Historic Bar With Apartment
For Sale
$599,999
118 N Peters St, Garrett, IN 46738
Includes a moveable six-way grandfathered liquor license, bar inventory, event equipment, and two residential apartments.
Property Size3,612 SF
Price / SF$166.11
Days on Market40
Property Features for 118 N Peters St
General Information
Standard status
Active
Size
3,612 SF
Units
Unit Mix
2 x 2BR
Multifamily Units
2
Additional Details
Business Included
Yes
Building Details
Year Built
1920
Buildings
1
Listing Agency:
North Eastern Group Realty
(260) 515-6059
Listed By:
Alyssa Schendel · License #RB18002221
Source:
Kmsrealestategroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:58AM
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 North Eastern Group Realty
Investment Insights
Based on property information with market context.
The property combines a bar business with a 3,612-square-foot historic building constructed in 1920. Included assets encompass liquor and beer inventory, a new walk-in cooler, an antique keg cooler, sound and projection equipment, furnishings, televisions, speakers, illuminated signage, and a security system. The property also includes a moveable 6-way grandfathered liquor license that supports catering and gaming events.
Two income-producing residential apartments are part of the building, with both units configured as 2-bedroom apartments. Six additional lots accompany the property, including one newly paved lot that adds parking capacity. The offering is located at 118 N Peters St in Garrett, Indiana.
Two income-producing residential apartments are part of the building, with both units configured as 2-bedroom apartments. Six additional lots accompany the property, including one newly paved lot that adds parking capacity. The offering is located at 118 N Peters St in Garrett, Indiana.
Key Highlights
- 3,612‑square‑foot historic building constructed in 1920
- Moveable 6‑way grandfathered liquor license
- Two income‑producing 2‑bedroom apartments
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
$36,572
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
6.10%
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%
$731,440
$731.4K
Cap Rate 7%
$522,457
$522.5K
Cap Rate 9%
$406,356
$406.4K
Market Conditions
NOI Build-Up for 3,612 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
$65.0K $18.00/SF
− Vacancy
−$6.5K −$1.80/SF
EGI
$58.5K $16.20/SF
− OpEx
−$21.9K −$6.07/SF
NOI
$36.6K $10.13/SF
Area
DeKalb County, IN
Vacancy
10.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$731,440
Cap Rate 7%
$522,457
Cap Rate 9%
$406,356
Alternative Uses
Best Use
Specialty Retail
$923.5K
$808.0K – $1.08M
NOI $64,642 @ 7.0% cap · market cap 10.77%
Second Best
Mixed Use
$522.5K
$457.2K – $609.5K
NOI $36,572 @ 7.0% cap · market cap 6.10%
Theoretical Best
Warehouse
$2.96M
$2.59M – $3.46M
NOI $207,397 @ 7.0% cap · market cap 34.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
210
Businesses Nearby
15k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Shell
Shops & Services
7,974 visits/mo
0.3 miles
Circle K
Shops & Services
6,036 visits/mo
0.1 miles
Jim Stykemain Ford
Shops & Services
875 visits/mo
0.3 miles
Demographics for 46738, IN
8,183
Population
3,756
Households
2.2
Avg Household Size
37
Median Age
17%
College-Educated
90%
High-School Grad
26.0 sq mi
ZIP Area
315
Density / Sq Mi
$62,212
Median Household Income
$37,137
Median Earnings
$855
Median Rent
$156,300
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.
Similar Off Market Nearby
- Garrett Bowl — 110 W Keyser St, Garrett, IN 46738
- Circle K — 201 S Randolph St, Garrett, IN 46738
- Traxside Bar & Grill — 118 N Peters St, Garrett, IN 46738
- Martin's Tavern — 115 N Randolph St, Garrett, IN 46738
- shortys — 127 s randolph st, garrett, in 46738
Frequently Asked Questions
What type of property is this?
Bar & Pub - Includes a moveable six-way grandfathered liquor license, bar inventory, event equipment, and two residential apartments.
Where is this bar & pub located?
The property is located at 118 N Peters St Garrett, IN.
What is the asking price?
The asking price for this property is $599,999.
What are key features of this property?
This property features: 3,612‑square‑foot historic building constructed in 1920; Moveable 6‑way grandfathered liquor license; Two income‑producing 2‑bedroom apartments
