Tavern with Upstairs
612 Water Street, Union Mills, IN 46382
For Sale
New
$350,000
Commercial Sale, Union Mills, IN
Property Size2,538 SF
Lot Size0.63 Acres
Price / SF$137.90
Days on Market5
Property Features for 612 Water Street
General Information
Property type
Property subtype
Rooms
Parking features
Basement
Lot features
View
Directions
Standard status
APN
Size
Lot size
Tenancy & Operations
Currently Operating
Business Included
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Heating system
Water source
Building Details
Year built
Listing Agency:
The Chatwell Group Real Estate
Listed By:
Jason Chatwell · License #RB14045111
(219) 465-8819
Added: Nov 5
Changed: Nov 6
Last Checked: Nov 9 at 4:06AM
MLS# 847966
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.
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Investment Insights
Based on property information with market context.
This 2,538-square-foot tavern property includes a vintage bar, wood-accented interior, customer seating, and an equipped kitchen. A separate one-bedroom apartment occupies the upper level, and the building includes a basement. Built in 1875, the property has forced-air, natural-gas heating and a well water source.
The sale includes an open lot next to the building, with the property situated along Mill Creek at 612 Water Street in Union Mills. On-street parking is available.
The sale includes an open lot next to the building, with the property situated along Mill Creek at 612 Water Street in Union Mills. On-street parking is available.
Key Highlights
- 2,538‑square‑foot tavern building, constructed in 1875
- Separate upstairs apartment with one bedroom
- Sale includes an open lot next to the building, along Mill Creek
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,189
Cap Rate
4.91%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$343,780
$343.8K
Cap Rate 7%
$245,557
$245.6K
Cap Rate 9%
$190,989
$191.0K
Market Conditions
NOI Build-Up for 2,538 SF
Gross rent
$30.5K $12.00/SF
− Vacancy
−$3.0K −$1.16/SF
EGI
$27.5K $10.84/SF
− OpEx
−$10.3K −$4.06/SF
NOI
$17.2K $6.77/SF
Area
LaPorte County, IN
Vacancy
9.70%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$343,780
Cap Rate 7%
$245,557
Cap Rate 9%
$190,989
Alternative Uses
Best Use
Specialty Retail
$705.6K
$617.4K – $823.2K
NOI $49,390 @ 7.0% cap · market cap 14.11%
Second Best
Mixed Use
$245.6K
$214.9K – $286.5K
NOI $17,189 @ 7.0% cap · market cap 4.91%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 46382, IN
2,094
Population
819
Households
2.6
Avg Household Size
43
Median Age
15%
College-Educated
96%
High-School Grad
49.0 sq mi
ZIP Area
43
Density / Sq Mi
$95,278
Median Household Income
$46,356
Median Earnings
$190,900
Median Home Value
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Market
Vacancy Rate% for Retail in Midwest region
Similar Off Market Nearby
- White Horse Saloon — 505 Water St, Union Mills, IN 46382
- Les & Pearl's — 612 Water St, Union Mills, IN 46382
Frequently Asked Questions
What type of property is this?
Bar & Pub - Equipped kitchen, customer seating, and an additional open lot beside Mill Creek add to the property’s operating features.
Where is this bar & pub located?
The property is located at 612 Water Street Union Mills, IN.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 2,538‑square‑foot tavern building, constructed in 1875; Separate upstairs apartment with one bedroom; Sale includes an open lot next to the building, along Mill Creek
