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    840 S Broad St Griffith, IN 46319

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    For Sale
    $1,174,700

    Fully renovated restaurant with event-ready patio in prime location.

    Lot size:
    1.60 Acres

    Property Features for 840 S Broad St

    General Information

    Standard status
    Active
    Lot size
    1.60 Acres

    We can help!

    Listing Contact
    Wendy Embry
    Source: Exprealty

    Listing Agency: McColly Real Estate Listing Agent: Wendy Embry

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    Turnkey Restaurant & Event Venue

    This property presents a rare opportunity to acquire a fully renovated turnkey restaurant and event venue. The building has been completely renovated with upgrades to plumbing, electric, bathrooms, flooring, windows, doors, and all four HVAC units with ductwork. SMART siding with a 20+ year warranty has been installed, and the roof is approximately 12 years old. A notable feature is the 2,000 square foot outdoor patio, surrounded by greenery and woods, including a rock area suitable for games or overflow seating. Gas fire pits enhance the atmosphere for year-round use, making it suitable for weddings, private parties, and live music events. Key equipment and infrastructure includes 20 beer lines, two walk-in coolers, a walk-in freezer, a commercial hood system, and a full Ansul fire suppression system. The interior layout includes a private party room and a stage setup for live music and entertainment. The venue has proven successful for weddings, private rentals, and full-property events, with the patio rentable while the main dining room remains open. This property is designed to generate revenue from both daily dining and private events.
    Location Intelligence

    Current Use by Public Records

    Shipwreck Bar & Grill Bar & Grill

    Suggested Use

    Restaurant Realty agency Building Supply Spa & Massage Wholesale Shop Hair Salon Auto Repair Shop Hotel & Motel Gym & Fitness Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Griffith
    County
    Lake
    State
    Indiana
    Longitude
    -87.4282969
    Latitude
    41.5080954

    Nearby Similar for Sale

    • $1,174,700
      5,564 SF

      Turnkey Restaurant & Event Venue

      Fully renovated restaurant with event-ready patio on 1.6 acres.
      840 S Broad St, Griffith, IN 46319
      View Details
    • $115,000
      Pending

      Griffith, IN Commercial Property

      Affordable commercial space suitable for office or medical use.
      425 N Broad St, Griffith, IN 46319
      View Details
    • $680,000

      Equipped Restaurant, Bar, or Retail

      Fully equipped restaurant, bar, or retail space in prime location.
      213 N Broad St, Griffith, IN 46319
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    • $1,247,700
      1.60 Acres

      Griffith, IN Commercial Property

      Prime Griffith location, renovated building, 1.6 acres.
      840 Broad St, Griffith, IN 46319
      View Details

    FAQs

    What type of property is this?
    Restaurant - Fully renovated restaurant with event-ready patio in prime location.
    Where is this restaurant located?
    The property is located at 840 S Broad St Griffith, IN.
    What is the asking price?
    The asking price for this property is $1,174,700.
    What are key features of this property?
    This property features: - Fully renovated, turnkey restaurant and event venue with extensive upgrades, including new plumbing, electric, and HVAC.; - Enjoy the 2,000 SF outdoor patio, ideal for weddings, private parties, and live music events.; - Flexible layout with private party room and stage, supporting multiple revenue streams from daily dining and private events.
    (219) 776-0408
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    840 S Broad St Griffith, IN 46319
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    Griffith, IN 46319
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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
    840 S Broad St Griffith, IN 46319
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    We can help!
    Listing Contact
    Wendy Embry
    (219) 776-0408
    Learn more
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