Historic Tavern with
For Sale
$650,000
108 110 112 E Main St, Sun Prairie, WI 53590
24-seat bar with remodeled apartment above and an adjacent 1-bedroom space, plus an owned parking lot behind the bar.
Property Size4,180 SF
Price / SF$155.50
Days on Market39
Property Features for 108 110 112 E Main St
General Information
Standard status
Active
Size
4,180 SF
Additional Details
Business Included
Yes
Building Details
Year Built
1893
Listing Agency:
Restaino & Associates
Listed By:
Jim Wilson · License #5621490
(608) 474-0306
Source:
Soldinmadison
Added: Jul 29
Changed: Sep 4
Last Checked: Sep 4 at 9:28AM
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 Restaino & Associates
Investment Insights
Based on property information with market context.
Historic Wagner’s Tavern is offered for sale and has operated as a neighborhood gathering spot since Prohibition, with roots dating to 1893. The ground-floor bar area seats 24, with four tables and seating at the window facing E Main St traffic.
The bar includes two under-counter glass-door coolers, one service station with glassware, and a large walk-in cooler in the basement. The basement also provides laundry and liquor storage. Poker machines and an ATM are owned, while other games and a pool table are leased. A parking lot behind the bar is owned, with only a couple of spots not included.
There are living spaces above and next to the bar: a three-bedroom apartment above that was recently remodeled, and a one-bedroom apartment next to the bar that could be removed to create a kitchen for the bar. The porch at the top of the stairs needs to be completed.
The bar includes two under-counter glass-door coolers, one service station with glassware, and a large walk-in cooler in the basement. The basement also provides laundry and liquor storage. Poker machines and an ATM are owned, while other games and a pool table are leased. A parking lot behind the bar is owned, with only a couple of spots not included.
There are living spaces above and next to the bar: a three-bedroom apartment above that was recently remodeled, and a one-bedroom apartment next to the bar that could be removed to create a kitchen for the bar. The porch at the top of the stairs needs to be completed.
Key Highlights
- 24‑seat bar with four tables and window seating facing E Main St traffic
- Two under‑counter glass‑door coolers, service station with glassware, and a large walk‑in cooler in the basement
- Poker machines and an ATM are owned; other games and a pool table are leased
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
$53,383
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
8.21%
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%
$1,067,660
$1.1M
Cap Rate 7%
$762,614
$762.6K
Cap Rate 9%
$593,144
$593.1K
Market Conditions
NOI Build-Up for 4,180 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
$75.2K $18.00/SF
− Vacancy
−$4.1K −$0.97/SF
EGI
$71.2K $17.03/SF
− OpEx
−$17.8K −$4.26/SF
NOI
$53.4K $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%
$1,067,660
Cap Rate 7%
$762,614
Cap Rate 9%
$593,144
Alternative Uses
Best Use
Specialty Retail
$762.6K
$667.3K – $889.7K
NOI $53,383 @ 7.0% cap · market cap 8.21%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$971.3K
$849.9K – $1.13M
NOI $67,994 @ 7.0% cap · market cap 10.46%
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
494
Businesses Nearby
31k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 75%
Shops & Services 21%
Dining 3%
Pick 'n Save
Groceries
23,139 visits/mo
0.5 miles
BP
Shops & Services
5,422 visits/mo
0.5 miles
Summit Credit Union
Shops & Services
1,116 visits/mo
0.5 miles
Milio's Sandwiches
Dining
1,057 visits/mo
0.4 miles
Demographics for 53590, WI
43,684
Population
18,292
Households
2.4
Avg Household Size
37
Median Age
52%
College-Educated
97%
High-School Grad
65.9 sq mi
ZIP Area
663
Density / Sq Mi
$96,497
Median Household Income
$57,711
Median Earnings
$1,375
Median Rent
$354,700
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?
Bar & Pub - 24-seat bar with remodeled apartment above and an adjacent 1-bedroom space, plus an owned parking lot behind the bar.
Where is this bar & pub located?
The property is located at 108 110 112 E Main St Sun Prairie, WI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: 24‑seat bar with four tables and window seating facing E Main St traffic; Two under‑counter glass‑door coolers, service station with glassware, and a large walk‑in cooler in the basement; Poker machines and an ATM are owned; other games and a pool table are leased
