Remodeled Restaurant and
New
For Sale
$350,000
202 W Whitley Street, Churubusco, IN 46723
COMMERCIAL - Churubusco, IN
Property Size3,362 SF
Lot Size0.28 Acres
Price / SF$104.10
Days on Market3
Property Features for 202 W Whitley Street
General Information
Property type
Commercial Sale
Property subtype
Other
Directions
US 33/Main St into Churubusco, west on W Whitley St. Property is on the north side of Whitley St at the corner of West St.
Subdivision
Whitley County
Standard status
Active
APN
92-04-13-540-023.000-010
Lot size
0.28 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
E 54FT & MID 38FT LOT 23&24 ORIGINAL PLAT OF FRANKLIN
Tax Annual Amount
9566
Legal Description
E 54FT & MID 38FT LOT 23&24 ORIGINAL PLAT OF FRANKLIN
Utilities
Cooling system
Central Air
Amenities
custom-built bar
private office
employee break room
accessible entrance
men's and women's restrooms
Building Details
Year built
1975
Flooring type
Concrete, Carpet
Roof type
Shingle, Asphalt
Listing Agency:
Coldwell Banker Real Estate Gr
(260) 432-0531
Listed By:
Hunter Drinkall
(586) 206-8877
Added: Aug 14
Last Checked: Aug 16 at 2:06PM
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 3,362-square-foot restaurant and bar occupies a single-story building constructed in 1975. The interior includes a custom bar, seating for approximately 80 guests, 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/asphalt roof are in place.
The 0.28-acre property includes a paved 14-space parking lot. Furniture, fixtures, kitchen equipment, and a three-way liquor license are represented as part of the sale, subject to inventory confirmation and applicable license-transfer approval. General Business zoning is reported. The existing configuration may also support concepts such as a private club, lodge, catering or banquet operation, clinic, professional office, fitness facility, studio, specialty retailer, or showroom, subject to buyer verification and required approvals.
The 0.28-acre property includes a paved 14-space parking lot. Furniture, fixtures, kitchen equipment, and a three-way liquor license are represented as part of the sale, subject to inventory confirmation and applicable license-transfer approval. General Business zoning is reported. The existing configuration may also support concepts such as a private club, lodge, catering or banquet operation, clinic, professional office, fitness facility, studio, specialty retailer, or showroom, subject to buyer verification and required approvals.
Key Highlights
- 3,362‑square‑foot single‑story restaurant and bar building
- Approximately 80 seats with custom‑built bar
- Commercial kitchen with walk‑in cooler
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
NOI $37,225 @ 7.0% cap · market cap 10.64%
Second Best
Industrial
$287.5K
$251.5K – $335.4K
NOI $20,122 @ 7.0% cap · market cap 5.75%
Theoretical Best
Multifamily LT 5
$2.81M
$2.46M – $3.28M
NOI $196,598 @ 7.0% cap · market cap 56.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
138
Businesses Nearby
Balanced
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
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Single-story hospitality property with commercial kitchen, custom bar, guest seating, restrooms, office space, and on-site 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 restaurant and bar building; Approximately 80 seats with custom‑built bar; Commercial kitchen with walk‑in cooler
