Restaurant With Commercial
New
For Sale
$649,000
600 Wabash Street, Michigan City, IN 46360
Commercial Sale, Michigan City, IN
Property Size2,881 SF
Lot Size0.47 Acres
Price / SF$225.27
Days on Market1
Property Features for 600 Wabash Street
General Information
Property type
Commercial Sale
Property subtype
Other
Parking
24
Parking features
On Street, Off Street
Accessibility
Accessible Approach with Ramp
Appliances
Built-In Gas Range, Water Heater, Range Hood, Refrigerator, Range, Gas Water Heater, Gas Range, Freezer, Electric Cooktop, Dishwasher
Lot features
Corner Lot, Paved
View
City
Directions
Located on the corner of Wabash and 6th street in Michigan City. Across from the Lighthouse Premium Outlets.
Standard status
Active
APN
460129406002000022
Size
2,881 SF
Lot size
0.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
42-01-29-406-002 ELSTON ORG SURVEY LT 2 EX PCE E SD & LT 3 EX PCE E SD BLK 27
Tax Annual Amount
11580
Legal Description
42-01-29-406-002 ELSTON ORG SURVEY LT 2 EX PCE E SD & LT 3 EX PCE E SD BLK 27
Utilities
Sewer type
Public Sewer
Heating system
Zoned, Forced Air
Water source
Public
Amenities
guest facilities
employee amenities
dedicated managerial office
Building Details
Year built
1987
Listing Agency:
Coldwell Banker Realty · Coldwell Banker Real Estate
(269) 469-3950
Listed By:
Shannon Wojcik
(773) 209-7925
Added: Aug 31
Last Checked: Aug 31 at 8:06PM
MLS# 844598
Copyright © 2026 Greater Northwest Indiana Association of REALTORS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The property is an established restaurant facility containing 2,881 square feet on 0.4683 acres. Built in 1987, it includes indoor and outdoor dining areas, guest facilities, employee amenities, a managerial office, and a commercial kitchen. Kitchen equipment includes a built-in gas range, range hood, refrigerator, freezer, dishwasher, electric cooktop, and water heaters. Public water and public sewer serve the property.
Located at 600 Wabash Street in Michigan City, the restaurant sits directly across from Lighthouse Place Premium Outlets. The property is also situated near Lake Michigan beaches, Washington Park, the Michigan City Harbor, and Franklin Street downtown. Parking includes on-street and off-street options, with an accessible approach and ramp.
Located at 600 Wabash Street in Michigan City, the restaurant sits directly across from Lighthouse Place Premium Outlets. The property is also situated near Lake Michigan beaches, Washington Park, the Michigan City Harbor, and Franklin Street downtown. Parking includes on-street and off-street options, with an accessible approach and ramp.
Key Highlights
- 2,881‑square‑foot restaurant facility on 0.4683 acres
- Commercial kitchen with gas ranges, hood, refrigerator, freezer, dishwasher, and electric cooktop
- Indoor and outdoor dining areas with guest facilities
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
$56,065
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
8.64%
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%
$1,121,300
$1.1M
Cap Rate 7%
$800,929
$800.9K
Cap Rate 9%
$622,944
$622.9K
Market Conditions
NOI Build-Up for 2,881 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
$77.8K $27.00/SF
− Vacancy
−$3.0K −$1.05/SF
EGI
$74.8K $25.95/SF
− OpEx
−$18.7K −$6.49/SF
NOI
$56.1K $19.46/SF
Area
LaPorte County, IN
Vacancy
3.90%
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%
$1,121,300
Cap Rate 7%
$800,929
Cap Rate 9%
$622,944
Alternative Uses
Best Use
Specialty Retail
$800.9K
$700.8K – $934.4K
NOI $56,065 @ 7.0% cap · market cap 8.64%
Second Best
Industrial
$156.6K
$137.0K – $182.7K
NOI $10,963 @ 7.0% cap · market cap 1.69%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,070
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46360, IN
44,209
Population
21,652
Households
2
Avg Household Size
42
Median Age
23%
College-Educated
90%
High-School Grad
76.6 sq mi
ZIP Area
577
Density / Sq Mi
$59,641
Median Household Income
$36,738
Median Earnings
$924
Median Rent
$155,900
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.
Similar Off Market Nearby
- Stony Gardens Catering — 110 w 9th st, michigan city, in 46360
Frequently Asked Questions
What type of property is this?
Restaurant - Existing indoor and outdoor dining areas support continued restaurant use.
Where is this restaurant located?
The property is located at 600 Wabash Street Michigan City, IN.
What is the asking price?
The asking price for this property is $649,000.
What are key features of this property?
This property features: 2,881‑square‑foot restaurant facility on 0.4683 acres; Commercial kitchen with gas ranges, hood, refrigerator, freezer, dishwasher, and electric cooktop; Indoor and outdoor dining areas with guest facilities
