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230 Main St 7,747 SF Specialty Building Offered at $2,000,000 at a 6% Cap Rate in Hobart, IN 46342
Investment Highlights
- Operating concert venue
- Operating bar with a kitchen
Executive Summary
Concert Venue + Bar/Restaurant
230 Main Street, Hobart, IN
1. Two Complementary Assets = One Ecosystem
* This is not just a concert venue—it is a **fully integrated entertainment ecosystem**.
* The theatre and adjacent bar/restaurant function together, capturing revenue **before, during, and after events**.
* Buyers are acquiring **control of the entire customer experience**, not relying on third-party operators to monetize foot traffic.
2. Built-In Demand Generator
* The concert venue is a **consistent demand engine** that feeds the bar and restaurant.
* Every show night creates predictable surges in food and beverage sales with **near-zero marketing cost**.
* Unlike standalone restaurants, traffic here is **program-driven**, not weather- or trend-dependent.
3. Proven Transformation, Not a Concept
* Since 2019, ownership has already absorbed the execution risk:
* Professional-grade lighting, sound, staging, and backstage systems are in place
* The venue is fully capable of hosting national touring acts and well-known comedians
* A buyer is stepping into a **stabilized, operationally proven model**, not a turnaround.
4. Scarcity of Product
* Purpose-built, mid-size (˜500 capacity) historic theatres are **extremely rare**—especially those already modernized.
* Venues of this size are in high demand by touring acts that are “too big for bars, too small for arenas.”
* Replacement cost would be **significantly higher than acquisition cost**, with zoning, construction, and timeline risk.
5. Intimate Scale with National Reach
* The 500-person capacity creates:
* Strong ticket pricing power
* High artist satisfaction
* A premium guest experience that larger venues cannot replicate
* This size consistently attracts touring performers seeking intimate rooms with professional infrastructure.
6. Multiple Revenue Streams
* Concert ticket sales
* Bar and restaurant food & beverage
* Private events, rentals, and corporate bookings
* Sponsorships and branded programming opportunities
* Merchandising and VIP experiences
This is a **diversified income profile**, not a single-line business.
7. Downtown Anchor Asset
* The property is a recognized cultural anchor in downtown Hobart.
* Event nights visibly activate Main Street, benefiting surrounding businesses and reinforcing the venue’s civic importance.
* Municipalities support assets like this—politically, culturally, and economically.
8. Transferable Brand & Reputation
* The theatre has already established:
* Market credibility
* Performer trust
* Audience loyalty
* A new owner benefits from **brand equity built over years**, not starting from zero.
9. Operational Upside for the Next Owner
* Opportunities for expanded programming:
* Additional weekday events
* Brunch, daytime, or themed food programming tied to shows
* Festivals, comedy series, and touring partnerships
* Margin expansion through refined bar concepts, sponsorships, and premium seating/VIP experiences.
10. Defensive Asset in an Experiential Economy
* Consumers are spending less on goods and more on **experiences**.
* Live entertainment paired with food and beverage is one of the most resilient discretionary categories.
* This asset directly benefits from long-term behavioral trends favoring social, live, and local experiences.
11. Clean Exit Logic
* Clear buyer profiles:
* Owner-operators
* Hospitality groups
* Entertainment venue operators
* Strategic investors seeking experiential assets
* The combined venue + restaurant configuration **broadens the buyer pool** and supports future resale.
-
230 Main Street, Hobart, IN
1. Two Complementary Assets = One Ecosystem
* This is not just a concert venue—it is a **fully integrated entertainment ecosystem**.
* The theatre and adjacent bar/restaurant function together, capturing revenue **before, during, and after events**.
* Buyers are acquiring **control of the entire customer experience**, not relying on third-party operators to monetize foot traffic.
2. Built-In Demand Generator
* The concert venue is a **consistent demand engine** that feeds the bar and restaurant.
* Every show night creates predictable surges in food and beverage sales with **near-zero marketing cost**.
* Unlike standalone restaurants, traffic here is **program-driven**, not weather- or trend-dependent.
3. Proven Transformation, Not a Concept
* Since 2019, ownership has already absorbed the execution risk:
* Professional-grade lighting, sound, staging, and backstage systems are in place
* The venue is fully capable of hosting national touring acts and well-known comedians
* A buyer is stepping into a **stabilized, operationally proven model**, not a turnaround.
4. Scarcity of Product
* Purpose-built, mid-size (˜500 capacity) historic theatres are **extremely rare**—especially those already modernized.
* Venues of this size are in high demand by touring acts that are “too big for bars, too small for arenas.”
* Replacement cost would be **significantly higher than acquisition cost**, with zoning, construction, and timeline risk.
5. Intimate Scale with National Reach
* The 500-person capacity creates:
* Strong ticket pricing power
* High artist satisfaction
* A premium guest experience that larger venues cannot replicate
* This size consistently attracts touring performers seeking intimate rooms with professional infrastructure.
6. Multiple Revenue Streams
* Concert ticket sales
* Bar and restaurant food & beverage
* Private events, rentals, and corporate bookings
* Sponsorships and branded programming opportunities
* Merchandising and VIP experiences
This is a **diversified income profile**, not a single-line business.
7. Downtown Anchor Asset
* The property is a recognized cultural anchor in downtown Hobart.
* Event nights visibly activate Main Street, benefiting surrounding businesses and reinforcing the venue’s civic importance.
* Municipalities support assets like this—politically, culturally, and economically.
8. Transferable Brand & Reputation
* The theatre has already established:
* Market credibility
* Performer trust
* Audience loyalty
* A new owner benefits from **brand equity built over years**, not starting from zero.
9. Operational Upside for the Next Owner
* Opportunities for expanded programming:
* Additional weekday events
* Brunch, daytime, or themed food programming tied to shows
* Festivals, comedy series, and touring partnerships
* Margin expansion through refined bar concepts, sponsorships, and premium seating/VIP experiences.
10. Defensive Asset in an Experiential Economy
* Consumers are spending less on goods and more on **experiences**.
* Live entertainment paired with food and beverage is one of the most resilient discretionary categories.
* This asset directly benefits from long-term behavioral trends favoring social, live, and local experiences.
11. Clean Exit Logic
* Clear buyer profiles:
* Owner-operators
* Hospitality groups
* Entertainment venue operators
* Strategic investors seeking experiential assets
* The combined venue + restaurant configuration **broadens the buyer pool** and supports future resale.
-
Property Facts
| Price | $2,000,000 | Building Class | C |
| Price Per SF | $258.16 | Lot Size | 0.20 AC |
| Sale Type | Investment | Building Size | 7,747 SF |
| Cap Rate | 6% | No. Stories | 1 |
| Property Type | Specialty | Year Built | 1940 |
| Property Subtype | Movie/Radio/TV Studio |
| Price | $2,000,000 |
| Price Per SF | $258.16 |
| Sale Type | Investment |
| Cap Rate | 6% |
| Property Type | Specialty |
| Property Subtype | Movie/Radio/TV Studio |
| Building Class | C |
| Lot Size | 0.20 AC |
| Building Size | 7,747 SF |
| No. Stories | 1 |
| Year Built | 1940 |
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Walk Score®
Very Walkable (74)
Property Taxes
| Parcel Number | 45-09-32-152-026.000-018 | Improvements Assessment | $298,300 |
| Land Assessment | $31,800 | Total Assessment | $330,100 |
Property Taxes
Parcel Number
45-09-32-152-026.000-018
Land Assessment
$31,800
Improvements Assessment
$298,300
Total Assessment
$330,100
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230 Main St
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