Turnkey Restaurant With Rental
For Sale
$675,000
615 E In-212, Michigan City, IN 46360
SINGLE_FAMILY - Michigan City, IN
Property Size1,712 SF
Lot Size0.71 Acres
Price / SF$394.28
Days on Market152
Property Features for 615 E In-212
General Information
Property type
Residential
Property subtype
Retail
Parking
10
Parking features
Driveway, Off Street
Interior features
Open Floorplan
Appliances
Stainless Steel Appliance(s)
Lot features
Rectangular Lot
Directions
Hwy 20 to 212, north to property on west side of road.
Standard status
Active
APN
460136176005000022
Size
1,712 SF
Lot size
0.71 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
104 X 300.75 FT IN E 1/2 W 1/2 NW 1/4 S36 T38 R4 .713 AC
Tax Annual Amount
7082
Legal Description
104 X 300.75 FT IN E 1/2 W 1/2 NW 1/4 S36 T38 R4 .713 AC
Utilities
Utilities
Cable Available
Sewer type
Public Sewer
Heating system
Natural Gas, Forced Air
Water source
Public
Building Details
Year built
1953
Listing Agency:
Coldwell Banker 1st Choice · Coldwell Banker Real Estate
(219) 324-2121
Listed By:
Rita Beaty · License #RB14017732
(219) 575-2534
Added: Mar 19
Changed: Aug 2
Last Checked: Aug 17 at 9:06AM
MLS# 835790
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.
This property operates as a turn-key restaurant and includes fully equipped features for daily service, including a bar, TV’s, and ample seating. The restaurant is described as having 2 separate bathrooms, a patio, and a circular driveway, along with newly paved parking. The seller reports comprehensive updates completed in 2025, including renovations and major system upgrades such as plumbing, electrical, insulation, and A/C and HVAC. The listing also notes the restaurant holds a 2-way liquor and gaming license.
In addition to the restaurant, the property includes a separate two-bedroom home that can be used for owner occupancy or for generating additional rental income. The listing describes the overall site improvements and on-site parking as available for patrons.
For an operator seeking an established food and beverage business, the combination of restaurant build-out and reported 2025 system upgrades is positioned for immediate occupancy and use. For buyers planning to live on-site or diversify with rental income, the separate two-bedroom residence provides an additional income and lifestyle option within the same property. The listing also states the property is located minutes from Lake Michigan.
In addition to the restaurant, the property includes a separate two-bedroom home that can be used for owner occupancy or for generating additional rental income. The listing describes the overall site improvements and on-site parking as available for patrons.
For an operator seeking an established food and beverage business, the combination of restaurant build-out and reported 2025 system upgrades is positioned for immediate occupancy and use. For buyers planning to live on-site or diversify with rental income, the separate two-bedroom residence provides an additional income and lifestyle option within the same property. The listing also states the property is located minutes from Lake Michigan.
Key Highlights
- Locally owned established restaurant with 2‑way liquor & gaming license
- Restaurant is fully equipped with bar, TVs, neon bar lights, ample seating, and 2 separate bathrooms
- Major interior renovations completed in 2025, including plumbing, electrical, insulation, and A/C & HVAC upgrades
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
$33,316
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
4.94%
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%
$666,320
$666.3K
Cap Rate 7%
$475,943
$475.9K
Cap Rate 9%
$370,178
$370.2K
Market Conditions
NOI Build-Up for 1,712 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
$46.2K $27.00/SF
− Vacancy
−$1.8K −$1.05/SF
EGI
$44.4K $25.95/SF
− OpEx
−$11.1K −$6.49/SF
NOI
$33.3K $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%
$666,320
Cap Rate 7%
$475,943
Cap Rate 9%
$370,178
Alternative Uses
Best Use
Specialty Retail
$475.9K
$416.5K – $555.3K
NOI $33,316 @ 7.0% cap · market cap 4.94%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
6
Businesses Nearby
Well-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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully equipped restaurant with bar and patio plus a separate two-bedroom home for owner use or extra rental income.
Where is this conventional restaurant located?
The property is located at 615 E In-212 Michigan City, IN.
What is the asking price?
The asking price for this property is $675,000.
What are key features of this property?
This property features: Locally owned established restaurant with 2‑way liquor & gaming license; Restaurant is fully equipped with bar, TVs, neon bar lights, ample seating, and 2 separate bathrooms; Major interior renovations completed in 2025, including plumbing, electrical, insulation, and A/C & HVAC upgrades
