Restaurant & Lounge for
For Sale
$800,000
151 N Progress Dr, Saukville, WI 53080
Messina Restaurant & Lounge includes on-site parking and outdoor decor, with convenient access from Highway 43.
Property Size4,004 SF
Price / SF$199.80
Days on Market312
Property Features for 151 N Progress Dr
General Information
Standard status
Active
Size
4,004 SF
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$8,375
Listing Agency:
Homesmart Connect LLC
(847) 495-5000
Listed By:
Scott Eberle · License #475124040
(262) 492-5708
Source:
Exprealty
Added: Oct 31, 2025
Changed: Aug 20
Last Checked: Sep 7 at 1:34PM
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 Homesmart Connect LLC
Investment Insights
Based on property information with market context.
Messina Restaurant & Lounge is a family Italian restaurant property offering a dining and lounge concept. The restaurant occupies a prominent lot with plenty of parking and includes outside decor intended to enhance the guest experience.
The property is easily accessible from Highway 43 and serves Saukville and surrounding areas, drawing in both locals and visitors.
This is a turnkey restaurant real estate offering centered on an established dining venue with a strong emphasis on curb presence and outdoor appeal.
The property is easily accessible from Highway 43 and serves Saukville and surrounding areas, drawing in both locals and visitors.
This is a turnkey restaurant real estate offering centered on an established dining venue with a strong emphasis on curb presence and outdoor appeal.
Key Highlights
- Restaurant and lounge property in Saukville and surrounding areas
- On‑site parking available
- Outdoor decor included
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
$61,103
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
7.64%
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%
$1,222,060
$1.2M
Cap Rate 7%
$872,900
$872.9K
Cap Rate 9%
$678,922
$678.9K
Market Conditions
NOI Build-Up for 4,004 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
$86.5K $21.60/SF
− Vacancy
−$5.0K −$1.25/SF
EGI
$81.5K $20.35/SF
− OpEx
−$20.4K −$5.09/SF
NOI
$61.1K $15.26/SF
Area
Ozaukee County, WI
Vacancy
5.80%
Lease Rate
$21.60 /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%
$1,222,060
Cap Rate 7%
$872,900
Cap Rate 9%
$678,922
Alternative Uses
Best Use
Specialty Retail
$872.9K
$763.8K – $1.02M
NOI $61,103 @ 7.0% cap · market cap 7.64%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$943.4K
$825.5K – $1.10M
NOI $66,037 @ 7.0% cap · market cap 8.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
182
Businesses Nearby
7k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Casey's General Store
Shops & Services
7,070 visits/mo
0.1 miles
Demographics for 53080, WI
5,457
Population
2,425
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
98%
High-School Grad
28.6 sq mi
ZIP Area
191
Density / Sq Mi
$82,903
Median Household Income
$45,331
Median Earnings
$959
Median Rent
$291,700
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Messina Restaurant & Lounge includes on-site parking and outdoor decor, with convenient access from Highway 43.
Where is this conventional restaurant located?
The property is located at 151 N Progress Dr Saukville, WI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: Restaurant and lounge property in Saukville and surrounding areas; On‑site parking available; Outdoor decor included
