48 E Joliet St. Schererville

Retail-Commercial for Sale
Catylist Listing ID: 30024934
Property Subtypes: Restaurant, Tavern/Bar/Nightclub
Building Size (RSF): 7,038 SF
Gross Land Area: 11,250 SF
Sale Price: $895,000
Unit Price: $127.17 PSF
Property Use Type: Business
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Average Occupancy Rate: 100
Last Updated: 7/22/2017

Overview / Comments

Owner/User Opportunity in High Income market of Schererville, Indiana. The Schererville Lounge is a local Institution with a many loyal patrons and great name recognition. Two story, stone and wood sided frame building with basement in historic Downtown Schererville. At grade, in 3040 sf, are the dining room, kitchen and bar. Below grade, approximately 2813 sf, are storage and mechanicals. On the second floor, approximately 1180 finished sf, features an apartment with additional unfinished area for storage and an office. The quarter acre site is comprised of two tax parcels and contains the building and rare on-site parking. The ground floor is decorated with wood paneling in the tavern and a features a separate dining room.

The offering entails The Schererville Lounge, building and business, with FF&E and 3-way Liquor license.

Located in the Downtown Schererville corridor near the intersection of US 41 and US 30, one of the busiest at grade crossings in the state. Proximal to Schererville Police Station and Town Administration Building. Access on Joliet Street and the alley adjacent .

Financials

Finance Data Year 2015
Real Estate Taxes - Annual($) $3,083 (Annual)
Tax Value Land $25,400
Tax Value Improvements $142,300
Assessed Value - Total($) $167,700 (Annual)
Finance Data Year 2013
Real Estate Taxes - Annual($) $3,536 (Annual)
Tax Value Land $25,400
Tax Value Improvements $161,000
Assessed Value - Total($) $186,400 (Annual)

Additional Details

Nearest MSA: Chicago-Naperville-Elgin
County: Lake
Submarket/Township: St John
Tax ID/APN: 45-11-15-105-022.000-036, 45-11-15-105-023.000-036
Zoning: COMMERCIAL DOWNTOWN OVERLAY
Retail Clientele: General
Property Visibility: Excellent
Largest Nearby Street: Joliet
Feet of Frontage: 75
Highway Access: US 41, US 30, I 94, I 90, I 294 and 394
Site Description: Flat traditional grid neighborhood
Tenancy: Multiple Tenants
Total Number of Buildings: 1
Number of Stories: 2
Year Built: 1949
Year Renovated: 2002
Roof Type: Gable
Construction/Siding: Stone, Wood Frame
Exterior Description: 2 STORY Wood frame with basement. Clad in siding with masonry stone facing along the street.
Total Parking Spaces: 21
Parking Type: Surface
Parking Description: The Site possesses rare on site parking with 21 spaces as well as parking on the street and parking in the municapal lot on the south side of Joliet across the street from the subject
Sprinklers: None
Heat Type: Natural Gas
Heat Source: Central
Lot Frontage: 75
Lot Depth: 150
Water Service: Municipal
Sewer Type: Municipal
Easements Description: Served by an alley parallel to Joliet to access the rear along the building
Legal Description: SCHERERVILLE orginal town W. 37 1/2 FT. L.15 BL.21 and West 21/2 feet of L.14 BL.21 E. 12 1/2 FT. L.15 BL.21

Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 6,832 63,240 183,102
Median Age: 43.78 41.19 39.9
Households: 2,813 24,314 69,744

Source

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