Updated Restaurant Bar
For Sale
$699,900
217 COLLEGE AVE, Appleton, WI 54911
Well-maintained restaurant/bar building with recent updates including central air, furnace, electrical, and tap lines.
Property Size2,703 SF
Price / SF$258.93
Days on Market127
Property Features for 217 COLLEGE AVE
General Information
Standard status
Active
Size
2,703 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,456
Amenities
Central Air, Gas
3
Commercial
0.0 to .499
Building Details
Year Built
1978
Listing Agency:
Coldwell Banker Real Estate Group
(920) 993-4674
Listed By:
Linda Sanderfoot
(920) 993-4674
Source:
Xome
Added: Apr 5
Changed: Aug 8
Last Checked: Aug 9 at 5:38AM
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 Coldwell Banker Real Estate Group
Investment Insights
Based on property information with market context.
This updated restaurant/bar property at 217 E College Avenue is being offered for sale with a long-standing, successful operation. The building has been well maintained and thoughtfully updated by the current owner, with improvements reported to include new roofs, a furnace, central air, electrical work, tap lines, and select equipment, among other upgrades.
The business benefits from a loyal, long-time customer base and a strong, dependable staff already in place. The building is positioned on College Avenue, making it a convenient, storefront-ready option for an owner-operator looking to step into a proven operation.
Offered as an ongoing, operating restaurant/bar location, the property’s recent mechanical and building updates are intended to support day-to-day continuity while you assume ownership and continue the business.
The business benefits from a loyal, long-time customer base and a strong, dependable staff already in place. The building is positioned on College Avenue, making it a convenient, storefront-ready option for an owner-operator looking to step into a proven operation.
Offered as an ongoing, operating restaurant/bar location, the property’s recent mechanical and building updates are intended to support day-to-day continuity while you assume ownership and continue the business.
Key Highlights
- Commercial restaurant/bar building on downtown College Avenue
- Central air and gas cooling
- Updates include roofs, furnace, central air, and electrical
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
$40,784
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
5.83%
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%
$815,680
$815.7K
Cap Rate 7%
$582,629
$582.6K
Cap Rate 9%
$453,156
$453.2K
Market Conditions
NOI Build-Up for 2,703 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
$56.8K $21.00/SF
− Vacancy
−$2.4K −$0.88/SF
EGI
$54.4K $20.12/SF
− OpEx
−$13.6K −$5.03/SF
NOI
$40.8K $15.09/SF
Area
Outagamie County, WI
Vacancy
4.20%
Lease Rate
$21.00 /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%
$815,680
Cap Rate 7%
$582,629
Cap Rate 9%
$453,156
Alternative Uses
Best Use
Specialty Retail
$582.6K
$509.8K – $679.7K
NOI $40,784 @ 7.0% cap · market cap 5.83%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$745.3K
$652.1K – $869.5K
NOI $52,168 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,409
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 - Well-maintained restaurant/bar building with recent updates including central air, furnace, electrical, and tap lines.
Where is this bar & pub located?
The property is located at 217 COLLEGE AVE Appleton, WI.
What is the asking price?
The asking price for this property is $699,900.
What are key features of this property?
This property features: Commercial restaurant/bar building on downtown College Avenue; Central air and gas cooling; Updates include roofs, furnace, central air, and electrical
