Turnkey Restaurant With
518 Lincolnway La Porte, IN 46350
518 Lincolnway, La Porte, IN, 46350
$349,900
For Sale
$349,900
Turnkey 54-seat restaurant with an upstairs 2-bedroom apartment, fully equipped bar, and commercial kitchen systems.
Property Size2,596 SF
Price / SF$134.78
Days on Market347
Property Features for 518 Lincolnway
General Information
- Standard status
- Active
- Size
- 2,596 SF
- Property subtype
- Commercial Sale / Mixed Use
Building Details
- Year Built
- 1900
Listing agency
A.R.E. Partners Inc.
(773) 267-6887
Listed by
Antje Gehrken · License #471002284
(773) 267-6887
Source
Compass
Added: Aug 9, 2025 Updated: Jul 20 at 8:38PM Checked: Jul 21 at 8:24AM
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 A.R.E. Partners Inc.
Investment Insights
Based on property information with market context.
This mixed-use property offers a turnkey restaurant with seating for 54, plus an upstairs apartment. The restaurant is equipped with a bar and TVs, a 23-tap system, and a commercial kitchen that includes a hood and Ansul system. The basement features two large walk-in coolers for storage and includes a grease trap integrated into the kitchen floor. Security and fire monitoring systems are in place, and the kitchen uses two split A/C units for climate control.
The building was originally built in 1900 and has undergone major system updates, including new plumbing and water lines in 2019, a new 200-amp electrical panel in 2018, and a water heater installed in 2019. The restaurant also has two single-use restrooms. The upstairs apartment is a 1,200-square-foot, 2-bedroom, 1-bath unit updated in 2019 with new appliances, hot water heater, A/C, and furnace, and includes a washer and dryer.
The apartment is currently operating as a short-term rental. A new operator will need to obtain a liquor license to operate the restaurant.
The building was originally built in 1900 and has undergone major system updates, including new plumbing and water lines in 2019, a new 200-amp electrical panel in 2018, and a water heater installed in 2019. The restaurant also has two single-use restrooms. The upstairs apartment is a 1,200-square-foot, 2-bedroom, 1-bath unit updated in 2019 with new appliances, hot water heater, A/C, and furnace, and includes a washer and dryer.
The apartment is currently operating as a short-term rental. A new operator will need to obtain a liquor license to operate the restaurant.
Key Highlights
- Fully equipped 54‑seat downtown La Porte restaurant with bar and TVs
- Commercial kitchen with hood and Ansul system plus 23‑tap setup (beer, wine, and nitro beer)
- Restaurant + apartment mixed‑use setup: 2,200 SF main floor and 2,000 SF basement with walk‑in coolers and grease trap
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $38.9k | $15.00 |
| − Vacancy | −$974 | −$0.38 |
| EGI | $38.0k | $14.63 |
| − OpEx | −$17.1k | −$6.58 |
| NOI | $20.9k | $8.04 |
2,596 SF · lease $15.00/SF/yr · vacancy 2.50% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$721.7K
$631.5K – $842.0K
NOI $50,519 @ 7.0% cap · market cap 14.44%
Second Best
Apartment 5plus
$298.3K
$261.0K – $348.0K
NOI $20,882 @ 7.0% cap · market cap 5.97%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bare Bones Gastropub
Restaurant
Similar For Sale Nearby
FAQs
What type of property is this?
Conventional restaurant - Turnkey 54-seat restaurant with an upstairs 2-bedroom apartment, fully equipped bar, and commercial kitchen systems.
Where is this conventional restaurant located?
The property is located at 518 Lincolnway La Porte, IN.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Fully equipped 54‑seat downtown La Porte restaurant with bar and TVs; Commercial kitchen with hood and Ansul system plus 23‑tap setup (beer, wine, and nitro beer); Restaurant + apartment mixed‑use setup: 2,200 SF main floor and 2,000 SF basement with walk‑in coolers and grease trap
