Building Details

Year Built 1900

Listing Agency: Berkshire Hathaway HS Lake Country b***@gmail.com Show Phone

Listed By: Brian Fendry · License #4282090

Source: Viewhomesinwisconsin

Added: Aug 9 Changed: Aug 29 Last Checked: Aug 29 at 11:03AM

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Investment Insights

Based on property information with market context.

Located at 151 Main St in Sullivan, WI, this conventional restaurant offering includes a full-service bar, installed equipment, and an established operating business. The current owner is retiring, providing a transition opportunity for a buyer seeking an existing restaurant and bar configuration.

The building was constructed in 1900, with mechanical systems updated over the last few years. The operation has developed a consistent customer following, and P&L statements are available to qualified buyers after execution of a Non-Disclosure Agreement. The offering combines an operating restaurant, bar infrastructure, equipment, and an established customer base.

Key Highlights

• Full‑service restaurant and bar operation
• Equipment is already in place
• Mechanical systems updated over the last few years

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

$29,229

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

3.81%

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%

$584,580 $584.6K

Cap Rate 7%

$417,557 $417.6K

Cap Rate 9%

$324,767 $324.8K

Market Conditions

NOI Build-Up for 3,000 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

$40.7K $13.56/SF

− Vacancy

−$1.7K −$0.57/SF

EGI

$39.0K $12.99/SF

− OpEx

−$9.7K −$3.25/SF

NOI

$29.2K $9.74/SF

Area

Jefferson County, WI

Vacancy

4.20%

Lease Rate

$13.56 /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%

$584,580

Cap Rate 7%

$417,557

Cap Rate 9%

$324,767

Alternative Uses

Best Use

Specialty Retail

$417.6K

$365.4K – $487.2K (±1% cap)

NOI $29,229 @ 7.0% cap · market cap 3.81%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$704.2K

$616.1K – $821.5K (±1% cap)

NOI $49,291 @ 7.0% cap · market cap 6.42%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Black Frog Grille Bar & Pub Pabst Blue Ribbon Big Box & Wholesale Store

Suggested Use

Top Pick Building Supply Electrical Service Plumbing Service Storage Facility Grocery & Convenience Store Bakery

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

86

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 53178, WI

2,703

Population

1,184

Households

2.3

Avg Household Size

48

Median Age

24%

College-Educated

93%

High-School Grad

31.9 sq mi

ZIP Area

85

Density / Sq Mi

$94,522

Median Household Income

$47,986

Median Earnings

$847

Median Rent

$337,800

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Established dining operation with a full-service bar and recently updated mechanical systems.

Where is this conventional restaurant located?

The property is located at 151 Main St Sullivan, WI.

What is the asking price?

The asking price for this property is $768,000.

What are key features of this property?

This property features: Full‑service restaurant and bar operation; Equipment is already in place; Mechanical systems updated over the last few years