Turnkey Bar Restaurant with
For Sale
Contact for pricing
201 S Walnut St, Appleton, WI 54911
Former Irish pub includes a full commercial kitchen, FF&E, and on-site parking, plus an apartment above.
Property Size8,167 SF
Price / SF$91.83
Days on Market141
Property Features for 201 S Walnut St
General Information
Standard status
Active
Size
8,167 SF
Property subtype
RETAIL
Additional Details
Furnished
Yes
Multifamily Units
1
Amenities
on-site parking
partial basement
full commercial kitchen
Listing Agency:
NAI Pfefferle
(815) 262-2994
Listed By:
Adam Figurin · License #87252
(815) 262-2994
Source:
Moodyscre
Added: Mar 25
Changed: Aug 10
Last Checked: Apr 19 at 2:40PM
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/restaurant opportunity was previously operated as a full-service Irish pub and includes a complete commercial kitchen. The sale includes all building FF&E, encompassing furniture, fixtures, and equipment. An on-site parking area supports restaurant operations, and there is a partial basement for additional storage.
The property also includes a spacious apartment on the upper level with three bedrooms and two bathrooms. As additional income opportunities, the layout allows for leasing two separate commercial spaces, with flexibility for an owner-occupant or investor approach.
Beyond the existing bar/restaurant improvements and commercial kitchen, the building offers mixed-use potential with both ground-floor income and an upper-level residential component.
The property also includes a spacious apartment on the upper level with three bedrooms and two bathrooms. As additional income opportunities, the layout allows for leasing two separate commercial spaces, with flexibility for an owner-occupant or investor approach.
Beyond the existing bar/restaurant improvements and commercial kitchen, the building offers mixed-use potential with both ground-floor income and an upper-level residential component.
Key Highlights
- Former McGuinness Irish Pub with full commercial kitchen
- FF&E included in the sale (furniture, fixtures & equipment)
- On‑site parking plus a partial basement for additional storage
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
4.37%
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 16.43%
Second Best
Industrial
$468.7K
$410.1K – $546.8K
NOI $32,807 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$2.25M
$1.97M – $2.63M
NOI $157,623 @ 7.0% cap · market cap 21.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
1,569
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Bar & Pub - Former Irish pub includes a full commercial kitchen, FF&E, and on-site parking, plus an apartment above.
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 $750,000.
What are key features of this property?
This property features: Former McGuinness Irish Pub with full commercial kitchen; FF&E included in the sale (furniture, fixtures & equipment); On‑site parking plus a partial basement for additional storage
