Waterfront Bar & Restaurant
For Sale
Contact for pricing
127 W Main St, Belleville, WI 53508
Turnkey bar and restaurant with living quarters in Belleville, WI.
Property Size3,461 SF
Price / SF$200.81
Days on Market176
Property Features for 127 W Main St
General Information
Standard status
Active
Size
3,461 SF
Total Parking Spaces
5
Property subtype
Retail
Zoning
Comm
Building Details
Year Built
1920
Buildings
1
Stories
2
Units
2
Listing Agency:
EXIT Professional Real Estate
(608) 293-0561
Listed By:
Christina Buol · License #90373-94
Source:
Crexi
Added: Feb 25
Changed: Aug 8
Last Checked: Aug 19 at 8:48AM
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 EXIT Professional Real Estate
Investment Insights
Based on property information with market context.
This turnkey waterfront bar and restaurant is located in Belleville, WI, on scenic Lake Belle View, minutes from the Badger State Trail. The established business benefits from steady local, commuter, and tourism traffic year-round. The property features indoor and outdoor seating, plus updated living quarters on the second floor. Recent updates include a new steam boiler (2021), and attic insulation (2025), along with updated electrical and plumbing and newer flooring. The upstairs apartment has been fully remodeled with new cabinets and countertops, refinished original wood floors, updated lighting, 4 mini-split units, and fresh paint. The apartment is move-in ready and modernized throughout, making it ideal for owner occupancy, long-term rental, or Airbnb income. Belleville continues to expand with new housing developments, increased tourism, and convenient access to Madison and Verona. The property size is 3461 square feet.
Key Highlights
- Turnkey waterfront bar & restaurant on Lake Belle View with indoor/outdoor seating.
- Updated living quarters/apartment on the second floor, ideal for owner occupancy, rental, or Airbnb.
- High‑visibility location in growing Belleville, near Badger State Trail.
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
$44,200
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
6.36%
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%
$884,000
$884.0K
Cap Rate 7%
$631,429
$631.4K
Cap Rate 9%
$491,111
$491.1K
Market Conditions
NOI Build-Up for 3,461 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
$62.3K $18.00/SF
− Vacancy
−$3.4K −$0.97/SF
EGI
$58.9K $17.03/SF
− OpEx
−$14.7K −$4.26/SF
NOI
$44.2K $12.77/SF
Area
Dane County, WI
Vacancy
5.40%
Lease Rate
$18.00 /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%
$884,000
Cap Rate 7%
$631,429
Cap Rate 9%
$491,111
Alternative Uses
Best Use
Specialty Retail
$631.4K
$552.5K – $736.7K
NOI $44,200 @ 7.0% cap · market cap 6.36%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$804.3K
$703.7K – $938.3K
NOI $56,298 @ 7.0% cap · market cap 8.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53508, WI
5,477
Population
2,421
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
97%
High-School Grad
67.9 sq mi
ZIP Area
81
Density / Sq Mi
$95,577
Median Household Income
$51,021
Median Earnings
$1,002
Median Rent
$330,700
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.
Similar Off Market Nearby
- The Dam Bar — 3 E Main St, Belleville, WI 53508
- J & M Bar — 127 W Main St, Belleville, WI 53508
- Belleville Ale House — 7 W Main St, Belleville, WI 53508
- Belleville Music Festival — Bross Cir, Belleville, WI 53508
- The Nest Tavern — 30 W Main St, Belleville, WI 53508
Frequently Asked Questions
What type of property is this?
Bar & Pub - Turnkey bar and restaurant with living quarters in Belleville, WI.
Where is this bar & pub located?
The property is located at 127 W Main St Belleville, WI.
What is the asking price?
The asking price for this property is $695,000.
What are key features of this property?
This property features: Turnkey waterfront bar & restaurant on Lake Belle View with indoor/outdoor seating.; Updated living quarters/apartment on the second floor, ideal for owner occupancy, rental, or Airbnb.; High‑visibility location in growing Belleville, near Badger State Trail.
