Turnkey Restaurant &
For Sale
$759,000
104 N Center Ave, Epworth, IA 52045
Renovated pizza restaurant and bar with updated electrical, plumbing, restrooms, and modernized bar plus front porch and back patio.
Property Size4,619 SF
Price / SF$164.32
Days on Market45
Property Features for 104 N Center Ave
General Information
Standard status
Active
Size
4,619 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1900
Year Renovated
2021
Listing Agency:
EXIT Unlimited
(563) 451-2346
Listed By:
Cody Burger · License #B68799000
Source:
Kwlegacyrealty
Added: Jul 19
Changed: Aug 19
Last Checked: Aug 31 at 7:35PM
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 Unlimited
Investment Insights
Based on property information with market context.
This turnkey pizza parlor and bar has been beautifully renovated in 2021. Improvements include new electrical, plumbing, flooring, walls, restrooms, and a modernized bar, creating an updated interior designed for day-to-day restaurant operations.
The property includes an inviting covered porch at the front and a stamped concrete patio in the back, providing indoor-outdoor space for casual dining and events. The business is offered for sale as a ready-to-operate restaurant and bar opportunity.
The improvements described are focused on key building systems and guest-facing areas, including the restrooms and bar, with overall updates completed as part of the 2021 renovation.
The property includes an inviting covered porch at the front and a stamped concrete patio in the back, providing indoor-outdoor space for casual dining and events. The business is offered for sale as a ready-to-operate restaurant and bar opportunity.
The improvements described are focused on key building systems and guest-facing areas, including the restrooms and bar, with overall updates completed as part of the 2021 renovation.
Key Highlights
- Renovated pizza parlor and bar, updated in 2021
- Renovations include new electrical, plumbing, flooring, and walls
- Restrooms updated as part of the 2021 renovations
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
$62,924
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
8.29%
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%
$1,258,480
$1.3M
Cap Rate 7%
$898,914
$898.9K
Cap Rate 9%
$699,156
$699.2K
Market Conditions
NOI Build-Up for 4,619 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
$87.6K $18.96/SF
− Vacancy
−$3.7K −$0.80/SF
EGI
$83.9K $18.16/SF
− OpEx
−$21.0K −$4.54/SF
NOI
$62.9K $13.62/SF
Area
Dubuque County, IA
Vacancy
4.20%
Lease Rate
$18.96 /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%
$1,258,480
Cap Rate 7%
$898,914
Cap Rate 9%
$699,156
Alternative Uses
Best Use
Specialty Retail
$898.9K
$786.6K – $1.05M
NOI $62,924 @ 7.0% cap · market cap 8.29%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
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
94
Businesses Nearby
4k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
4,371 visits/mo
0.1 miles
Demographics for 52045, IA
2,739
Population
1,062
Households
2.6
Avg Household Size
38
Median Age
23%
College-Educated
97%
High-School Grad
48.0 sq mi
ZIP Area
57
Density / Sq Mi
$83,239
Median Household Income
$48,265
Median Earnings
$896
Median Rent
$248,900
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?
Conventional restaurant - Renovated pizza restaurant and bar with updated electrical, plumbing, restrooms, and modernized bar plus front porch and back patio.
Where is this conventional restaurant located?
The property is located at 104 N Center Ave Epworth, IA.
What is the asking price?
The asking price for this property is $759,000.
What are key features of this property?
This property features: Renovated pizza parlor and bar, updated in 2021; Renovations include new electrical, plumbing, flooring, and walls; Restrooms updated as part of the 2021 renovations
