Historic Restaurant Property with
For Sale
$499,900
3146 S 27th St, Milwaukee, WI 53215
Historic restaurant property with existing commercial kitchen infrastructure and on-site parking along S. 27th Street.
Property Size1,300 SF
Price / SF$384.54
Days on Market47
Property Features for 3146 S 27th St
General Information
Standard status
Active
Size
1,300 SF
Building Details
Year Built
1948
Listing Agency:
Lannon Stone Realty LLC
Listed By:
Brandon Viliunas · License #91136-94
(414) 897-2276
Source:
Levelupwi
Added: Jul 21
Changed: Sep 4
Last Checked: Sep 2 at 12:29AM
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 Lannon Stone Realty LLC
Investment Insights
Based on property information with market context.
This historic restaurant property is home to Mazos Restaurant, which has operated since 1934. The site includes existing commercial kitchen infrastructure and on-site parking, supporting current restaurant use and possible owner-user redevelopment.
Located along the S. 27th Street corridor, the property benefits from high visibility in a well-known South Side retail/restaurant setting. The configuration also offers flexible possibilities for restaurant, retail, or commercial redevelopment, depending on the buyer’s plans.
Located along the S. 27th Street corridor, the property benefits from high visibility in a well-known South Side retail/restaurant setting. The configuration also offers flexible possibilities for restaurant, retail, or commercial redevelopment, depending on the buyer’s plans.
Key Highlights
- Historic restaurant property known as Mazos Restaurant, operating as a South Side landmark since 1934
- Located along S. 27th Street corridor with high visibility
- Includes existing commercial kitchen infrastructure for restaurant use
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
$15,777
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
3.16%
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%
$315,540
$315.5K
Cap Rate 7%
$225,386
$225.4K
Cap Rate 9%
$175,300
$175.3K
Market Conditions
NOI Build-Up for 1,300 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
$22.6K $17.40/SF
− Vacancy
−$1.6K −$1.22/SF
EGI
$21.0K $16.18/SF
− OpEx
−$5.3K −$4.05/SF
NOI
$15.8K $12.14/SF
Area
ZIP 53215
Vacancy
7.00%
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%
$315,540
Cap Rate 7%
$225,386
Cap Rate 9%
$175,300
Alternative Uses
Best Use
Industrial
$811.5K
$710.1K – $946.8K
NOI $56,806 @ 7.0% cap · market cap 11.36%
Second Best
Specialty Retail
$225.4K
$197.2K – $263.0K
NOI $15,777 @ 7.0% cap · market cap 3.16%
Theoretical Best
Warehouse
$985.4K
$862.2K – $1.15M
NOI $68,978 @ 7.0% cap · market cap 13.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53215, WI
59,359
Population
21,307
Households
2.8
Avg Household Size
31
Median Age
11%
College-Educated
67%
High-School Grad
5.5 sq mi
ZIP Area
10,793
Density / Sq Mi
$49,207
Median Household Income
$32,261
Median Earnings
$933
Median Rent
$148,400
Median Home Value
Market
Vacancy Rate% for Retail in Milwaukee, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic restaurant property with existing commercial kitchen infrastructure and on-site parking along S. 27th Street.
Where is this conventional restaurant located?
The property is located at 3146 S 27th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: Historic restaurant property known as Mazos Restaurant, operating as a South Side landmark since 1934; Located along S. 27th Street corridor with high visibility; Includes existing commercial kitchen infrastructure for restaurant use
