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    Turnkey Restaurant with Drive-Up Window Title is generated by Realmo AI

    717 MASSACHUSETTS Avenue, Matthews, IN 46957

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    New
    For Sale
    $129,900

    Restaurant, Restaurant/Bar - Matthews, IN

    Lot size:
    0.22 Acres
    Added:
    Jun 5, 2026
    Days on Market:
    1
    Last Refresh:
    Jun 5 at 4:06 pm

    Property Features for 717 MASSACHUSETTS Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bathrooms
    1
    Rooms
    Bathroom 1, Kitchen
    Interior features
    Drywall, Alley, Delivery Door, Display Room, Display Window(s), Public Restrooms, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Exterior features
    Alley, Delivery Door, Display Room, Display Window(s), Public Restrooms, Ventilating/Exhaust Fans, Refrigeration/Freezer
    Standard status
    Active
    APN
    27-16-03-203-138.000-012
    Lot size
    0.22 Acres

    Taxes and HOA fees

    Tax Annual Amount
    618.76

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1900
    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Block
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Joe Schroder
    Joe Schroder

    Listing agent Joe Schroder License #RB14046645

    Listing office RE/MAX Realty One 1801 S Elizabeth St, Kokomo, IN

    Listing date Jun 5, 2026

    MLS# 202621756 Listing URL

    Copyright © 2026 REALTORS Association of Central Indiana. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • All equipment and inventory will convey for this restaurant/cafe buildout
    • ADA accessible restroom and public restrooms, plus main counter area with cash register and display case
    • Full commercial‑grade kitchen with stainless steel tables and range/griddle area with commercial fire‑protection hood
    • Drive‑up window is in place for ordering convenience
    • Brand new metal roof and all new mechanical items, including furnace and A/C
    • Block construction with polished concrete floors; forced‑air natural gas heat and central air

    Overview

    This turnkey restaurant and cafe is built for immediate operation, with a comfortable main dining area and an ADA-accessible restroom. The service area includes a main counter with a cash register and display case, along with a handwash area. The full commercial-grade kitchen features stainless steel tables and a range/griddle setup with a fire-protection commercial hood. Additional improvements include polished concrete floors, separate dry storage, and a rear warehouse/storage area with egress.

    The property is located in Matthews, Indiana at 717 Massachusetts Avenue. Access is described as convenient to Wheeling Pike, SR 26, I-69, and Taylor University and the Town of Upland.

    For buyers seeking a ready-to-run food service concept, the layout supports front-of-house dining and counter service, while the back-of-house space is equipped for commercial cooking and storage. Recent upgrades called out in the listing include a brand-new metal roof and new mechanical items such as the furnace and A/C, plus a softener. The listing also states that all equipment and inventory will convey, which may help streamline the transition to a new operator.
    Property Profile Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Big Box & Wholesale Store Storage Facility Garden Center Electrical Service Grocery & Convenience Store Restaurant

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Matthews
    County
    Grant
    State
    Indiana
    Longitude
    -85.499848
    Latitude
    40.388059

    FAQs

    What type of property is this?
    Conventional restaurant - Fully renovated restaurant setup with ADA restroom, commercial kitchen, and a drive-up window for customer convenience.
    Where is this conventional restaurant located?
    The property is located at 717 MASSACHUSETTS Avenue Matthews, IN.
    What is the asking price?
    The asking price for this property is $129,900.
    What are key features of this property?
    This property features: All equipment and inventory will convey for this restaurant/cafe buildout; ADA accessible restroom and public restrooms, plus main counter area with cash register and display case; Full commercial‑grade kitchen with stainless steel tables and range/griddle area with commercial fire‑protection hood
    (765) 454-7300
    We can help!
    Listing Contact
    Joe Schroder
    Joe Schroder
    Real Estate License ID: RB14046645
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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