Renovated Restaurant with
For Sale
Contact for pricing
221 W State, Fox Lake, WI 53933
Downtown tavern and restaurant with updated systems, kitchen equipment, and two apartments above.
Property Size3,250 SF
Price / SF$153.78
Days on Market133
Property Features for 221 W State
General Information
Standard status
Active
Size
3,250 SF
Total Parking Spaces
4
Property subtype
Retail, Multifamily
Building Details
Year Built
1890
Units
3
Listing Agency:
Coldwell Banker Realty
(773) 251-8066
Listed By:
Angela Noltimier · License #80847-94
Source:
Crexi
Added: Apr 21
Changed: Aug 30
Last Checked: Aug 30 at 4:57AM
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 Realty
Investment Insights
Based on property information with market context.
This 3,250-square-foot restaurant and tavern occupies a building constructed in 1890, with two apartments located above the commercial space. The property has undergone a full renovation, including electrical and plumbing updates, and includes kitchen equipment and other business furnishings. A basement with front and rear access provides additional operational space and features high ceilings. Each unit is separately metered for utilities.
Located at 221 W State in downtown Fox Lake, the property is near Hwy 33, the waterfront, and a golf course. The surrounding community supports boating and fishing activity. The sale includes both the real estate and the operating restaurant business.
Located at 221 W State in downtown Fox Lake, the property is near Hwy 33, the waterfront, and a golf course. The surrounding community supports boating and fishing activity. The sale includes both the real estate and the operating restaurant business.
Key Highlights
- 3,250 SF restaurant and tavern with 2 apartments above
- Full renovation with updated electrical and plumbing
- Basement with front and rear access plus high ceilings
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
$44,366
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
8.88%
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%
$887,320
$887.3K
Cap Rate 7%
$633,800
$633.8K
Cap Rate 9%
$492,956
$493.0K
Market Conditions
NOI Build-Up for 3,250 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
$61.6K $18.96/SF
− Vacancy
−$2.5K −$0.76/SF
EGI
$59.2K $18.20/SF
− OpEx
−$14.8K −$4.55/SF
NOI
$44.4K $13.65/SF
Area
Dodge County, WI
Vacancy
4.00%
Lease Rate
$18.96 /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%
$887,320
Cap Rate 7%
$633,800
Cap Rate 9%
$492,956
Alternative Uses
Best Use
Specialty Retail
$633.8K
$554.6K – $739.4K
NOI $44,366 @ 7.0% cap · market cap 8.88%
Second Best
Multifamily LT 5
$414.8K
$362.9K – $483.9K
NOI $29,033 @ 7.0% cap · market cap 5.81%
Theoretical Best
Office A
$706.0K
$617.8K – $823.7K
NOI $49,421 @ 7.0% cap · market cap 9.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
150
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53933, WI
4,278
Population
1,793
Households
2.4
Avg Household Size
42
Median Age
17%
College-Educated
91%
High-School Grad
37.7 sq mi
ZIP Area
113
Density / Sq Mi
$80,536
Median Household Income
$39,652
Median Earnings
$1,121
Median Rent
$228,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Downtown tavern and restaurant with updated systems, kitchen equipment, and two apartments above.
Where is this conventional restaurant located?
The property is located at 221 W State Fox Lake, WI.
What is the asking price?
The asking price for this property is $499,800.
What are key features of this property?
This property features: 3,250 SF restaurant and tavern with 2 apartments above; Full renovation with updated electrical and plumbing; Basement with front and rear access plus high ceilings
