Red Robin Restaurant
For Sale
Contact for pricing
3004 John Howell Dr, Valparaiso, IN 46383
Casual-dining facility operated by a wholly owned Red Robin subsidiary.
Property Size5,332 SF
Price / SF$579.52
Days on Market169
Property Features for 3004 John Howell Dr
General Information
Standard status
Active
Size
5,332 SF
Property subtype
RETAIL
Listing Agency:
JLL - Corporate
(312) 228-2867
Listed By:
Mohsin Mirza · License #475189943
Source:
Moodyscre
Added: Mar 16
Changed: Aug 29
Last Checked: Aug 29 at 3:02PM
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 JLL - Corporate
Investment Insights
Based on property information with market context.
This 5,332-square-foot conventional restaurant property is located at 3004 John Howell Dr in Valparaiso, Indiana. The building is associated with the Red Robin casual-dining brand and is operated by Red Robin International Inc., a wholly owned subsidiary of Red Robin.
Red Robin operates 500+ locations across North America, providing established brand context for the restaurant use. The property is offered for sale as a restaurant asset occupied by the Red Robin operating entity.
Red Robin operates 500+ locations across North America, providing established brand context for the restaurant use. The property is offered for sale as a restaurant asset occupied by the Red Robin operating entity.
Key Highlights
- 5,332‑square‑foot conventional restaurant property
- Operated by Red Robin International Inc.
- Red Robin International Inc. is a wholly owned subsidiary of Red Robin
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
$104,194
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
3.37%
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%
$2,083,880
$2.1M
Cap Rate 7%
$1,488,486
$1.5M
Cap Rate 9%
$1,157,711
$1.2M
Market Conditions
NOI Build-Up for 5,332 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
$144.0K $27.00/SF
− Vacancy
−$5.0K −$0.95/SF
EGI
$138.9K $26.06/SF
− OpEx
−$34.7K −$6.51/SF
NOI
$104.2K $19.54/SF
Area
Porter County, IN
Vacancy
3.50%
Lease Rate
$27.00 /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%
$2,083,880
Cap Rate 7%
$1,488,486
Cap Rate 9%
$1,157,711
Alternative Uses
Best Use
Specialty Retail
$1.49M
$1.30M – $1.74M
NOI $104,194 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Healthcare Medical
$2.02M
$1.77M – $2.36M
NOI $141,461 @ 7.0% cap · market cap 4.58%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
760
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46383, IN
41,981
Population
18,343
Households
2.3
Avg Household Size
39
Median Age
38%
College-Educated
95%
High-School Grad
87.5 sq mi
ZIP Area
480
Density / Sq Mi
$75,575
Median Household Income
$43,065
Median Earnings
$1,144
Median Rent
$258,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Casual-dining facility operated by a wholly owned Red Robin subsidiary.
Where is this conventional restaurant located?
The property is located at 3004 John Howell Dr Valparaiso, IN.
What is the asking price?
The asking price for this property is $3,090,000.
What are key features of this property?
This property features: 5,332‑square‑foot conventional restaurant property; Operated by Red Robin International Inc.; Red Robin International Inc. is a wholly owned subsidiary of Red Robin
