Remodeled Restaurant with
For Sale
$800,000
707 W PARK Avenue, Kiel, WI 53042
Commercial Sale, KIEL, WI
Property Size2,696 SF
Lot Size0.86 Acres
Price / SF$296.74
Days on Market74
Property Features for 707 W PARK Avenue
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Elementary school district
Kiel Area
Middle school district
Kiel Area
High school district
Kiel Area
Directions
Take I-41, to US-10 E to W-114 E, South on WI-32 to County Rd H, East, to W Park Ave, East, Destination on Left
Standard status
Active
APN
051-740-001-005.07
Lot size
0.86 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6834
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
2 glass garage doors with air curtains
gas line on patio for fireplace feature
stereo speakers and TVs throughout
security system
Building Details
Year built
1973
Floors in Building
1
Number of units
1
Building materials
Stone, Shake Siding
Listing Agency:
Keller Williams Fox Cities · Keller Williams Realty
(920) 903-9031
Listed By:
Christopher J. Mokler
(920) 279-6104
Added: Jun 10
Changed: Aug 21
Last Checked: Aug 22 at 3:06PM
MLS# 50327147
Copyright © 2026 Realtor Association of Northeast Wisconsin. 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 tenant-occupied pizzeria occupies a 2,696-square-foot restaurant building with a dining area that can open to the patio through 2 glass garage doors equipped with air curtains. The property was remodeled in 2020 and includes a patio gas line for a fireplace feature, a 10x12 storage building with power, stereo speakers, TVs, a security system, and a lit ground sign. Forced-air heating and central air conditioning serve the building, with public water and public sewer.
The property sits at the corner of WI-32 and W Park Ave in Kiel, providing separate parking areas for customers and employees or deliveries. Reported traffic along the location is 14,000–17,000 cars, and the building was originally constructed in 1973. Commercial zoning supports the property’s restaurant use.
The property sits at the corner of WI-32 and W Park Ave in Kiel, providing separate parking areas for customers and employees or deliveries. Reported traffic along the location is 14,000–17,000 cars, and the building was originally constructed in 1973. Commercial zoning supports the property’s restaurant use.
Key Highlights
- 2,696‑square‑foot restaurant building on a corner at WI‑32 and W Park Ave
- Remodeled in 2020 with 2 glass garage doors and air curtains
- Patio includes a gas line for a fireplace feature
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
$41,358
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
5.17%
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%
$827,160
$827.2K
Cap Rate 7%
$590,829
$590.8K
Cap Rate 9%
$459,533
$459.5K
Market Conditions
NOI Build-Up for 2,696 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
$56.6K $21.00/SF
− Vacancy
−$1.5K −$0.55/SF
EGI
$55.1K $20.45/SF
− OpEx
−$13.8K −$5.11/SF
NOI
$41.4K $15.34/SF
Area
Manitowoc County, WI
Vacancy
2.60%
Lease Rate
$21.00 /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%
$827,160
Cap Rate 7%
$590,829
Cap Rate 9%
$459,533
Alternative Uses
Best Use
Specialty Retail
$590.8K
$517.0K – $689.3K
NOI $41,358 @ 7.0% cap · market cap 5.17%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
17,000 VPD
Traffic count
100%
Occupancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
232
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53042, WI
6,886
Population
3,034
Households
2.3
Avg Household Size
45
Median Age
19%
College-Educated
91%
High-School Grad
62.0 sq mi
ZIP Area
111
Density / Sq Mi
$86,118
Median Household Income
$52,964
Median Earnings
$824
Median Rent
$223,100
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 - Tenant-occupied pizzeria with indoor-outdoor dining features and dedicated customer and employee parking.
Where is this conventional restaurant located?
The property is located at 707 W PARK Avenue Kiel, WI.
What is the asking price?
The asking price for this property is $800,000.
What are key features of this property?
This property features: 2,696‑square‑foot restaurant building on a corner at WI‑32 and W Park Ave; Remodeled in 2020 with 2 glass garage doors and air curtains; Patio includes a gas line for a fireplace feature
