Turnkey Tavern and Apartment
120 W Madison St Gibsonburg, OH 43431
120 W Madison St, Gibsonburg, OH, 43431
$320,000
For Sale
$320,000
Turnkey bar and pool hall with four fully occupied apartments above, plus included inventory, fixtures, and equipment.
Property Size3,920 SF
Price / SF$81.63
Days on Market96
Property Features for 120 W Madison St
General Information
- Standard status
- Active
- Size
- 3,920 SF
Listing agency
Wendt Key Team Realty
(419) 559-9590
Listed by
Jamie A. Ritchie
(419) 559-9590
Source
Exprealty
Added: Apr 18 Updated: Jul 22 at 8:03AM Checked: Jul 22 at 8:03AM
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 Wendt Key Team Realty
Investment Insights
Based on property information with market context.
This property combines a bar and pool hall with four apartments above. The bar area includes updated and included equipment such as a bottle cooler, keg coolers, beer refrigerator, freezers, commercial coffee maker, stove, fryer, prep and workstations, kitchen space with solid surface countertops, commercial microwave, pizza oven, warmers, walk-in cooler, and additional storage. The bar side has two bathrooms and a back storage room. The pool hall side features five pool tables, newer carpeting, two bathrooms, and additional rear storage.
Recent improvements include fresh paint and the addition of a covered patio in the rear with a patio heater and grill. The roof on the bar side is approximately 10 years old, and the roof on the pool hall side is approximately 6 years old, both described as rubber roofs. The sale includes inventory, fixtures, and equipment, with a few personal items to be removed.
The four apartments above are fully occupied, providing ongoing rental income. Multiple income streams are available within the bar as described in the remarks.
Recent improvements include fresh paint and the addition of a covered patio in the rear with a patio heater and grill. The roof on the bar side is approximately 10 years old, and the roof on the pool hall side is approximately 6 years old, both described as rubber roofs. The sale includes inventory, fixtures, and equipment, with a few personal items to be removed.
The four apartments above are fully occupied, providing ongoing rental income. Multiple income streams are available within the bar as described in the remarks.
Key Highlights
- Madison Street Tavern & Pool Hall with 4 fully occupied apartments above
- Turnkey sale includes inventory, fixtures, and equipment (with a few personal items excluded)
- Bar includes multiple included systems and appliances: POS system, security system, beer refrigerator, keg coolers, freezers, and commercial coffee maker
Local Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.9k | $12.72 |
| − Vacancy | −$2.5k | −$0.64 |
| EGI | $47.4k | $12.08 |
| − OpEx | −$21.3k | −$5.44 |
| NOI | $26.1k | $6.65 |
3,920 SF · lease $12.72/SF/yr · vacancy 5.00% · expense 45.00%
Alternative Uses
Best Use
Specialty Retail
$601.7K
$526.5K – $701.9K
NOI $42,116 @ 7.0% cap · market cap 13.16%
Second Best
Multifamily LT 5
$425.7K
$372.5K – $496.6K
NOI $29,796 @ 7.0% cap · market cap 9.31%
Theoretical Best
Office A
$739.7K
$647.3K – $863.0K
NOI $51,782 @ 7.0% cap · market cap 16.18%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
Bars & Pubs
Similar For Sale Nearby
Similar Off Market Nearby
- Madison Street Tavern — 124 W Madison St, Gibsonburg, OH 43431
- Kate & Al's Bar & Grill — 105 s main st, gibsonburg, oh 43431
- Corduroy Tavern — 379 w linden ave, gibsonburg, oh 43431
- Gail's Party Shoppe — 201 S Main St, Gibsonburg, OH 43431
FAQs
What type of property is this?
Bar & Pub - Turnkey bar and pool hall with four fully occupied apartments above, plus included inventory, fixtures, and equipment.
Where is this bar & pub located?
The property is located at 120 W Madison St Gibsonburg, OH.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Madison Street Tavern & Pool Hall with 4 fully occupied apartments above; Turnkey sale includes inventory, fixtures, and equipment (with a few personal items excluded); Bar includes multiple included systems and appliances: POS system, security system, beer refrigerator, keg coolers, freezers, and commercial coffee maker
