Established Sports Bar for
For Sale
Contact for pricing
204 W Barker Ave, Michigan City, IN
Full-service sports bar with licenses and outdoor patio.
Property Size6,400 SF
Lot Size0.12 Acres
Price / SF$156.09
Days on Market381
Property Features for 204 W Barker Ave
General Information
Standard status
Active
Size
6,400 SF
Lot size
0.12 Acres
Property subtype
RETAIL
Listing Agency:
Latitude Commercial
(219) 308-3553
Listed By:
Myles Rapchak · License ##RB14050416
(219) 308-3553
Source:
Moodyscre
Added: Aug 6, 2025
Changed: Aug 8
Last Checked: Aug 8 at 12:29PM
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 is a full-service sports bar with a 3-way liquor license and gaming license. The property includes a full kitchen with a hood. An outdoor fenced patio features a full bar. Ample parking is available. The business maintains a loyal customer base. The property is located less than 1 mile from the Lighthouse Premium Outlet Mall. The building has a size of 6,400 square feet.
Key Highlights
- Full Service Sports Bar with 3‑Way Liquor License & Gaming License
- Outdoor Fenced in Patio with Full Bar
- Full Kitchen with Hood
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
$60,274
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
6.03%
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%
$1,205,480
$1.2M
Cap Rate 7%
$861,057
$861.1K
Cap Rate 9%
$669,711
$669.7K
Market Conditions
NOI Build-Up for 6,400 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
$89.6K $14.00/SF
− Vacancy
−$3.5K −$0.55/SF
EGI
$86.1K $13.45/SF
− OpEx
−$25.8K −$4.04/SF
NOI
$60.3K $9.42/SF
Area
LaPorte County, IN
Vacancy
3.90%
Lease Rate
$14.00 /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%
$1,205,480
Cap Rate 7%
$861,057
Cap Rate 9%
$669,711
Alternative Uses
Best Use
Specialty Retail
$1.78M
$1.56M – $2.08M
NOI $124,546 @ 7.0% cap · market cap 12.47%
Second Best
Retail
$861.1K
$753.4K – $1.00M
NOI $60,274 @ 7.0% cap · market cap 6.03%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
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
- Harmony Bar An Eating & Drinking Place — 1901 S, Franklin St, Michigan City, IN 46360
- Stadium Inn — 2323 Wabash St, Michigan City, IN 46360
- Knuckleheads Sports Bar-Grill — 204 W Barker Ave, Michigan City, IN 46360
- Three Sheets Bar & Grill — 227 W Barker Ave, Michigan City, IN 46360
- Four Stop Bar — 2030 Ohio St, Michigan City, IN 46360
Frequently Asked Questions
What type of property is this?
Bar & Pub - Full-service sports bar with licenses and outdoor patio.
Where is this bar & pub located?
The property is located at 204 W Barker Ave Michigan City, IN.
What is the asking price?
The asking price for this property is $999,000.
What are key features of this property?
This property features: Full Service Sports Bar with 3‑Way Liquor License & Gaming License; Outdoor Fenced in Patio with Full Bar; Full Kitchen with Hood
