Downtown Multi-Tenant Restaurant
For Sale
$925,000
405 N Lake Ave, Twin Lakes, WI 53181
N, Twin Lakes, WI
Property Size6,200 SF
Lot Size0.67 Acres
Price / SF$149.19
Days on Market278
Property Features for 405 N Lake Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1
Directions
From Downtown Twin Lakes on Main St., go East to EM make a Left and head north to 405 N. Lake Ave Left Side of street
Standard status
Active
APN
89-4-119-211-1300
Size
6,200 SF
Lot size
0.67 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
3258
Building Details
Year built
1920
Architectural style
Other
Listing Agency:
RE/MAX Plaza · RE/MAX International
(262) 249-5900
Listed By:
Michael Laiacono · License #86323-94
(847) 344-1118
Added: Nov 16, 2025
Changed: Aug 19
Last Checked: Aug 21 at 5:06PM
MLS# 1943116
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This downtown commercial property offers the opportunity to operate up to four businesses within one building. Currently, three spaces are occupied, generating $4,500 per month, and one additional space is available to lease. The available space was recently renovated and is offered for $1,500 per month, for a combined monthly total of $6,000 based on the provided information.
The property is located in Twin Lakes, Wisconsin and is zoned B-1. The lot size is listed as 0.67 acres, and the building size is listed as 6,200 square feet.
Please note that pizzeria equipment is not included with the real estate. For details on the available space and current occupancy, contact the listing agent.
The property is located in Twin Lakes, Wisconsin and is zoned B-1. The lot size is listed as 0.67 acres, and the building size is listed as 6,200 square feet.
Please note that pizzeria equipment is not included with the real estate. For details on the available space and current occupancy, contact the listing agent.
Key Highlights
- Downtown commercial property built in 1920
- Opportunity to operate 4 businesses with 3 currently occupied and 1 available to lease
- Current leased space income totals $4,500 per month
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
$78,845
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
8.52%
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%
$1,576,900
$1.6M
Cap Rate 7%
$1,126,357
$1.1M
Cap Rate 9%
$876,056
$876.1K
Market Conditions
NOI Build-Up for 6,200 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
$111.6K $18.00/SF
− Vacancy
−$6.5K −$1.04/SF
EGI
$105.1K $16.96/SF
− OpEx
−$26.3K −$4.24/SF
NOI
$78.8K $12.72/SF
Area
Kenosha County, WI
Vacancy
5.80%
Lease Rate
$18.00 /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%
$1,576,900
Cap Rate 7%
$1,126,357
Cap Rate 9%
$876,056
Alternative Uses
Best Use
Specialty Retail
$1.13M
$985.6K – $1.31M
NOI $78,845 @ 7.0% cap · market cap 8.52%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$7.22M
$6.32M – $8.42M
NOI $505,275 @ 7.0% cap · market cap 54.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
75%
Occupancy
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
62k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Groceries 25%
Dining 24%
Home Improvements & Furnishings 5%
Berkot's Super Foods
Groceries
15,385 visits/mo
0.3 miles
Burger King
Dining
10,094 visits/mo
0.1 miles
Dollar Tree
Shops & Services
5,649 visits/mo
0.0 miles
Citgo
Shops & Services
5,459 visits/mo
0.1 miles
Dollar General
Shops & Services
5,354 visits/mo
0.4 miles
Demographics for 53181, WI
7,696
Population
4,479
Households
1.7
Avg Household Size
43
Median Age
25%
College-Educated
94%
High-School Grad
13.7 sq mi
ZIP Area
562
Density / Sq Mi
$93,922
Median Household Income
$55,146
Median Earnings
$1,051
Median Rent
$270,700
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 - Multi-tenant downtown property with three occupied business spaces and one newly renovated unit available to lease.
Where is this conventional restaurant located?
The property is located at 405 N Lake Ave Twin Lakes, WI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Downtown commercial property built in 1920; Opportunity to operate 4 businesses with 3 currently occupied and 1 available to lease; Current leased space income totals $4,500 per month
