Hooters Absolute NNN
New
For Sale
$2,980,000
1665 Olmstead Dr, Portage, IN 46368
Built in 2017 for the restaurant brand, the single-tenant property has scheduled rent increases and four five-year renewal options.
Property Size5,700 SF
Days on Market1
Property Features for 1665 Olmstead Dr
General Information
Standard status
Active
Size
5,700 SF
Property subtype
Retail
Occupancy
100%
Additional Details
Highway Access
Yes
Building Details
Building Size
5,700 SF
Year Built
2017
Tenancy
Single
Listing Agency:
Latitude Commercial
Listed By:
Brett McDermott, CCIM · License #IN #RB14050416
(219) 545-4328
Source:
Latitudeco
Added: Oct 1
Last Checked: Oct 1 at 2:25PM
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 Latitude Commercial
Investment Insights
Based on property information with market context.
This single-tenant Hooters property in Portage, Indiana, was built in 2017 to the brand’s newer prototype design. The Absolute NNN lease runs through October 31, 2037, with scheduled rent increases and four additional five-year renewal options.
The tenant is responsible for virtually all property-level expenses, maintenance, repairs and replacements, including the roof, structure, HVAC and parking areas.
The tenant is responsible for virtually all property-level expenses, maintenance, repairs and replacements, including the roof, structure, HVAC and parking areas.
Key Highlights
- Hooters restaurant property built in 2017
- Absolute NNN lease runs through October 31, 2037
- Four additional five‑year renewal options
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
$111,385
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
3.74%
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%
$2,227,700
$2.2M
Cap Rate 7%
$1,591,214
$1.6M
Cap Rate 9%
$1,237,611
$1.2M
Market Conditions
NOI Build-Up for 5,700 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
$153.9K $27.00/SF
− Vacancy
−$5.4K −$0.95/SF
EGI
$148.5K $26.06/SF
− OpEx
−$37.1K −$6.51/SF
NOI
$111.4K $19.54/SF
Area
Porter County, IN
Vacancy
3.50%
Lease Rate
$27.00 /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%
$2,227,700
Cap Rate 7%
$1,591,214
Cap Rate 9%
$1,237,611
Alternative Uses
Best Use
Specialty Retail
$1.59M
$1.39M – $1.86M
NOI $111,385 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.16M
$1.89M – $2.52M
NOI $151,224 @ 7.0% cap · market cap 5.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
242
Businesses Nearby
222k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 55%
Apparel 29%
Shops & Services 14%
Hotels & Casinos 2%
Bass Pro Shops
Apparel
64,644 visits/mo
0.2 miles
Family Express
Shops & Services
31,627 visits/mo
0.3 miles
McDonald's
Dining
29,760 visits/mo
0.2 miles
Starbucks
Dining
21,224 visits/mo
0.2 miles
LongHorn Steakhouse
Dining
15,927 visits/mo
0.1 miles
Demographics for 46368, IN
39,837
Population
16,870
Households
2.4
Avg Household Size
39
Median Age
18%
College-Educated
90%
High-School Grad
25.3 sq mi
ZIP Area
1,575
Density / Sq Mi
$72,638
Median Household Income
$42,508
Median Earnings
$1,140
Median Rent
$213,500
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Built in 2017 for the restaurant brand, the single-tenant property has scheduled rent increases and four five-year renewal options.
Where is this nnn property located?
The property is located at 1665 Olmstead Dr Portage, IN.
What is the asking price?
The asking price for this property is $2,980,000.
What are key features of this property?
This property features: Hooters restaurant property built in 2017; Absolute NNN lease runs through October 31, 2037; Four additional five‑year renewal options
