Refurbished Restaurant with Upper
For Sale
$635,000
3498 State Road 33, West Bend, WI 53095
Refurbished restaurant property with a full-service kitchen, bar, dining room, event space, and upper apartment.
Property Size3,532 SF
Days on Market16
Property Features for 3498 State Road 33
General Information
Standard status
Active
Size
3,532 SF
Total Parking Spaces
40
Property subtype
Commercial
Zoning
Commercial
Site & Location
Highway Access
Yes
Road Access
Yes
Taxes and HOA fees
Annual Taxes
$6,394
Building Details
Building Size
3,532 SF
Year Built
1900
Listing Agency:
Forward Realty Partners
(262) 323-4947
Listed By:
Shawn Wendtland
(262) 323-4947
Source:
Therealtycompanyllc
Added: Aug 14
Changed: Aug 28
Last Checked: Aug 28 at 11:30AM
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 Forward Realty Partners
Investment Insights
Based on property information with market context.
Built in 1900 and refurbished for ongoing operations, this restaurant property includes a spacious bar, a traditional dining room with wood floors and a stamped-tin ceiling, and additional space configured for private events or expanded dining. A full-service kitchen supports the existing restaurant operation, which is currently conducted as The Old Fashioned Supper Club.
The property occupies the intersection of Hwy 33 and County Y and sits alongside Newburg’s Freedom Park. An upper apartment of approximately 1,700 square feet adds a separate residential component above the restaurant. Commercial zoning and the combination of restaurant, event, bar, and apartment areas create a varied physical configuration within the property.
The property occupies the intersection of Hwy 33 and County Y and sits alongside Newburg’s Freedom Park. An upper apartment of approximately 1,700 square feet adds a separate residential component above the restaurant. Commercial zoning and the combination of restaurant, event, bar, and apartment areas create a varied physical configuration within the property.
Key Highlights
- Refurbished restaurant operating as The Old Fashioned Supper Club
- Full‑service kitchen with spacious bar and dining room
- Original dining room features wood flooring and a stamped‑tin ceiling
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
$39,396
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
6.20%
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%
$787,920
$787.9K
Cap Rate 7%
$562,800
$562.8K
Cap Rate 9%
$437,733
$437.7K
Market Conditions
NOI Build-Up for 3,532 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
$71.6K $20.28/SF
− Vacancy
−$8.6K −$2.43/SF
EGI
$63.0K $17.85/SF
− OpEx
−$23.6K −$6.69/SF
NOI
$39.4K $11.15/SF
Area
Washington County, WI
Vacancy
12.00%
Lease Rate
$20.28 /SF/Yr
Expense Ratio
37.50%
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%
$787,920
Cap Rate 7%
$562,800
Cap Rate 9%
$437,733
Alternative Uses
Best Use
Mixed Use
$562.8K
$492.5K – $656.6K
NOI $39,396 @ 7.0% cap · market cap 6.20%
Second Best
Specialty Retail
$547.2K
$478.8K – $638.4K
NOI $38,305 @ 7.0% cap · market cap 6.03%
Theoretical Best
Office A
$971.0K
$849.6K – $1.13M
NOI $67,970 @ 7.0% cap · market cap 10.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
157
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53095, WI
27,269
Population
12,741
Households
2.1
Avg Household Size
45
Median Age
32%
College-Educated
96%
High-School Grad
70.4 sq mi
ZIP Area
387
Density / Sq Mi
$82,219
Median Household Income
$49,779
Median Earnings
$1,015
Median Rent
$286,500
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 - Refurbished restaurant property with a full-service kitchen, bar, dining room, event space, and upper apartment.
Where is this conventional restaurant located?
The property is located at 3498 State Road 33 West Bend, WI.
What is the asking price?
The asking price for this property is $635,000.
What are key features of this property?
This property features: Refurbished restaurant operating as The Old Fashioned Supper Club; Full‑service kitchen with spacious bar and dining room; Original dining room features wood flooring and a stamped‑tin ceiling
