Established Bar and Restaurant
For Sale
Contact for pricing
1500 N E St, Richmond, IN 47374
Turnkey bar and restaurant with liquor license and outdoor patio.
Property Size5,857 SF
Price / SF$163.91
Days on Market651
Property Features for 1500 N E St
General Information
Standard status
Active
Size
5,857 SF
Property subtype
Business for Sale, Mixed Use, Retail
Building Details
Year Built
1910
Stories
2
Units
1
Listing Agency:
Tarter Realty Auction and Appraisal Company
(765) 994-8533
Listed By:
Paul Faddis · License #IN RB15000347
Source:
Crexi
Added: Nov 19, 2024
Changed: Aug 8
Last Checked: Aug 29 at 7:59PM
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 Tarter Realty Auction and Appraisal Company
Investment Insights
Based on property information with market context.
This established bar and restaurant offers a spacious indoor dining area and an outdoor patio. Volleyball courts are present. The business is equipped for serving pizza, steaks, and classic bar fare. A three-way (210) liquor license is included, allowing for both on-site and carry-out sales. The property size is 5857 square feet.
Key Highlights
- Turnkey bar and restaurant opportunity.
- Includes a three‑way (210) liquor license for on‑site and carry‑out sales.
- Fully equipped for serving pizza, steaks, and classic bar fare.
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
$47,231
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
4.92%
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%
$944,620
$944.6K
Cap Rate 7%
$674,729
$674.7K
Cap Rate 9%
$524,789
$524.8K
Market Conditions
NOI Build-Up for 5,857 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
$70.3K $12.00/SF
− Vacancy
−$7.3K −$1.25/SF
EGI
$63.0K $10.75/SF
− OpEx
−$15.7K −$2.69/SF
NOI
$47.2K $8.06/SF
Area
Wayne County, IN
Vacancy
10.40%
Lease Rate
$12.00 /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%
$944,620
Cap Rate 7%
$674,729
Cap Rate 9%
$524,789
Alternative Uses
Best Use
Specialty Retail
$674.7K
$590.4K – $787.2K
NOI $47,231 @ 7.0% cap · market cap 4.92%
Second Best
—
—
no second resolved use
Theoretical Best
Mixed Use
$734.2K
$642.4K – $856.6K
NOI $51,395 @ 7.0% cap · market cap 5.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
696
Businesses Nearby
82k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 76%
Shops & Services 24%
McDonald's
Dining
27,579 visits/mo
0.4 miles
Wendy's
Dining
14,163 visits/mo
0.4 miles
Lee's Famous Recipe Chicken
Dining
8,088 visits/mo
0.4 miles
Dollar General
Shops & Services
7,806 visits/mo
0.5 miles
Marathon Petroleum
Shops & Services
6,416 visits/mo
0.4 miles
Demographics for 47374, IN
45,304
Population
21,553
Households
2.1
Avg Household Size
41
Median Age
22%
College-Educated
88%
High-School Grad
119.8 sq mi
ZIP Area
378
Density / Sq Mi
$52,566
Median Household Income
$34,168
Median Earnings
$816
Median Rent
$121,800
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
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- InCONCERT — 923 N E St, Richmond, IN 47374
- E Street Pub — 815 N E St, Richmond, IN 47374
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar and restaurant with liquor license and outdoor patio.
Where is this bar & pub located?
The property is located at 1500 N E St Richmond, IN.
What is the asking price?
The asking price for this property is $960,000.
What are key features of this property?
This property features: Turnkey bar and restaurant opportunity.; Includes a three‑way (210) liquor license for on‑site and carry‑out sales.; Fully equipped for serving pizza, steaks, and classic bar fare.
