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    Retail Package Store & Bait Shop Title is generated by Realmo AI

    2778 Main Street, Patriot, IN 47038

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    For Sale
    $269,000

    SINGLE_FAMILY - Patriot, IN

    Type:Retail
    Lot size:
    0.03 Acres
    Added:
    Feb 27, 2026
    Days on Market:
    95
    Last Refresh:
    Jun 2 at 9:06 pm

    Property Features for 2778 Main Street

    General Information

    Property type
    Residential
    Property subtype
    Retail
    Standard status
    Active
    APN
    78-10-13-113-039.000-007
    Lot size
    0.03 Acres

    Building Details

    Year built
    1924

    We can help!

    Listing Contact
    Brad Wells

    Listing agent Brad Wells

    Listing office Lohmiller Real Estate 523 W Eads Parkway, Lawrenceburg, IN

    Listing date Feb 27, 2026

    MLS# 206914

    Copyright © 2026 Southeastern Indiana Board of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Patriot Package Liquor Store built in 1924
    • Only one of two 3‑way permits in Switzerland County, IN allowing cold beer, wine, and liquor sales
    • Additional store income includes ATM, lottery, tobacco products, pop machines, and snacks
    • Includes a historic walk‑in cooler and generous inventory
    • Four‑space real estate included with the store
    • B&B Bait and Supplies is located behind the liquor store

    Overview

    This offering combines a well-organized retail package liquor store with an attached second-income retail component via a bait shop located behind the liquor store. The liquor store includes an ATM machine, lottery, tobacco products, pop machines, snacks, and a historic walk-in cooler, with generous inventory and a rare license included. The property is also described as four-space real estate, providing a compact, income-focused configuration for an owner-operator or investor.

    Located at 2778 Main Street in Patriot, Indiana, the package liquor store is noted as one of only two 3-way permits in Switzerland County, allowing sales of cold beer, wine, and liquor. The bait and supplies business is positioned as the community’s go-to for fishing needs, creating a product mix tailored to local demand.

    For buyers looking for a hands-on retail operation, this combination can support a steady, diversified retail strategy under one ownership. The asset is best suited to an operator who values the leverage of a rare permit and the convenience of additional in-store revenue items, while also recognizing the opportunity to refresh and continue the bait-supply business as the current owner prepares to retire.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

    Restaurant Kitchen & Bath Showroom Food Market Grocery & Convenience Store Wine and Liquor Store Plumbing Service Restaurant

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Patriot
    County
    Switzerland
    State
    Indiana
    Longitude
    -84.827092
    Latitude
    38.837963

    FAQs

    What type of property is this?
    Storefront property - A rare-permit package store setup with added streams from ATM, lottery, tobacco, and snacks, plus a bait-supply location behind.
    Where is this storefront property located?
    The property is located at 2778 Main Street Patriot, IN.
    What is the asking price?
    The asking price for this property is $269,000.
    What are key features of this property?
    This property features: Patriot Package Liquor Store built in 1924; Only one of two 3‑way permits in Switzerland County, IN allowing cold beer, wine, and liquor sales; Additional store income includes ATM, lottery, tobacco products, pop machines, and snacks
    (812) 584-6880
    We can help!
    Listing Contact
    Brad Wells
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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