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    Turn-Key Banquet Hall For Sale Title is generated by Realmo AI

    255 Hupp Rd, La Porte, IN 46350

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    Well-maintained banquet hall with two conference rooms and full kitchen.

    Type:Industrial, Land, Special Purpose
    Property size:
    13,406 SF
    Lot size:
    2.89 Acres
    Price / SF:
    $66/SF
    Added:
    Apr 9, 2024
    Days on Market:
    787
    Last Refresh:
    May 13 at 8:19 pm

    Property Features for 255 Hupp Rd

    General Information

    Standard status
    Active
    Size
    13,406 SF
    Lot size
    2.89 Acres
    Property subtype
    Industrial, Land, Special Purpose

    Building Details

    Year Built
    1988

    We can help!

    Listing Contact
    Roy Roelke

    Listing agent Roy Roelke License #IN RB14051091

    Listing office NAI Cressy - Mishawaka

    Listing date Apr 9, 2024

    Source Crexi

    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 NAI Cressy - Mishawaka

    HighLights

    • Two large conference rooms, 3,600 SF and 6,000 SF, each with a bar and restrooms, allowing for simultaneous events.
    • Great regional location in La Porte County, Indiana, drawing crowds from a 50‑mile radius and easily accessible to numerous cities in Indiana and Michigan.
    • Turn‑key banquet hall with a fully functional kitchen.
    • Property is secured with high‑level fencing.
    • Sits on 2.89 acres.
    • Located just off US 35 and US 6.

    Overview

    This turn-key banquet hall, constructed in 1988, features high ceilings, tile floors, and a fully functional kitchen. The facility includes two conference rooms suitable for hosting separate events. One room measures 3,600 square feet, while the other spans 6,000 square feet; each is equipped with a bar and restrooms. Situated on 2.89 acres, the property is secured with high-level fencing. Its location in La Porte County, Indiana, positions it as a regional destination, drawing visitors from a radius of 50 miles or more. The property is located just off US 35 and US 6. Nearby cities within a one hour and fifteen minute drive include South Bend, Mishawaka, Elkhart, Plymouth, Chesterton, Valparaiso, La Porte, and Michigan City, Indiana, as well as New Buffalo, St. Joseph, and Kalamazoo, Michigan. The building size is 13,406 square feet.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cheers Nightclub

    Suggested Use

    Real Estate Agency Building Supply Dental Office Big Box & Wholesale Store Nail Salon Kitchen & Bath Showroom Storage Facility Garden Center Wine and Liquor Store Plumbing Service

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

    Location Insight

    • Map
    • Local Demand
    City
    La Porte
    County
    LaPorte
    State
    Indiana
    Longitude
    -86.69082
    Latitude
    41.51765

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    FAQs

    What type of property is this?
    Wedding venue - Well-maintained banquet hall with two conference rooms and full kitchen.
    Where is this wedding venue located?
    The property is located at 255 Hupp Rd La Porte, IN.
    What is the asking price?
    The asking price for this property is $897,999.
    What are key features of this property?
    This property features: Two large conference rooms, **3,600 SF and 6,000 SF**, each with a bar and restrooms, allowing for simultaneous events.; Great regional location in La Porte County, Indiana, drawing crowds from a 50‑mile radius and easily accessible to numerous cities in Indiana and Michigan.; **Turn‑key banquet hall** with a fully functional kitchen.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Roy Roelke
    Real Estate License ID: IN RB14051091
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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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