Brick Restaurant and Bar
For Sale
$699,900
1209 Sheffield Avenue, Dyer, IN 46311
COMMERCIAL - Dyer, IN
Property Size3,970 SF
Lot Size0.68 Acres
Price / SF$176.30
Days on Market638
Property Features for 1209 Sheffield Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Parking
35
Security features
Security Lighting
Interior features
Ceiling Fan(s), Recessed Lighting, High Ceilings, Entrance Foyer
Exterior features
Lighting, Storage
Lot features
Landscaped, Paved
Directions
Head West on I-94 then take exit 1 South. Continue South on Calumet Ave, then West on Columbia Ave which turns to Sheffield Ave. Property is on East side of road.
Standard status
Active
APN
451001451007000034
Size
3,970 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2023
Tax Description
N.150FT. OF S.642FT. OF S.120A. OF SE W. OF W. LINE C.I. & L. R.R S.1 T.35 R.10 .60A.
Tax Annual Amount
6092
Legal Description
N.150FT. OF S.642FT. OF S.120A. OF SE W. OF W. LINE C.I. & L. R.R S.1 T.35 R.10 .60A.
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Water source
Public
Building Details
Year built
1962
Additional Structures
Storage
Listing Agency:
Listing Leaders
(219) 462-5478
Listed By:
Nikola Trajceski · License #RB19001195
(219) 765-7595
Added: Nov 11, 2024
Changed: Aug 4
Last Checked: Aug 11 at 4:06AM
MLS# 812823
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. 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 3,970-square-foot brick commercial building occupies 0.684 acres and is currently operating as a restaurant and bar. The interior includes expansive dining areas, a private bar area with its own entrance, high ceilings, recessed lighting, storage, and a flexible floor plan. Outdoor seating is also possible. Forced-air heating, public water, and public sewer serve the property, which was built in 1962.
Located at 1209 Sheffield Avenue in Dyer, the property records approximately 7,995 vehicles per day and includes paved on-site parking with additional overflow spaces. Its position provides access for Illinois commuters and places the property 32 miles from Chicago. Additional commercial, office, service, entertainment, or redevelopment uses may be considered subject to municipal approval.
Located at 1209 Sheffield Avenue in Dyer, the property records approximately 7,995 vehicles per day and includes paved on-site parking with additional overflow spaces. Its position provides access for Illinois commuters and places the property 32 miles from Chicago. Additional commercial, office, service, entertainment, or redevelopment uses may be considered subject to municipal approval.
Key Highlights
- 3,970‑square‑foot brick building on 0.684 acres
- Currently configured for restaurant and bar operations
- Private bar area with a separate entrance
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
$38,257
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
5.47%
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%
$765,140
$765.1K
Cap Rate 7%
$546,529
$546.5K
Cap Rate 9%
$425,078
$425.1K
Market Conditions
NOI Build-Up for 3,970 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
$57.2K $14.40/SF
− Vacancy
−$2.5K −$0.63/SF
EGI
$54.7K $13.77/SF
− OpEx
−$16.4K −$4.13/SF
NOI
$38.3K $9.64/SF
Area
Lake County, IN
Vacancy
4.40%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$765,140
Cap Rate 7%
$546,529
Cap Rate 9%
$425,078
Alternative Uses
Best Use
Specialty Retail
$1.11M
$969.7K – $1.29M
NOI $77,579 @ 7.0% cap · market cap 11.08%
Second Best
Retail
$546.5K
$478.2K – $637.6K
NOI $38,257 @ 7.0% cap · market cap 5.47%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7,995 VPD
Traffic count
Location Intelligence
Trade Area within ½ mile
240
Businesses Nearby
19k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 52%
Home Improvements & Furnishings 41%
Dining 7%
Casey's General Store
Shops & Services
7,893 visits/mo
0.4 miles
Gus Bock's Ace Hardware
Home Improvements & Furnishings
7,739 visits/mo
0.1 miles
Centier Bank
Shops & Services
2,070 visits/mo
0.1 miles
SUBWAY
Dining
1,305 visits/mo
0.4 miles
Demographics for 46311, IN
22,431
Population
9,128
Households
2.5
Avg Household Size
43
Median Age
37%
College-Educated
96%
High-School Grad
12.6 sq mi
ZIP Area
1,780
Density / Sq Mi
$109,167
Median Household Income
$58,332
Median Earnings
$1,221
Median Rent
$300,000
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?
Conventional restaurant - Existing hospitality layout includes multiple dining areas, a private bar section, and outdoor seating possibilities.
Where is this conventional restaurant located?
The property is located at 1209 Sheffield Avenue Dyer, IN.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: 3,970‑square‑foot brick building on 0.684 acres; Currently configured for restaurant and bar operations; Private bar area with a separate entrance
