Waterfront Mixed-Use
For Sale
$695,000
127 W Main Street, Belleville, WI 53508
Business/Comm, Belleville, WI
Property Size3,461 SF
Lot Size0.14 Acres
Price / SF$200.81
Days on Market110
Property Features for 127 W Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Parking features
Offsite
Interior features
Private Restrooms, Residential unit(s)
Lot features
Business district, Free standing, Near Major Highway
Directions
From Hwy 69, W on W Main St.
Subdivision
BELLEVILLE - V
Standard status
Active
APN
0508-343-7094-4
Size
3,461 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
5105
Amenities
waterfront
Building Details
Year built
1920
Number of units
2
Roof type
Flat, Composition, Membrane
Listing Agency:
EXIT Professional Real Estate · EXIT Realty
(608) 426-7111
Listed By:
Christina Buol · License #9037394
(608) 469-0833
Added: May 15
Changed: Aug 31
Last Checked: Sep 1 at 1:06AM
MLS# 2017131
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 3,461-square-foot mixed-use property combines a bar and restaurant with indoor and outdoor seating, private restrooms, and second-floor residential quarters. The building dates to 1920 and occupies 0.14 acres. Recent improvements include a 2021 steam boiler, 2025 attic insulation, updated electrical and plumbing, and newer flooring.
The upstairs apartment has remodeled cabinets and countertops, refinished original wood floors, updated lighting, four mini-split units, and fresh paint. The property is located on Lake Belle View at 127 W Main Street in Belleville, Wisconsin, with offsite parking and Comm zoning. Its roof systems include flat, composition, and membrane components.
The upstairs apartment has remodeled cabinets and countertops, refinished original wood floors, updated lighting, four mini-split units, and fresh paint. The property is located on Lake Belle View at 127 W Main Street in Belleville, Wisconsin, with offsite parking and Comm zoning. Its roof systems include flat, composition, and membrane components.
Key Highlights
- Waterfront setting on Lake Belle View
- 3,461‑square‑foot mixed‑use building on 0.14 acres
- Bar and restaurant with indoor and outdoor seating
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
Mixed Use
$600.7K
$525.6K – $700.9K
NOI $42,051 @ 7.0% cap · market cap 6.05%
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
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Bar and restaurant with remodeled second-floor living quarters.
Where is this mixed-use property located?
The property is located at 127 W Main Street 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: Waterfront setting on Lake Belle View; 3,461‑square‑foot mixed‑use building on 0.14 acres; Bar and restaurant with indoor and outdoor seating
