Prime Location Near University
For Sale
Contact for pricing
403 Belknap St, Superior, WI
Turn-key restaurant or retail opportunity near a thriving university.
Property Size3,800 SF
Lot Size0.43 Acres
Price / SF$235.53
Days on Market546
Property Features for 403 Belknap St
General Information
Standard status
Active
Size
3,800 SF
Lot size
0.43 Acres
Property subtype
RETAIL
Listing Agency:
Greg Follmer Commercial Real Estate
Listed By:
Greg Follmer · License #27078
(218) 310-0013
Source:
Moodyscre
Added: Mar 18, 2025
Changed: Aug 8
Last Checked: Sep 13 at 11:43AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Greg Follmer Commercial Real Estate
Investment Insights
Based on property information with market context.
This property is situated directly across the street from the University of Wisconsin-Superior campus. Currently operating as a restaurant, it presents a turn-key opportunity for a new owner. The 3,800 square foot property could also be transformed into a sports bar, retail space, or office to suit various business needs. The location benefits from high visibility.
Key Highlights
- High‑visibility location directly across from a thriving university campus.
- Opportunity for a turn‑key restaurant operation.
- Suitable for transformation into various business types (sports bar, retail, office).
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
$46,635
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
5.21%
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%
$932,700
$932.7K
Cap Rate 7%
$666,214
$666.2K
Cap Rate 9%
$518,167
$518.2K
Market Conditions
NOI Build-Up for 3,800 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
$68.4K $18.00/SF
− Vacancy
−$1.8K −$0.47/SF
EGI
$66.6K $17.53/SF
− OpEx
−$20.0K −$5.26/SF
NOI
$46.6K $12.27/SF
Area
Douglas County, WI
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$932,700
Cap Rate 7%
$666,214
Cap Rate 9%
$518,167
Alternative Uses
Best Use
Specialty Retail
$1.20M
$1.05M – $1.40M
NOI $83,868 @ 7.0% cap · market cap 9.37%
Second Best
Retail
$666.2K
$582.9K – $777.3K
NOI $46,635 @ 7.0% cap · market cap 5.21%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Turn key restaurant - Turn-key restaurant or retail opportunity near a thriving university.
Where is this turn key restaurant located?
The property is located at 403 Belknap St Superior, WI.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: High‑visibility location directly across from a thriving university campus.; Opportunity for a turn‑key restaurant operation.; Suitable for transformation into various business types (sports bar, retail, office).
