Building Details

Year Built 2009

Buildings 2

Listing Agency: Mark D Olejniczak Realty, Inc.

Listed By: Patrick J. Austin · License #94-66581 Show Phone

Source: Moving2greenbay

Added: Sep 9 Changed: Sep 10 Last Checked: Sep 13 at 11:59AM

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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 Mark D Olejniczak Realty, Inc.

Investment Insights

Based on property information with market context.

This restaurant property was rebuilt in 2009 and includes 4,112 square feet of commercial improvements on 1 acre. The dining area accommodates over 100 guests, while the equipped kitchen includes a walk-in cooler, walk-in freezer, beer cooler, preparation area, dishwashing station, double pizza ovens sized for 14 pizzas, griddle, 4 fryers, broaster, ice machine, and stand-up freezer.

An attached 3-bedroom, 1-bath residence provides 1,200+ square feet and is suited to owner occupancy or rental use. The property also includes a 30x40 pole building, adding separate storage or workspace. Located at 5506 State Highway 32 in Gillett, Wisconsin, the offering combines a restaurant operation with residential and accessory-building improvements.

Key Highlights

• Restaurant property rebuilt in 2009 with 4,112 square feet of improvements
• 1‑acre property with seating for over 100 guests
• Commercial kitchen includes double pizza ovens, 4 fryers, griddle, broaster, and dishwashing station

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

$42,559

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

7.34%

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%

$851,180 $851.2K

Cap Rate 7%

$607,986 $608.0K

Cap Rate 9%

$472,878 $472.9K

Market Conditions

NOI Build-Up for 4,112 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

$74.0K $18.00/SF

− Vacancy

−$5.9K −$1.44/SF

EGI

$68.1K $16.56/SF

− OpEx

−$25.5K −$6.21/SF

NOI

$42.6K $10.35/SF

Area

Oconto County, WI

Vacancy

8.00%

Lease Rate

$18.00 /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%

$851,180

Cap Rate 7%

$607,986

Cap Rate 9%

$472,878

Alternative Uses

Best Use

Specialty Retail

$803.6K

$703.2K – $937.5K (±1% cap)

NOI $56,252 @ 7.0% cap · market cap 9.70%

Second Best

Mixed Use

$608.0K

$532.0K – $709.3K (±1% cap)

NOI $42,559 @ 7.0% cap · market cap 7.34%

Theoretical Best

Office A

$958.7K

$838.9K – $1.12M (±1% cap)

NOI $67,108 @ 7.0% cap · market cap 11.57%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Conventional restaurants

Suggested Use

Top Pick Big Box & Wholesale Store Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Location Intelligence

Trade Area within ½ mile

5

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 54124, WI

3,619

Population

1,765

Households

2.1

Avg Household Size

47

Median Age

12%

College-Educated

91%

High-School Grad

93.1 sq mi

ZIP Area

39

Density / Sq Mi

$64,688

Median Household Income

$40,510

Median Earnings

$765

Median Rent

$131,700

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this conventional restaurants located? What is the asking price? Find similar properties What are key features of this property?

Frequently Asked Questions

What type of property is this?

Conventional restaurant - Rebuilt restaurant property with commercial kitchen equipment, an attached residence, and a separate pole building.

Where is this conventional restaurant located?

The property is located at 5506 State Highway 32 Gillett, WI.

What is the asking price?

The asking price for this property is $579,900.

What are key features of this property?

This property features: Restaurant property rebuilt in 2009 with 4,112 square feet of improvements; 1‑acre property with seating for over 100 guests; Commercial kitchen includes double pizza ovens, 4 fryers, griddle, broaster, and dishwashing station