Storefront with Restaurant
For Sale
Contact for pricing
127 S State Street, South Whitley, IN 46787
A flexible commercial space includes two restrooms, a three-bay sink, and two walk-in coolers.
Property Size2,267 SF
Price / SF$4.23
Days on Market10
Property Features for 127 S State Street
General Information
Standard status
Active
Size
2,267 SF
Property subtype
Commercial
Amenities
two restrooms
3-bay sink
two commercial walk-in coolers/refrigerators
Building Details
Year Built
1900
Listing Agency:
Remax Integrity
Listed By:
Pamela Waller · License #RB14031834
(260) 609-6217
Source:
Jmrealtyonline
Added: Oct 21
Changed: Oct 28
Last Checked: Oct 28 at 3:01PM
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 Remax Integrity
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Investment Insights
Based on property information with market context.
This 2,267-square-foot storefront was previously used as a restaurant and contains two restrooms, a three-bay sink, and two commercial walk-in coolers or refrigerators. The interior layout can be adapted to a new business configuration.
The property occupies a corner lot in downtown South Whitley, within walking distance of South Whitley Park and Downtown Alley. Built in 1900, the building is offered for lease with a three-year term.
The property occupies a corner lot in downtown South Whitley, within walking distance of South Whitley Park and Downtown Alley. Built in 1900, the building is offered for lease with a three-year term.
Key Highlights
- 2,267 square feet of commercial space
- Two restrooms and a three‑bay sink
- Two commercial walk‑in coolers or refrigerators
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$21,780
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,600
$435.6K
Cap Rate 7%
$311,143
$311.1K
Cap Rate 9%
$242,000
$242.0K
Market Conditions
NOI Build-Up for 2,267 SF
Gross rent
$34.0K $15.00/SF
− Vacancy
−$2.9K −$1.28/SF
EGI
$31.1K $13.73/SF
− OpEx
−$9.3K −$4.12/SF
NOI
$21.8K $9.61/SF
Area
Whitley County, IN
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$435,600
Cap Rate 7%
$311,143
Cap Rate 9%
$242,000
Alternative Uses
Best Use
Specialty Retail
$358.6K
$313.8K – $418.4K
NOI $25,101 @ 7.0% cap · market cap 261.47%
Second Best
Retail
$311.1K
$272.3K – $363.0K
NOI $21,780 @ 7.0% cap · market cap 226.87%
Theoretical Best
Multifamily LT 5
$1.89M
$1.66M – $2.21M
NOI $132,566 @ 7.0% cap · market cap 1,380.90%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
135
Businesses Nearby
10k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 87%
Dining 13%
Dollar General
Shops & Services
5,573 visits/mo
0.3 miles
Marathon Petroleum
Shops & Services
3,466 visits/mo
0.1 miles
SUBWAY
Dining
1,403 visits/mo
0.1 miles
Demographics for 46787, IN
3,902
Population
1,569
Households
2.5
Avg Household Size
40
Median Age
19%
College-Educated
87%
High-School Grad
65.7 sq mi
ZIP Area
59
Density / Sq Mi
$70,030
Median Household Income
$44,138
Median Earnings
$765
Median Rent
$158,500
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Storefront property - A flexible commercial space includes two restrooms, a three-bay sink, and two walk-in coolers.
Where is this storefront property located?
The property is located at 127 S State Street South Whitley, IN.
What are key features of this property?
This property features: 2,267 square feet of commercial space; Two restrooms and a three‑bay sink; Two commercial walk‑in coolers or refrigerators
