Building Details

Year Renovated 2019

Buildings 1

Stories 1

Units 1

Listing Agency: Ascend Real Estate Advisors

Listed By: Vladimir Ganz · License #INNN

Source: Crexi

Added: Oct 30, 2023 Changed: Aug 15 Last Checked: Aug 28 at 11:27PM

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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 Ascend Real Estate Advisors

Investment Insights

Based on property information with market context.

The restaurant bar, formerly known as Creekside Bar and Grill, is located in Michigan City, Indiana. The property size is 2304 square feet. Michigan City has a rich history, featuring attractions like the Old Lighthouse Museum, showcasing the maritime history of the region. Washington Park, a significant area in Michigan City, features the lighthouse, a beautiful beach, and recreational facilities. Michigan City has a diverse economy, including manufacturing, retail, tourism, and service industries. It's home to the Lighthouse Place Premium Outlets, a shopping destination for locals and tourists. The city has a mix of suburban and urban neighborhoods, with a community that's known for being welcoming and diverse. It offers various community events, festivals, and cultural activities throughout the year.

Key Highlights

• Location in Michigan City, IN
• Formerly known as Creekside Bar and Grill
• Proximity to attractions like the Old Lighthouse Museum and Washington Park

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

$44,836

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

8.15%

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%

$896,720 $896.7K

Cap Rate 7%

$640,514 $640.5K

Cap Rate 9%

$498,178 $498.2K

Market Conditions

NOI Build-Up for 2,304 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

$62.2K $27.00/SF

− Vacancy

−$2.4K −$1.05/SF

EGI

$59.8K $25.95/SF

− OpEx

−$14.9K −$6.49/SF

NOI

$44.8K $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%

$896,720

Cap Rate 7%

$640,514

Cap Rate 9%

$498,178

Alternative Uses

Best Use

Specialty Retail

$640.5K

$560.5K – $747.3K (±1% cap)

NOI $44,836 @ 7.0% cap · market cap 8.15%

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

Bars & Pubs

Suggested Use

Top Pick Real Estate Agency Restaurant Building Supply Big Box & Wholesale Store Dental Office Auto Parts Store

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

89

Businesses Nearby

Balanced

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this bars & pubs located? What is the asking price? Find similar properties ... What are key features of this property?

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Similar Off Market Nearby

• Bananas night club — 617 emma st, michigan city, in 46360

Frequently Asked Questions

What type of property is this?

Bar & Pub - Restaurant bar in Michigan City, Indiana, for sale.

Where is this bar & pub located?

The property is located at 3015 E Michigan Blvd Trail Creek, IN.

What is the asking price?

The asking price for this property is $550,000.

What are key features of this property?

This property features: Location in Michigan City, IN; Formerly known as Creekside Bar and Grill; Proximity to attractions like the Old Lighthouse Museum and Washington Park