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    Restaurant and Entertainment Venue For Sale Title is generated by Realmo AI

    2834 S State Road 66, Marengo, IN 47140

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    For Sale
    $300,000

    Family-owned restaurant and entertainment venue with multiple business opportunities.

    Type:Business Opportunities
    Lot size:
    1.50 Acres
    Added:
    Dec 5, 2023
    Days on Market:
    912
    Last Refresh:
    May 13 at 8:34 pm

    Property Features for 2834 S State Road 66

    General Information

    Standard status
    Active
    Lot size
    1.50 Acres
    Property subtype
    Business Opportunities

    Building Details

    Year Built
    1980

    We can help!

    Listing Contact
    Brian Haeseley

    Listing agent Brian Haeseley

    Listing office Keller Williams Realty Consultants

    Listing date Dec 5, 2023

    Source Xome

    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 Keller Williams Realty Consultants

    HighLights

    • Established restaurant and entertainment venue with catering contracts and expansion potential.
    • Includes real estate, $90,000 in equipment and inventory for $300,000.
    • Newly renovated 30 x 40 pole barn with a 5‑lane indoor axe throwing venue and bar.
    • Located on 1.5 acres of prime real estate, 5 minutes from I‑64 and near popular tourist destinations.
    • Previously a convenience store and fuel center; UST in compliance with new anodes installed in 2017.
    • Property surveyed into 3 tracts, offering flexibility for separate operation or development.

    Overview

    This family-owned restaurant and entertainment venue, formerly a convenience store and fuel center, presents the opportunity to operate as such again. Underground storage tanks are in compliance, with new anodes installed in 2017. The restaurant, operating since 2018, includes catering services with a major local warehouse and offers potential for expansion. A newly renovated 30 x 40 pole barn serves as a 5-lane indoor axe throwing venue with a bar. An outdoor seating area connects the two buildings, allowing alcohol service in all areas. The sale includes all real estate and $90,000 in equipment and inventory. The property is located on 1.5 acres of land, situated 5 minutes from I-64 and within 10 minutes of Marengo Cave, Cave Country Canoes, and Sycamore Springs. The property has been surveyed into 3 tracts. Potential uses include continuing the current business, reopening a convenience store, or creating residential living quarters or a rental facility. An additional commercial/residential building on approximately 1 acre, located across the street at 2803, is available for sale. It is currently rented with a lease expiring in September 2024.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Restaurant Storage Facility Bar & Pub Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Marengo
    County
    Crawford
    State
    Indiana
    Longitude
    -86.351766
    Latitude
    38.290238

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    FAQs

    What type of property is this?
    Restaurant - Family-owned restaurant and entertainment venue with multiple business opportunities.
    Where is this restaurant located?
    The property is located at 2834 S State Road 66 Marengo, IN.
    What is the asking price?
    The asking price for this property is $300,000.
    What are key features of this property?
    This property features: Established restaurant and entertainment venue with catering contracts and expansion potential.; Includes real estate, $90,000 in equipment and inventory for $300,000.; **Newly renovated 30 x 40 pole barn with a 5‑lane indoor axe throwing venue and bar.**
    (812) 944-7024
    We can help!
    Listing Contact
    Brian Haeseley
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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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