578
(574) 970-9006
Source:
Moodyscre
Added: Jul 14
Changed: Aug 8
Last Checked: Aug 8 at 10:23AM
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 Bradley Company | South Bend
Investment Insights
Based on property information with market context.
Redevelopment opportunity on Lincolnway West featuring two buildings. 1107 LWW is a 788 sq. ft. restaurant building with two drive-through windows and two walk-up service windows, along with included equipment, supporting drive-thru and carry-out or delivery concepts. 1119 LWW is a 1,420 sq. ft. service center with two overhead doors and an attached office, suited for service or sales uses.
The property has frontage on Lincolnway West between Downtown South Bend and the South Bend Airport. Traffic counts are listed as greater than 18,000 ADT, supporting retail and drive-thru activity.
For buyers and operators seeking an adaptable, frontage-focused setup, this site combines a drive-thru-ready restaurant layout with a separate, garage-style service component under one ownership.
The property has frontage on Lincolnway West between Downtown South Bend and the South Bend Airport. Traffic counts are listed as greater than 18,000 ADT, supporting retail and drive-thru activity.
For buyers and operators seeking an adaptable, frontage-focused setup, this site combines a drive-thru-ready restaurant layout with a separate, garage-style service component under one ownership.
Key Highlights
- Two buildings on Lincolnway West in South Bend with frontage between Downtown South Bend and the South Bend Airport
- Approx. 1‑acre redevelopment site with traffic count greater than 18,000 ADDT on Lincolnway West
- 1107 LWW: 788 SF restaurant with drive‑thru and walk‑up service windows, includes equipment
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
$9,076
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
3.03%
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%
$181,520
$181.5K
Cap Rate 7%
$129,657
$129.7K
Cap Rate 9%
$100,844
$100.8K
Market Conditions
NOI Build-Up for 788 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
$12.8K $16.20/SF
− Vacancy
−$664 −$0.84/SF
EGI
$12.1K $15.36/SF
− OpEx
−$3.0K −$3.84/SF
NOI
$9.1K $11.52/SF
Area
South Bend, IN
Vacancy
5.20%
Lease Rate
$16.20 /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%
$181,520
Cap Rate 7%
$129,657
Cap Rate 9%
$100,844
Alternative Uses
Best Use
Specialty Retail
$129.7K
$113.5K – $151.3K
NOI $9,076 @ 7.0% cap · market cap 3.03%
Second Best
Retail
$110.6K
$96.8K – $129.1K
NOI $7,744 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$199.4K
$174.4K – $232.6K
NOI $13,955 @ 7.0% cap · market cap 4.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18,000 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
812
Businesses Nearby
4k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Phillips 66
Shops & Services
3,818 visits/mo
0.2 miles
Demographics for 46616, IN
6,167
Population
2,824
Households
2.2
Avg Household Size
34
Median Age
40%
College-Educated
91%
High-School Grad
1.4 sq mi
ZIP Area
4,405
Density / Sq Mi
$56,293
Median Household Income
$35,232
Median Earnings
$1,019
Median Rent
$136,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Drive through restaurant - Two-building site with drive-thru restaurant windows and a separate service center with overhead doors, for sale with redevelopment potential.
Where is this drive through restaurant located?
The property is located at 1107 Lincoln Way W South Bend, IN.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Two buildings on Lincolnway West in South Bend with frontage between Downtown South Bend and the South Bend Airport; Approx. 1‑acre redevelopment site with traffic count greater than 18,000 ADDT on Lincolnway West; 1107 LWW: 788 SF restaurant with drive‑thru and walk‑up service windows, includes equipment
