Building Details

Year built 1975

Flooring type Concrete, Carpet

Roof type Shingle, Asphalt

Listing Agency: Coldwell Banker Real Estate Gr Show Phone

Listed By: Hunter Drinkall Show Phone

Added: Aug 14 Changed: Sep 14 Last Checked: Oct 2 at 2:06AM

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MLS# 202633222

Copyright © 2026 Upstate Alliance of REALTORS® Multiple Listing Service, Inc. 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.

Located at 202 W Whitley Street in Churubusco, Indiana, this single-story restaurant and bar property includes 3,362 square feet on a 0.28-acre parcel. The building has undergone extensive remodeling and offers an open customer area, custom bar, commercial kitchen, walk-in cooler, men's and women's restrooms, private office, employee break room, and an accessible entrance. Concrete and carpet flooring, central air, and a shingle and asphalt roof are also in place.

The property includes a paved 14-space parking lot, furniture, fixtures, and kitchen equipment, subject to inventory confirmation. A three-way liquor license is represented as included, subject to applicable transfer approval. The reported General Business zoning and existing layout may support continued restaurant or bar operations, as well as concepts such as catering, banquet use, private events, a coffeehouse, a specialty food market, or professional office conversion, subject to buyer verification and required approvals. The building previously operated as a medical office.

Key Highlights

• 3,362‑square‑foot single‑story building on a 0.28‑acre parcel
• Custom‑built bar with seating for approximately 80 guests
• Commercial kitchen with walk‑in cooler and included kitchen equipment

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

$20,122

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

5.75%

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%

$402,440 $402.4K

Cap Rate 7%

$287,457 $287.5K

Cap Rate 9%

$223,578 $223.6K

Market Conditions

NOI Build-Up for 3,362 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

$30.3K $9.00/SF

− Vacancy

−$1.5K −$0.45/SF

EGI

$28.7K $8.55/SF

− OpEx

−$8.6K −$2.56/SF

NOI

$20.1K $5.98/SF

Area

Whitley County, IN

Vacancy

5.00%

Lease Rate

$9.00 /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%

$402,440

Cap Rate 7%

$287,457

Cap Rate 9%

$223,578

Alternative Uses

Best Use

Specialty Retail

$531.8K

$465.3K – $620.4K (±1% cap)

NOI $37,225 @ 7.0% cap · market cap 10.64%

Second Best

Industrial

$287.5K

$251.5K – $335.4K (±1% cap)

NOI $20,122 @ 7.0% cap · market cap 5.75%

Theoretical Best

Multifamily LT 5

$2.81M

$2.46M – $3.28M (±1% cap)

NOI $196,598 @ 7.0% cap · market cap 56.17%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Law Firm Real Estate Agency Auto Parts Store Big Box & Wholesale Store Hair Salon (Bike/Boat/Book/etc) Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Liquor license

Location Intelligence

Trade Area within ½ mile

197

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 46723, IN

7,383

Population

3,343

Households

2.2

Avg Household Size

43

Median Age

17%

College-Educated

93%

High-School Grad

58.3 sq mi

ZIP Area

127

Density / Sq Mi

$80,183

Median Household Income

$39,391

Median Earnings

$781

Median Rent

$198,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Single-story hospitality property with a commercial kitchen, built-in bar, customer seating, and dedicated parking.

Where is this conventional restaurant located?

The property is located at 202 W Whitley Street Churubusco, IN.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 3,362‑square‑foot single‑story building on a 0.28‑acre parcel; Custom‑built bar with seating for approximately 80 guests; Commercial kitchen with walk‑in cooler and included kitchen equipment