Operating Restaurant
New
For Sale
$485,000
1123 3rd St S, La Crosse, WI 54601
N, La Crosse, WI
Property Size1,700 SF
Lot Size0.20 Acres
Price / SF$285.29
Days on Market5
Property Features for 1123 3rd St S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
3rd St. south of Cass St. Just past Brewery on East side of St.
Standard status
Active
APN
017030087120
Size
1,700 SF
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4297
Building Details
Year built
1950
Architectural style
Other
Listing Agency:
Gerrard-Hoeschler, REALTORS
(608) 782-2300
Listed By:
Jennifer Pretasky · License #58766-94
(608) 780-2737
Added: Aug 25
Changed: Aug 27
Last Checked: Aug 29 at 5:06AM
MLS# 1977661
Copyright © 2026 Metro MLS. 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 operating restaurant property includes approximately 1,700 square feet on a 0.2-acre parcel. Built in 1950, the building is configured for an established food-service business and has remained in active operation. The property carries Commercial zoning and serves as a recognized local gathering place in La Crosse.
Located at 1123 3rd St S, the restaurant has developed a local customer base and benefits from consistent foot traffic. The sale offers an opportunity to continue the existing restaurant operation from an established commercial location.
Located at 1123 3rd St S, the restaurant has developed a local customer base and benefits from consistent foot traffic. The sale offers an opportunity to continue the existing restaurant operation from an established commercial location.
Key Highlights
- Operating restaurant business at 1123 3rd St S, La Crosse, WI 54601
- 1,700‑square‑foot restaurant property on 0.2 acres
- Commercial zoning
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
$26,025
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
5.37%
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%
$520,500
$520.5K
Cap Rate 7%
$371,786
$371.8K
Cap Rate 9%
$289,167
$289.2K
Market Conditions
NOI Build-Up for 1,700 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
$36.7K $21.60/SF
− Vacancy
−$2.0K −$1.19/SF
EGI
$34.7K $20.41/SF
− OpEx
−$8.7K −$5.10/SF
NOI
$26.0K $15.31/SF
Area
La Crosse County, WI
Vacancy
5.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
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%
$520,500
Cap Rate 7%
$371,786
Cap Rate 9%
$289,167
Alternative Uses
Best Use
Specialty Retail
$371.8K
$325.3K – $433.8K
NOI $26,025 @ 7.0% cap · market cap 5.37%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
2,218
Businesses Nearby
30k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Kwik Trip
Shops & Services
24,826 visits/mo
0.5 miles
Leadcar Toyota La Crosse
Shops & Services
3,105 visits/mo
0.2 miles
Quick Lane
Shops & Services
1,216 visits/mo
0.3 miles
Safelite AutoGlass
Shops & Services
677 visits/mo
0.4 miles
Demographics for 54601, WI
51,090
Population
22,652
Households
2.3
Avg Household Size
32
Median Age
40%
College-Educated
96%
High-School Grad
75.4 sq mi
ZIP Area
678
Density / Sq Mi
$60,078
Median Household Income
$31,143
Median Earnings
$998
Median Rent
$220,200
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Commercially zoned restaurant with an established local customer base and ongoing operations.
Where is this conventional restaurant located?
The property is located at 1123 3rd St S La Crosse, WI.
What is the asking price?
The asking price for this property is $485,000.
What are key features of this property?
This property features: Operating restaurant business at 1123 3rd St S, La Crosse, WI 54601; 1,700‑square‑foot restaurant property on 0.2 acres; Commercial zoning
