Turnkey Bar and
For Sale
Contact for pricing
201 S Walnut St, Appleton, WI 54911
Turnkey bar-restaurant opportunity with a full commercial kitchen, FF&E included, and on-site parking.
Property Size8,167 SF
Price / SF$85.59
Days on Market166
Property Features for 201 S Walnut St
General Information
Standard status
Active
Size
8,167 SF
Property subtype
Retail
Zoning
Commercial
Additional Details
Furnished
Yes
Amenities
partial basement
Building Details
Year Built
1880
Listing Agency:
NAI Pfefferle
Listed By:
Teresa Knuth · License #WI 89096-94
(920) 968-4700
Source:
Crexi
Added: Mar 25
Changed: Aug 25
Last Checked: Sep 4 at 5:17PM
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 NAI Pfefferle
Investment Insights
Based on property information with market context.
This turnkey bar and restaurant opportunity includes the full commercial kitchen and all building FF&E (furniture, fixtures, and equipment) included in the sale. The property also features partial basement space for additional storage, supporting day-to-day operations and back-of-house needs.
Located at 201 S Walnut St in Appleton, the building is in a downtown setting, just one block off College Avenue. The offering also includes valuable on-site parking.
The current configuration is positioned for immediate use as a bar and restaurant, with the included equipment and furnishings intended to reduce upfront ramp-up time.
Located at 201 S Walnut St in Appleton, the building is in a downtown setting, just one block off College Avenue. The offering also includes valuable on-site parking.
The current configuration is positioned for immediate use as a bar and restaurant, with the included equipment and furnishings intended to reduce upfront ramp-up time.
Key Highlights
- Year built: 1880
- Former McGuinness Irish Pub with full commercial kitchen for bar/restaurant use
- FF&E included in the sale (furniture, fixtures & equipment)
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
$32,807
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
4.69%
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%
$656,140
$656.1K
Cap Rate 7%
$468,671
$468.7K
Cap Rate 9%
$364,522
$364.5K
Market Conditions
NOI Build-Up for 8,167 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
$48.3K $5.91/SF
− Vacancy
−$1.4K −$0.17/SF
EGI
$46.9K $5.74/SF
− OpEx
−$14.1K −$1.72/SF
NOI
$32.8K $4.02/SF
Area
Outagamie County, WI
Vacancy
2.90%
Lease Rate
$5.91 /SF/Yr
Expense Ratio
30.00%
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%
$656,140
Cap Rate 7%
$468,671
Cap Rate 9%
$364,522
Alternative Uses
Best Use
Specialty Retail
$1.76M
$1.54M – $2.05M
NOI $123,228 @ 7.0% cap · market cap 17.63%
Second Best
Industrial
$468.7K
$410.1K – $546.8K
NOI $32,807 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,623 @ 7.0% cap · market cap 22.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,625
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54911, WI
26,964
Population
11,171
Households
2.4
Avg Household Size
37
Median Age
35%
College-Educated
94%
High-School Grad
8.4 sq mi
ZIP Area
3,210
Density / Sq Mi
$66,747
Median Household Income
$38,591
Median Earnings
$1,010
Median Rent
$199,100
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 - Turnkey bar-restaurant opportunity with a full commercial kitchen, FF&E included, and on-site parking.
Where is this bar & pub located?
The property is located at 201 S Walnut St Appleton, WI.
What is the asking price?
The asking price for this property is $699,000.
What are key features of this property?
This property features: Year built: 1880; Former McGuinness Irish Pub with full commercial kitchen for bar/restaurant use; FF&E included in the sale (furniture, fixtures & equipment)
