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    Established Restaurant with Party Room Title is generated by Realmo AI

    1326 119th St, Whiting, IN 46394

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    Spacious restaurant with party room, bar, and office space.

    Type:Hospitality, Mixed Use, Retail
    Property size:
    23,390 SF
    Price / SF:
    $47/SF
    Added:
    Oct 5, 2024
    Days on Market:
    608
    Last Refresh:
    May 12 at 8:40 pm

    Property Features for 1326 119th St

    General Information

    Standard status
    Active
    Size
    23,390 SF
    Property subtype
    Hospitality, Mixed Use, Retail

    Building Details

    Year Built
    1923

    We can help!

    Listing Contact
    Jake Wirtz

    Listing agent Jake Wirtz License #IL

    Listing office Century 21 Affiliated Lockport

    Listing date Oct 5, 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 Century 21 Affiliated Lockport

    HighLights

    • Established restaurant with a spacious layout ideal for dining and events.
    • Dedicated party room for gatherings, celebrations, and corporate events.
    • Expansive bar area popular with locals and visitors.
    • Fully equipped kitchen with top‑of‑the‑line appliances and multiple storage coolers.
    • Convenient carryout window to increase customer base.
    • Upper level with three offices, a conference room, and a full bathroom.

    Overview

    This established sit-down restaurant in Whiting offers a spacious layout suitable for dining and private events. A dedicated party room accommodates gatherings, celebrations, and corporate events. The restaurant features an expansive bar area and a convenient carryout window. The kitchen is equipped with appliances and ample space, along with multiple storage coolers. Upstairs, an open canvas room presents an opportunity for conversion, such as into a speak easy. The upper level also includes three offices, a conference room, and a full bathroom, providing a setup for management and staff. This property is a business opportunity ready for the next level.
    Property Profile Location Intelligence

    Current Use by Public Records

    Beggars Pizza Whiting Take-out & Catering

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Accounting Firm

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

    Location Insight

    • Map
    • Local Demand
    City
    Whiting
    County
    Lake
    State
    Indiana
    Longitude
    -87.4968621
    Latitude
    41.6790556

    Nearby Similar for Sale

    • $90,000
      336 SF

      Storefront Building Near Business District

      Storefront property near Whiting's main business district.
      1908 Clark Street, Whiting, IN 46394
      View Details
    • $550,000
      5,920 SF

      Turnkey Brewery and Restaurant Space

      Two-story building with brewery, restaurant, and redevelopment potential.
      1409 119th St, Whiting, IN
      View Details
    • $1,099,999
      23,390 SF

      Established Restaurant with Party Room

      Spacious restaurant with party room, bar, and carryout window.
      1326 119th Street, Whiting, IN 46394
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Spacious restaurant with party room, bar, and office space.
    Where is this conventional restaurant located?
    The property is located at 1326 119th St Whiting, IN.
    What is the asking price?
    The asking price for this property is $1,099,999.
    What are key features of this property?
    This property features: Established restaurant with a spacious layout ideal for dining and events.; Dedicated party room for gatherings, celebrations, and corporate events.; Expansive bar area popular with locals and visitors.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Jake Wirtz
    Real Estate License ID: IL
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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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