Restaurant with Drive-Through and
New
For Sale
$899,000
2625 NORTH AVE, Milwaukee, WI 53205
Established food-service operation with dine-in, takeout, delivery, and two remodeled apartments.
Property Size4,240 SF
Price / SF$212.03
Days on Market7
Property Features for 2625 NORTH AVE
General Information
Standard status
Active
Size
4,240 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Drive-Thru
Yes
Taxes and HOA fees
Annual Taxes
$2,699
Amenities
3
LB2
10 Parking Spaces.
0.0 to .499
Building Details
Year Built
1909
Listing Agency:
Boardwalk Realty LLC
(262) 389-5892
Listed By:
Christ Mesoloras
(262) 389-5892
Source:
Xome
Added: Aug 10
Changed: Aug 15
Last Checked: Aug 16 at 3:52AM
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 Boardwalk Realty LLC
Investment Insights
Based on property information with market context.
This Milwaukee restaurant offers an established barbecue and chicken concept with dine-in, takeout, delivery, and drive-through service. The operation includes a recognizable food-service identity centered on barbecue, chicken, wings, rib tips, and comfort food. The property contains 4,240 square feet and was built in 1909.
Located at 2625 North Ave in Milwaukee, the site includes 10 parking spaces and two fully remodeled apartments. The offering combines an operating restaurant format with residential components, along with an existing layout for customer-facing and off-premises food service.
Located at 2625 North Ave in Milwaukee, the site includes 10 parking spaces and two fully remodeled apartments. The offering combines an operating restaurant format with residential components, along with an existing layout for customer-facing and off-premises food service.
Key Highlights
- Established barbecue and chicken restaurant concept
- Drive‑through service with dine‑in, takeout, and delivery
- 4,240 square feet on a property built in 1909
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
$52,012
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
5.79%
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%
$1,040,240
$1.0M
Cap Rate 7%
$743,029
$743.0K
Cap Rate 9%
$577,911
$577.9K
Market Conditions
NOI Build-Up for 4,240 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
$73.8K $17.40/SF
− Vacancy
−$4.4K −$1.04/SF
EGI
$69.3K $16.36/SF
− OpEx
−$17.3K −$4.09/SF
NOI
$52.0K $12.27/SF
Area
Milwaukee, WI
Vacancy
6.00%
Lease Rate
$17.40 /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%
$1,040,240
Cap Rate 7%
$743,029
Cap Rate 9%
$577,911
Alternative Uses
Best Use
Specialty Retail
$743.0K
$650.2K – $866.9K
NOI $52,012 @ 7.0% cap · market cap 5.79%
Second Best
Mixed Use
$739.6K
$647.1K – $862.8K
NOI $51,770 @ 7.0% cap · market cap 5.76%
Theoretical Best
Office A
$1.02M
$891.6K – $1.19M
NOI $71,324 @ 7.0% cap · market cap 7.93%
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
1,908
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53205, WI
9,397
Population
4,164
Households
2.3
Avg Household Size
30
Median Age
19%
College-Educated
85%
High-School Grad
1.4 sq mi
ZIP Area
6,712
Density / Sq Mi
$30,300
Median Household Income
$30,871
Median Earnings
$803
Median Rent
$122,100
Median Home Value
Market
Vacancy Rate% for Retail in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Established food-service operation with dine-in, takeout, delivery, and two remodeled apartments.
Where is this conventional restaurant located?
The property is located at 2625 NORTH AVE Milwaukee, WI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: Established barbecue and chicken restaurant concept; Drive‑through service with dine‑in, takeout, and delivery; 4,240 square feet on a property built in 1909
