Renovated Two-Story
For Sale
$475,000
321 Broadway, Chesterton, IN 46304
Commercial kitchen, dual-level dining, and outdoor seating support a range of restaurant concepts.
Property Size1,744 SF
Price / SF$272.36
Days on Market35
Property Features for 321 Broadway
General Information
Standard status
Active
Size
1,744 SF
Additional Details
Highway Access
Yes
Patio
Yes
Taxes and HOA fees
Annual Taxes
$6,382
Building Details
Buildings
1
Stories
2
Listing Agency:
Century 21 Alliance Group
(219) 405-8596
Listed By:
Nicholas Sommer · License #RB14050981
(219) 405-8596
Source:
Exprealty
Added: Jul 27
Changed: Aug 29
Last Checked: Aug 29 at 8:03PM
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 Century 21 Alliance Group
Investment Insights
Based on property information with market context.
This 1,744 SF restaurant property at 321 Broadway features two stories of indoor dining, a commercial kitchen with walk-in cooler, and one bathroom on each floor. Outdoor seating expands the layout with a courtyard and deck. Renovations include HVAC, windows, gutters, soffit, fascia, siding, shutters, corbels, bathrooms, ceiling tiles, lighting fixtures, and restored hardwood floors.
The building is positioned in downtown Chesterton within a walkable corridor surrounded by shops and restaurants. It is also near Indiana Dunes National Park and offers access to major highways. The combination of restaurant infrastructure, multiple dining areas, and updated building systems provides a defined setting for a new food-service concept.
The building is positioned in downtown Chesterton within a walkable corridor surrounded by shops and restaurants. It is also near Indiana Dunes National Park and offers access to major highways. The combination of restaurant infrastructure, multiple dining areas, and updated building systems provides a defined setting for a new food-service concept.
Key Highlights
- 1,744 SF, two‑story restaurant building at 321 Broadway, Chesterton, IN
- Commercial kitchen with walk‑in cooler
- Indoor dining on both levels with a bathroom on each floor
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
$34,080
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
7.17%
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%
$681,600
$681.6K
Cap Rate 7%
$486,857
$486.9K
Cap Rate 9%
$378,667
$378.7K
Market Conditions
NOI Build-Up for 1,744 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
$47.1K $27.00/SF
− Vacancy
−$1.6K −$0.95/SF
EGI
$45.4K $26.06/SF
− OpEx
−$11.4K −$6.51/SF
NOI
$34.1K $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%
$681,600
Cap Rate 7%
$486,857
Cap Rate 9%
$378,667
Alternative Uses
Best Use
Specialty Retail
$486.9K
$426.0K – $568.0K
NOI $34,080 @ 7.0% cap · market cap 7.17%
Second Best
Industrial
$99.0K
$86.6K – $115.5K
NOI $6,930 @ 7.0% cap · market cap 1.46%
Theoretical Best
Healthcare Medical
$661.0K
$578.4K – $771.2K
NOI $46,269 @ 7.0% cap · market cap 9.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
712
Businesses Nearby
21k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 71%
Home Improvements & Furnishings 29%
Chase Bank
Shops & Services
6,882 visits/mo
0.1 miles
Hopkins' Ace Hardware
Home Improvements & Furnishings
5,502 visits/mo
0.3 miles
Citgo
Shops & Services
3,499 visits/mo
0.3 miles
Fifth Third Bank & ATM
Shops & Services
2,631 visits/mo
0.0 miles
Centier Bank
Shops & Services
1,806 visits/mo
0.1 miles
Demographics for 46304, IN
26,835
Population
11,521
Households
2.3
Avg Household Size
41
Median Age
35%
College-Educated
96%
High-School Grad
57.8 sq mi
ZIP Area
464
Density / Sq Mi
$88,551
Median Household Income
$52,704
Median Earnings
$1,169
Median Rent
$278,300
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 - Commercial kitchen, dual-level dining, and outdoor seating support a range of restaurant concepts.
Where is this conventional restaurant located?
The property is located at 321 Broadway Chesterton, IN.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: 1,744 SF, two‑story restaurant building at 321 Broadway, Chesterton, IN; Commercial kitchen with walk‑in cooler; Indoor dining on both levels with a bathroom on each floor
