Restaurant with Bar and
For Sale
Contact for pricing
512 Lincolnway West, Osceola, IN 46561
Established restaurant business with dining, entertainment, bar, and outdoor seating areas.
Property Size4,522 SF
Price / SF$131.58
Days on Market55
Property Features for 512 Lincolnway West
General Information
Standard status
Active
Size
4,522 SF
Total Parking Spaces
30
Property subtype
Retail, Hospitality, Special Purpose
Occupancy
100%
Restaurant
Patio
Yes
Equipment Included
Yes
Additional Details
Business Included
Yes
Building Details
Year Built
1975
Buildings
1
Stories
1
Listing Agency:
Berkshire Hathaway HomeServices Northern Indiana Real Estate
Listed By:
Lori Snyder · License #IN RB14022203
(574) 849-5886
Source:
Crexi
Added: Jul 27
Changed: Sep 7
Last Checked: Sep 19 at 10:19AM
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 Berkshire Hathaway HomeServices Northern Indiana Real Estate
Investment Insights
Based on property information with market context.
This 4,522-square-foot restaurant property at 512 Lincolnway West includes the operating business, building, equipment, and private parking. The interior is arranged with a bar, dining area, entertainment space, dance floor, pool table area, and a stage. Outdoor seating with heaters adds another customer area.
The bar includes horseshoe seating, 6 taps, and 7 drafts. Equipment includes a new ice machine, fryers, and dishwasher, along with 4 stand-up freezers, a beer cooler, and a walk-in cooler. Additional features include TouchTunes, an ATM, pool table, and darts. Built in 1975, the property combines restaurant, bar, and entertainment functions in one commercial setting.
The bar includes horseshoe seating, 6 taps, and 7 drafts. Equipment includes a new ice machine, fryers, and dishwasher, along with 4 stand-up freezers, a beer cooler, and a walk-in cooler. Additional features include TouchTunes, an ATM, pool table, and darts. Built in 1975, the property combines restaurant, bar, and entertainment functions in one commercial setting.
Key Highlights
- 4,522 SF restaurant property with operating business, building, equipment, and private parking
- Bar with horseshoe seating, 6 taps, and 7 drafts
- Entertainment area includes a dance floor, comedy stage, pool table, and darts
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
$53,074
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
8.92%
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%
$1,061,480
$1.1M
Cap Rate 7%
$758,200
$758.2K
Cap Rate 9%
$589,711
$589.7K
Market Conditions
NOI Build-Up for 4,522 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
$73.3K $16.20/SF
− Vacancy
−$2.5K −$0.55/SF
EGI
$70.8K $15.65/SF
− OpEx
−$17.7K −$3.91/SF
NOI
$53.1K $11.74/SF
Area
St. Joseph County, IN
Vacancy
3.40%
Lease Rate
$16.20 /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%
$1,061,480
Cap Rate 7%
$758,200
Cap Rate 9%
$589,711
Alternative Uses
Best Use
Specialty Retail
$758.2K
$663.4K – $884.6K
NOI $53,074 @ 7.0% cap · market cap 8.92%
Second Best
—
—
no second resolved use
Theoretical Best
Retail
$896.7K
$784.6K – $1.05M
NOI $62,770 @ 7.0% cap · market cap 10.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
178
Businesses Nearby
15k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 90%
Dining 10%
Dollar General
Shops & Services
7,490 visits/mo
0.3 miles
Phillips 66
Shops & Services
5,742 visits/mo
0.3 miles
SUBWAY
Dining
1,554 visits/mo
0.3 miles
Red Dot Storage
Shops & Services
484 visits/mo
0.3 miles
Demographics for 46561, IN
14,155
Population
5,580
Households
2.5
Avg Household Size
38
Median Age
26%
College-Educated
92%
High-School Grad
13.6 sq mi
ZIP Area
1,041
Density / Sq Mi
$83,520
Median Household Income
$43,107
Median Earnings
$1,137
Median Rent
$208,200
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 - Established restaurant business with dining, entertainment, bar, and outdoor seating areas.
Where is this conventional restaurant located?
The property is located at 512 Lincolnway West Osceola, IN.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 4,522 SF restaurant property with operating business, building, equipment, and private parking; Bar with horseshoe seating, 6 taps, and 7 drafts; Entertainment area includes a dance floor, comedy stage, pool table, and darts
