Updated Restaurant with Separate
For Sale
$675,000
615 Indiana Highway 212, Michigan City, IN 46360
Renovated in 2025 with a bar, patio, parking area, and two-bedroom residence.
Property Size1,712 SF
Price / SF$394.28
Days on Market170
Property Features for 615 Indiana Highway 212
General Information
Standard status
Active
Size
1,712 SF
Restaurant
Patio
Yes
Equipment Included
Yes
Liquor License
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$7,082
Building Details
Year Renovated
2025
Listing Agency:
Coldwell Banker 1st Choice
(219) 324-2121
Listed By:
Rita Beaty · License #RB14017732
(219) 575-2534
Source:
Exprealty
Added: Mar 19
Changed: Sep 2
Last Checked: Sep 1 at 9:39PM
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 Coldwell Banker 1st Choice
Investment Insights
Based on property information with market context.
This conventional restaurant property includes a fully equipped dining operation with a bar, televisions, neon bar lighting, ample seating, and two separate bathrooms. Interior work completed in 2025 included upgrades to plumbing, electrical, insulation, A/C, and HVAC systems. Exterior improvements include a newly paved parking area, circular driveway, and patio. The sale also includes a separate two-bedroom home, offering additional residential space on the property.
Located at 615 Indiana Highway 212 in Michigan City, the property includes a 2-way liquor and gaming license. Restaurant equipment, fixtures, and furnishings are included, with most items remaining in place for continued operation.
Located at 615 Indiana Highway 212 in Michigan City, the property includes a 2-way liquor and gaming license. Restaurant equipment, fixtures, and furnishings are included, with most items remaining in place for continued operation.
Key Highlights
- Interior renovations and major system upgrades completed in 2025
- 2‑way liquor and gaming license included
- Separate two‑bedroom home included with the restaurant property
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
46
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
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Renovated in 2025 with a bar, patio, parking area, and two-bedroom residence.
Where is this conventional restaurant located?
The property is located at 615 Indiana Highway 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: Interior renovations and major system upgrades completed in 2025; 2‑way liquor and gaming license included; Separate two‑bedroom home included with the restaurant property
