Building Details

Year built 1930

Building materials Wood, Composition, Brick/Stone

Roof type Shingle

Listing Agency: REMAX EXCEL · RE/MAX International r***@rewausau.com Show Phone

Listed By: VICKI SCHAAR · License #5068894 Show Phone

Added: Aug 5 Changed: Aug 19 Last Checked: Aug 22 at 4:06AM

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MLS# 22603769

Copyright © 2026 Central Wisconsin MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This operating bar includes food-service improvements, attached living quarters, and a detached 1 1/2-car garage. The building contains 1,688 square feet and dates to 1930, with wood, composition, and brick/stone construction. Food-service equipment includes a griddle, fryer setup, commercial dishwasher, walk-in cooler, glass refrigerator, under-bar coolers, additional refrigeration, freezers, certified sinks, stools, and hand-crafted wood slab tables.

Recent property features include a 200-amp electrical update, newer water heater, concrete steps at the front entrance, and a whole-house generator serving the refrigeration equipment. Outdoor amenities include a 16' x 16' gazebo on a concrete slab. The attached residence provides 2 bedrooms and 1 bathroom, while forced-air heating and wall-unit cooling support the building. The property occupies 0.6 acres at 216160 State Highway 49 in Eland, Wisconsin.

Key Highlights

• Operating bar with food service and attached living quarters
• 1,688‑square‑foot building on 0.6 acres
• Attached residence includes 2 bedrooms and 1 bathroom

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

$21,831

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

6.72%

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%

$436,620 $436.6K

Cap Rate 7%

$311,871 $311.9K

Cap Rate 9%

$242,567 $242.6K

Market Conditions

NOI Build-Up for 1,688 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

$30.4K $18.00/SF

− Vacancy

−$1.3K −$0.76/SF

EGI

$29.1K $17.24/SF

− OpEx

−$7.3K −$4.31/SF

NOI

$21.8K $12.93/SF

Area

Marathon County, WI

Vacancy

4.20%

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%

$436,620

Cap Rate 7%

$311,871

Cap Rate 9%

$242,567

Alternative Uses

Best Use

Specialty Retail

$311.9K

$272.9K – $363.9K (±1% cap)

NOI $21,831 @ 7.0% cap · market cap 6.72%

Second Best

Mixed Use

$244.2K

$213.6K – $284.9K (±1% cap)

NOI $17,091 @ 7.0% cap · market cap 5.26%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Bars & Pubs

Suggested Use

Top Pick Hotel & Motel Bar & Pub

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

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 54427, WI

1,128

Population

576

Households

2

Avg Household Size

48

Median Age

20%

College-Educated

96%

High-School Grad

44.5 sq mi

ZIP Area

25

Density / Sq Mi

$79,167

Median Household Income

$46,949

Median Earnings

$794

Median Rent

$176,000

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

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this bars & pubs 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?

Bar & Pub - Operating hospitality property with attached living quarters, commercial kitchen equipment, and a detached garage.

Where is this bar & pub located?

The property is located at 216160 STATE HIGHWAY 49 Eland, WI.

What is the asking price?

The asking price for this property is $325,000.

What are key features of this property?

This property features: Operating bar with food service and attached living quarters; 1,688‑square‑foot building on 0.6 acres; Attached residence includes 2 bedrooms and 1 bathroom