Established Tavern With Upper
For Sale
$259,900
3823 E 2nd St, Superior, WI 54880
COMMERCIAL, Superior, WI
Property Size3,148 SF
Lot Size0.14 Acres
Price / SF$82.56
Days on Market54
Property Features for 3823 E 2nd St
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Half bathrooms
2
Rooms
Basement, Bathroom 1, Bathroom 2
Security features
Security System
Interior features
Security System, Bar Area, Kitchen Area, Restrooms, Smoke Detectors, Billboards
Basement
Concrete
Directions
From Belknap St and E 2nd St - Easterly to Tipsy Beaver Bar
Subdivision
LSAR
Standard status
Active
Size
3,148 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
2316
Utilities
Heating system
Forced Air, Natural Gas
Cooling system
Wall Unit(s)
Building Details
Year built
1909
Number of units
3
Roof type
Shingle
Listing Agency:
RE/MAX Results · RE/MAX International
(952) 829-2900
Listed By:
Mike Raivala · License #20437768|WI58124-90
(218) 591-6453
Added: Jul 11
Changed: Aug 20
Last Checked: Sep 2 at 4:06PM
MLS# 6123850
Copyright © 2026 Lake Superior Association of REALTORS®. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This bar and pub property at 3823 E 2nd St in Superior, WI, encompasses 3,148 square feet on a 0.14-acre parcel. Built in 1909, the building includes a bar area, kitchen area, restrooms, basement, security system, smoke detectors, wall-unit cooling, forced-air natural gas heat, and a shingle roof. The sale includes furnishings, signage, and the security system.
The operating tavern is equipped with five Wisconsin gaming machines, two electronic dart games, and additional amusement machines. A walk-in cooler and dispenser support beverage service, while Pep's draft house pizzas are offered through the food-service setup. Two apartments occupy the upper level, adding a residential component to the property. Most gaming machines and the soda dispensing system are leased.
The operating tavern is equipped with five Wisconsin gaming machines, two electronic dart games, and additional amusement machines. A walk-in cooler and dispenser support beverage service, while Pep's draft house pizzas are offered through the food-service setup. Two apartments occupy the upper level, adding a residential component to the property. Most gaming machines and the soda dispensing system are leased.
Key Highlights
- 3,148 SF bar and pub property on a 0.14‑acre parcel
- Five Wisconsin gaming machines and two electronic dart games
- Two upper‑level apartments included in the building
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,093
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$461,860
$461.9K
Cap Rate 7%
$329,900
$329.9K
Cap Rate 9%
$256,589
$256.6K
Market Conditions
NOI Build-Up for 3,148 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$44.2K $14.04/SF
− Vacancy
−$2.2K −$0.70/SF
EGI
$42.0K $13.34/SF
− OpEx
−$18.9K −$6.00/SF
NOI
$23.1K $7.34/SF
Area
Douglas County, WI
Vacancy
5.00%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$461,860
Cap Rate 7%
$329,900
Cap Rate 9%
$256,589
Alternative Uses
Best Use
Specialty Retail
$992.5K
$868.5K – $1.16M
NOI $69,478 @ 7.0% cap · market cap 26.73%
Second Best
Apartment 5plus
$329.9K
$288.7K – $384.9K
NOI $23,093 @ 7.0% cap · market cap 8.89%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
67
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54880, WI
30,400
Population
14,325
Households
2.1
Avg Household Size
39
Median Age
28%
College-Educated
94%
High-School Grad
166.1 sq mi
ZIP Area
183
Density / Sq Mi
$66,942
Median Household Income
$40,813
Median Earnings
$901
Median Rent
$176,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Gronks Grill & Bar — 4909 E 2nd St, Superior, WI 54880
- The Tipsy Beaver Bar — 3823 E 2nd St, Superior, WI 54880
Frequently Asked Questions
What type of property is this?
Bar & Pub - Operating bar property with gaming, amusement, food-service, and residential components.
Where is this bar & pub located?
The property is located at 3823 E 2nd St Superior, WI.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 3,148 SF bar and pub property on a 0.14‑acre parcel; Five Wisconsin gaming machines and two electronic dart games; Two upper‑level apartments included in the building
