Renovated Restaurant and Retail
For Sale
$960,061
5900 West North Avenue, Milwaukee, WI 53208
Extensively renovated restaurant and retail venue in desirable location.
Property Size5,000 SF
Price / SF$192.01
Days on Market154
Property Features for 5900 West North Avenue
General Information
Standard status
Active
Size
5,000 SF
Property subtype
Retail
Listing Agency:
CBRE, Inc.
(414) 274-1618
Listed By:
Yoni Zvi
(414) 274-1618
Source:
Cbre
Added: Mar 25
Changed: Aug 21
Last Checked: Aug 25 at 6:01AM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
This extensively renovated property, originally opened as the North Ave Market, features multiple restaurant and retail suites. Most recently, it operated as a single bar, restaurant, and event venue. The property includes 3,278 square feet on the first floor and a 5,000-square-foot finished basement with elevator access. Located along the desirable North Avenue Commercial Corridor, the property was renovated in 2022. The flexible layout can accommodate a variety of uses.
Key Highlights
- Extensively renovated in 2022
- 3,278 SF on the first floor and 5,000 SF finished basement
- Elevator access to the basement**
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
$61,335
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
6.39%
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%
$1,226,700
$1.2M
Cap Rate 7%
$876,214
$876.2K
Cap Rate 9%
$681,500
$681.5K
Market Conditions
NOI Build-Up for 5,000 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
$87.0K $17.40/SF
− Vacancy
−$5.2K −$1.04/SF
EGI
$81.8K $16.36/SF
− OpEx
−$20.4K −$4.09/SF
NOI
$61.3K $12.27/SF
Area
Milwaukee, WI
Vacancy
6.00%
Lease Rate
$17.40 /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%
$1,226,700
Cap Rate 7%
$876,214
Cap Rate 9%
$681,500
Alternative Uses
Best Use
Specialty Retail
$876.2K
$766.7K – $1.02M
NOI $61,335 @ 7.0% cap · market cap 6.39%
Second Best
Retail
$749.3K
$655.6K – $874.1K
NOI $52,448 @ 7.0% cap · market cap 5.46%
Theoretical Best
Office A
$1.20M
$1.05M – $1.40M
NOI $84,108 @ 7.0% cap · market cap 8.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
840
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53208, WI
29,644
Population
13,778
Households
2.2
Avg Household Size
33
Median Age
31%
College-Educated
89%
High-School Grad
4.2 sq mi
ZIP Area
7,058
Density / Sq Mi
$50,585
Median Household Income
$40,729
Median Earnings
$924
Median Rent
$196,300
Median Home Value
Market
Vacancy Rate% for Retail in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Extensively renovated restaurant and retail venue in desirable location.
Where is this bar & pub located?
The property is located at 5900 West North Avenue Milwaukee, WI.
What is the asking price?
The asking price for this property is $960,061.
What are key features of this property?
This property features: Extensively renovated in 2022; 3,278 SF on the first floor and **5,000 SF finished basement**; Elevator access to the basement**
