Renovated Bar & Pub with
For Sale
$650,000
3701 S Iowa Ave Saint, Milwaukee, WI 53235
Includes a renovated building, leased residential units, garage, and gambling machines.
Property Size3,695 SF
Days on Market193
Property Features for 3701 S Iowa Ave Saint
General Information
Standard status
Active
Size
3,695 SF
Property subtype
Free Standing Building
Additional Details
Business Included
Yes
Building Details
Building Size
3,695 SF
Year Built
1950
Listing Agency:
Anderson Commercial Group
(414) 858-5207
Listed By:
Steffi Hahn · License #9057884
(414) 858-5207
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 29
Last Checked: Aug 29 at 8:32PM
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 Anderson Commercial Group
Investment Insights
Based on property information with market context.
This property combines a bar and pub operation with an accompanying residential component. The sale includes the building and business, along with three leased 2-bedroom apartments. The entire building has been renovated and upgraded, and the property includes a 2.5-car garage and five gambling machines.
Located on the west side of S Iowa Ave, north of E Elizabeth St, the property offers a mixed-use configuration with established bar space and residential units in one asset. P&L information is available to qualified parties who execute a signed NDA.
Located on the west side of S Iowa Ave, north of E Elizabeth St, the property offers a mixed-use configuration with established bar space and residential units in one asset. P&L information is available to qualified parties who execute a signed NDA.
Key Highlights
- Bar and pub business included with the building
- Three leased 2‑bedroom apartments
- Entire building renovated and upgraded
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
$45,327
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
6.97%
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%
$906,540
$906.5K
Cap Rate 7%
$647,529
$647.5K
Cap Rate 9%
$503,633
$503.6K
Market Conditions
NOI Build-Up for 3,695 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
$64.3K $17.40/SF
− Vacancy
−$3.9K −$1.04/SF
EGI
$60.4K $16.36/SF
− OpEx
−$15.1K −$4.09/SF
NOI
$45.3K $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%
$906,540
Cap Rate 7%
$647,529
Cap Rate 9%
$503,633
Alternative Uses
Best Use
Specialty Retail
$647.5K
$566.6K – $755.5K
NOI $45,327 @ 7.0% cap · market cap 6.97%
Second Best
Multifamily LT 5
$531.0K
$464.6K – $619.5K
NOI $37,168 @ 7.0% cap · market cap 5.72%
Theoretical Best
Office A
$887.9K
$777.0K – $1.04M
NOI $62,156 @ 7.0% cap · market cap 9.56%
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
298
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53235, WI
9,175
Population
5,279
Households
1.7
Avg Household Size
45
Median Age
30%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
3,529
Density / Sq Mi
$58,490
Median Household Income
$54,060
Median Earnings
$893
Median Rent
$207,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Bad Moon Saloon — 4035 S Clement Ave, Milwaukee, WI 53207
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- The Historic Scotty's Bar & Pizza — 3921 S Clement Ave, Milwaukee, WI 53207
- Izzy's Tap — 3783 S Kinnickinnic Ave, St Francis, WI 53235
Frequently Asked Questions
What type of property is this?
Bar & Pub - Includes a renovated building, leased residential units, garage, and gambling machines.
Where is this bar & pub located?
The property is located at 3701 S Iowa Ave Saint Milwaukee, WI.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Bar and pub business included with the building; Three leased 2‑bedroom apartments; Entire building renovated and upgraded
