Restaurant Building with
For Sale
Contact for pricing
Pending
2479 N Lebanon St, Lebanon, IN 46052
Well-maintained commercial property with restaurant fixtures, substantial parking, and indoor and outdoor dining capacity.
Property Size4,728 SF
Days on Market230
Property Features for 2479 N Lebanon St
General Information
Standard status
Pending
Size
4,728 SF
Class
B
Property subtype
Retail
Zoning
GB
Building Details
Buildings
1
Listing Agency:
Annie Scott Commercial Real Estate
Listed By:
Annie Scott · License #IN
Source:
Crexi
Added: Jan 13
Changed: Aug 30
Last Checked: Aug 30 at 7:45PM
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 Annie Scott Commercial Real Estate
Investment Insights
Based on property information with market context.
This restaurant property includes a dedicated parking lot with 60 spaces, including 3 handicap-accessible spaces. The interior accommodates seating for 142 guests and 12 bar stools, while an additional 60-seat patio expands dining capacity. Attached improvements include kitchen hoods, fire suppression systems, a walk-in cooler, and a walk-in freezer. HVAC systems are regularly serviced, and the property also features updated plumbing, landscaping improvements, and a recently restriped parking area.
Located at 2479 N Lebanon Street along Highway 39, the property is less than one mile from the LEAP Innovation District and approximately a quarter mile south of Witham Hospital. The Lebanon Fieldhouse is approximately 3.5 miles away, and a new I-65 interchange is underway near the LEAP Business Park. Nearby commercial activity includes Dollar General and Big O Tires. A maintained lift station serves nearby national retailers, adding established site infrastructure to the surrounding commercial setting.
Located at 2479 N Lebanon Street along Highway 39, the property is less than one mile from the LEAP Innovation District and approximately a quarter mile south of Witham Hospital. The Lebanon Fieldhouse is approximately 3.5 miles away, and a new I-65 interchange is underway near the LEAP Business Park. Nearby commercial activity includes Dollar General and Big O Tires. A maintained lift station serves nearby national retailers, adding established site infrastructure to the surrounding commercial setting.
Key Highlights
- 60 parking spaces, including 3 handicap‑accessible spots
- Seating for 142 guests, 12 bar stools, and a 60‑seat patio
- Attached hoods and fire suppression systems remain with the property
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
$101,061
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
7.24%
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%
$2,021,220
$2.0M
Cap Rate 7%
$1,443,729
$1.4M
Cap Rate 9%
$1,122,900
$1.1M
Market Conditions
NOI Build-Up for 4,728 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
$141.8K $30.00/SF
− Vacancy
−$7.1K −$1.50/SF
EGI
$134.7K $28.50/SF
− OpEx
−$33.7K −$7.13/SF
NOI
$101.1K $21.38/SF
Area
Boone County, IN
Vacancy
5.00%
Lease Rate
$30.00 /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%
$2,021,220
Cap Rate 7%
$1,443,729
Cap Rate 9%
$1,122,900
Alternative Uses
Best Use
Industrial
$3.14M
$2.74M – $3.66M
NOI $219,466 @ 7.0% cap · market cap 15.73%
Second Best
Specialty Retail
$1.44M
$1.26M – $1.68M
NOI $101,061 @ 7.0% cap · market cap 7.24%
Theoretical Best
Warehouse
$3.81M
$3.33M – $4.44M
NOI $266,495 @ 7.0% cap · market cap 19.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
382
Businesses Nearby
189k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Dining 28%
Superstores 25%
Groceries 20%
Shops & Services 16%
Walmart
Superstores
48,164 visits/mo
0.4 miles
Kroger
Groceries
26,034 visits/mo
0.3 miles
Culver's
Dining
14,644 visits/mo
0.1 miles
7 Brew Coffee
Dining
11,617 visits/mo
0.2 miles
Aldi
Groceries
11,569 visits/mo
0.1 miles
Demographics for 46052, IN
22,783
Population
9,935
Households
2.3
Avg Household Size
41
Median Age
26%
College-Educated
90%
High-School Grad
177.6 sq mi
ZIP Area
128
Density / Sq Mi
$66,828
Median Household Income
$43,933
Median Earnings
$911
Median Rent
$200,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Well-maintained commercial property with restaurant fixtures, substantial parking, and indoor and outdoor dining capacity.
Where is this conventional restaurant located?
The property is located at 2479 N Lebanon St Lebanon, IN.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: 60 parking spaces, including 3 handicap‑accessible spots; Seating for 142 guests, 12 bar stools, and a 60‑seat patio; Attached hoods and fire suppression systems remain with the property
