Turnkey Tavern and Apartment
For Sale
$320,000
120 W Madison St, Gibsonburg, OH 43431
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 Market143
Property Features for 120 W Madison St
General Information
Standard status
Active
Size
3,920 SF
Occupancy
100%
Additional Details
Furnished
Yes
Business Included
Yes
Multifamily Units
4
Taxes and HOA fees
Annual Taxes
$3,149
Amenities
covered patio
security system
Listing Agency:
Wendt Key Team Realty
(419) 333-8326
Listed By:
Jamie A. Ritchie
(419) 559-9590
Source:
Exprealty
Added: Apr 17
Changed: Aug 21
Last Checked: Sep 5 at 10:50AM
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
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
$26,053
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
8.14%
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%
$521,060
$521.1K
Cap Rate 7%
$372,186
$372.2K
Cap Rate 9%
$289,478
$289.5K
Market Conditions
NOI Build-Up for 3,920 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
$49.9K $12.72/SF
− Vacancy
−$2.5K −$0.64/SF
EGI
$47.4K $12.08/SF
− OpEx
−$21.3K −$5.44/SF
NOI
$26.1K $6.65/SF
Area
Sandusky County, OH
Vacancy
5.00%
Lease Rate
$12.72 /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%
$521,060
Cap Rate 7%
$372,186
Cap Rate 9%
$289,478
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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Residential units
100%
Occupancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
128
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 43431, OH
4,500
Population
1,907
Households
2.4
Avg Household Size
43
Median Age
18%
College-Educated
92%
High-School Grad
49.9 sq mi
ZIP Area
90
Density / Sq Mi
$82,533
Median Household Income
$46,123
Median Earnings
$662
Median Rent
$154,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
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Similar Off Market Nearby
- Corduroy Tavern — 379 w linden ave, gibsonburg, oh 43431
- Madison Street Tavern — 124 W Madison St, Gibsonburg, OH 43431
- Kate & Al's Bar & Grill — 105 s main st, gibsonburg, oh 43431
- Gail's Party Shoppe — 201 S Main St, Gibsonburg, OH 43431
Frequently Asked Questions
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
