Historic Tavern With
For Sale
$400,000
2209 Kemble Ave, South Bend, IN 46613
Sale includes bar, kitchen equipment, furniture, and entertainment fixtures.
Property Size2,300 SF
Price / SF$173.91
Days on Market14
Property Features for 2209 Kemble Ave
General Information
Standard status
Active
Size
2,300 SF
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1927
Tenancy
Single
Listing Agency:
Polack Realty
(574) 210-7224
Listed By:
Greg Gray · License #RB14036932
Source:
Spencerchildersgroup
Added: Aug 16
Changed: Aug 29
Last Checked: Aug 29 at 3:38PM
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 Polack Realty
Investment Insights
Based on property information with market context.
This 2,300-square-foot tavern dates to 1927 and is offered with the physical equipment associated with its operation. Included are a fully equipped bar, kitchen equipment, freezers, furniture, dishes, glasses, silverware, a pool table, and dart machines. A 4-way liquor license is also part of the offering.
The building includes a basement that has been professionally waterproofed, with a transferable warranty. Mechanical updates include a furnace and air conditioning system installed 1 year ago. The sale also includes a 2-bedroom, 1.5-bath apartment and a heated garage, providing additional space within the property.
The building includes a basement that has been professionally waterproofed, with a transferable warranty. Mechanical updates include a furnace and air conditioning system installed 1 year ago. The sale also includes a 2-bedroom, 1.5-bath apartment and a heated garage, providing additional space within the property.
Key Highlights
- 2,300‑square‑foot tavern built in 1927
- 4‑way liquor license included
- Fully equipped bar, kitchen equipment, freezers, furniture, and serving ware convey
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
$26,492
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
6.62%
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%
$529,840
$529.8K
Cap Rate 7%
$378,457
$378.5K
Cap Rate 9%
$294,356
$294.4K
Market Conditions
NOI Build-Up for 2,300 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
$37.3K $16.20/SF
− Vacancy
−$1.9K −$0.84/SF
EGI
$35.3K $15.36/SF
− OpEx
−$8.8K −$3.84/SF
NOI
$26.5K $11.52/SF
Area
South Bend, IN
Vacancy
5.20%
Lease Rate
$16.20 /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%
$529,840
Cap Rate 7%
$378,457
Cap Rate 9%
$294,356
Alternative Uses
Best Use
Specialty Retail
$378.5K
$331.2K – $441.5K
NOI $26,492 @ 7.0% cap · market cap 6.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$581.9K
$509.1K – $678.9K
NOI $40,731 @ 7.0% cap · market cap 10.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Single-tenant
Tenancy
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
171
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46613, IN
11,427
Population
4,758
Households
2.4
Avg Household Size
30
Median Age
13%
College-Educated
82%
High-School Grad
3.2 sq mi
ZIP Area
3,571
Density / Sq Mi
$41,625
Median Household Income
$23,984
Median Earnings
$991
Median Rent
$71,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Ewing Cafe — 111 W Ewing Ave, South Bend, IN 46613
- Lonnie's Bar & Grill — 1989 Prairie Ave, South Bend, IN 46613
- Rum Village Inn — 2209 Kemble Ave, South Bend, IN 46613
- Antonio's — 2227 Franklin St, South Bend, IN 46613
- Simeri's Old Town Tap — 1505 W Indiana Ave, South Bend, IN 46613
Frequently Asked Questions
What type of property is this?
Bar & Pub - Sale includes bar, kitchen equipment, furniture, and entertainment fixtures.
Where is this bar & pub located?
The property is located at 2209 Kemble Ave South Bend, IN.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 2,300‑square‑foot tavern built in 1927; 4‑way liquor license included; Fully equipped bar, kitchen equipment, freezers, furniture, and serving ware convey
