Conventional Restaurant With Event
For Sale
$899,000
3212 N Union Rd, Reedsville, WI 54230
Restaurant facility with commercial kitchen, private offices, indoor dining, and outdoor space for hosted gatherings.
Property Size8,383 SF
Price / SF$107.24
Days on Market27
Property Features for 3212 N Union Rd
General Information
Standard status
Active
Size
8,383 SF
Restaurant
Seating Capacity
200
Equipment Included
Yes
Taxes and HOA fees
Annual Taxes
$4,704
Amenities
bar
dining room
commercial kitchen
private office
storage
concrete event area
pond
Listing Agency:
Keller Williams Empower
(920) 254-6445
Listed By:
Brost Group* · License #5899290
(920) 254-6445
Source:
Exprealty
Added: Jul 29
Changed: Aug 23
Last Checked: Aug 24 at 11:24AM
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 Keller Williams Empower
Investment Insights
Based on property information with market context.
This conventional restaurant includes a bar, a dining room configured for seating up to 200 guests, and a commercial kitchen with fixtures and equipment. Private office space and storage support the property's operational layout, while the venue component extends outdoors to a concrete event area suited to tented or open-air gatherings for up to 400 guests.
A pond on the property provides a setting for event photography and wedding-related gatherings. The restaurant is located at 3212 N Union Road in Manitowoc Rapids, Wisconsin, and may be acquired separately or together with the adjacent golf course.
A pond on the property provides a setting for event photography and wedding-related gatherings. The restaurant is located at 3212 N Union Road in Manitowoc Rapids, Wisconsin, and may be acquired separately or together with the adjacent golf course.
Key Highlights
- Dining room seats up to 200 guests
- Commercial kitchen with fixtures and equipment
- Concrete outdoor event area accommodates up to 400 guests
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
$31,117
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
3.46%
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%
$622,340
$622.3K
Cap Rate 7%
$444,529
$444.5K
Cap Rate 9%
$345,744
$345.7K
Market Conditions
NOI Build-Up for 8,383 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
$45.3K $5.40/SF
− Vacancy
−$815 −$0.10/SF
EGI
$44.5K $5.30/SF
− OpEx
−$13.3K −$1.59/SF
NOI
$31.1K $3.71/SF
Area
Manitowoc County, WI
Vacancy
1.80%
Lease Rate
$5.40 /SF/Yr
Expense Ratio
30.00%
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%
$622,340
Cap Rate 7%
$444,529
Cap Rate 9%
$345,744
Alternative Uses
Best Use
Specialty Retail
$1.84M
$1.61M – $2.14M
NOI $128,599 @ 7.0% cap · market cap 14.30%
Second Best
Industrial
$444.5K
$389.0K – $518.6K
NOI $31,117 @ 7.0% cap · market cap 3.46%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54230, WI
4,623
Population
1,789
Households
2.6
Avg Household Size
44
Median Age
17%
College-Educated
91%
High-School Grad
109.0 sq mi
ZIP Area
42
Density / Sq Mi
$78,964
Median Household Income
$46,392
Median Earnings
$650
Median Rent
$205,100
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.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant facility with commercial kitchen, private offices, indoor dining, and outdoor space for hosted gatherings.
Where is this conventional restaurant located?
The property is located at 3212 N Union Rd Reedsville, 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: Dining room seats up to 200 guests; Commercial kitchen with fixtures and equipment; Concrete outdoor event area accommodates up to 400 guests
