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    Turnkey Restaurant with Apartments Title is generated by Realmo AI

    301 Ellis St, Kewaunee, WI 54216

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    For Sale
    $295,000

    MULTI_FAMILY - Kewaunee, WI

    Property size:
    4,645 SF
    Price / SF:
    $63/SF
    Added:
    Apr 3, 2026
    Days on Market:
    61
    Last Refresh:
    Jun 2 at 7:06 pm

    Property Features for 301 Ellis St

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    GC (General Commercial)
    Bedrooms
    3
    Bathrooms
    2
    Rooms
    Bedroom 1, Bedroom 2, Bathroom 2, Bedroom 3, Bathroom 1
    Standard status
    Active
    Size
    4,645 SF

    Taxes and HOA fees

    Tax Annual Amount
    5867

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1963
    Number of units
    2
    Architectural style
    Other

    We can help!

    Listing Contact
    Greta Meleen
    Greta Meleen

    Listing agent Greta Meleen License #94-95810

    Listing office ERA Starr Realty PO Box 167 14 S Third Ave, Sturgeon Bay, WI

    Listing date Apr 3, 2026

    MLS# 147034 Listing URL

    Copyright © 2026 Door County MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Turnkey, profitable restaurant business with established customer base.
    • Additional revenue stream from two apartments (studio and 2‑bedroom) on the second level.
    • Prime downtown location in Kewaunee with high foot traffic.
    • Fully equipped kitchen ready for immediate use.
    • Cozy ambiance appealing to customers.
    • Forced air natural gas heating and central air cooling.

    Overview

    This property presents an opportunity to own a successful restaurant in downtown Kewaunee, Wisconsin. The business is well-established in a high-traffic location and features a cozy ambiance and a fully equipped kitchen. It has a proven track record of profitability and a solid reputation. The property also includes two apartments on the second level, one studio and one with two bedrooms, providing an additional revenue stream or on-site living quarters for the owner. The building has a total size of 4,645 square feet. The property is located in a vibrant area with ample foot traffic. The zoning is GC (General Commercial).
    Property Profile Location Intelligence

    Current Use by Public Records

    Anchor Down Family ... Restaurant

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Hotel & Motel Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Kewaunee
    County
    Kewaunee
    State
    Wisconsin
    Longitude
    -87.5033174
    Latitude
    44.4584766

    Nearby Similar for Sale

    • $295,000
      4,645 SF

      Turnkey Restaurant in Downtown Kewaunee

      Successful restaurant with apartments in a high-traffic location.
      301 Ellis St, Kewaunee, WI 54216
      View Details
    • $299,900

      Turnkey Restaurant with Apartments

      Established restaurant with apartments in high-traffic downtown location for sale.
      301 Ellis Street, Kewaunee, WI, 54216
      View Details

    FAQs

    What type of property is this?
    Conventional restaurant - Successful restaurant with apartments in high-traffic downtown location.
    Where is this conventional restaurant located?
    The property is located at 301 Ellis St Kewaunee, WI.
    What is the asking price?
    The asking price for this property is $295,000.
    What are key features of this property?
    This property features: Turnkey, profitable restaurant business with established customer base.; Additional revenue stream from two apartments (studio and 2‑bedroom) on the second level.; Prime downtown location in Kewaunee with high foot traffic.
    (320) 424-2333
    We can help!
    Listing Contact
    Greta Meleen
    Greta Meleen
    Real Estate License ID: 94-95810
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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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