Mixed-Use Property With
For Sale
Contact for pricing
908 Michigan Ave, Sheboygan, WI 53081
Operating hospitality property with a full bar, kitchen, performance stage, and four-bedroom upper-level apartment.
Property Size1,794 SF
Price / SF$320.51
Days on Market249
Property Features for 908 Michigan Ave
General Information
Standard status
Active
Size
1,794 SF
Class
A
Property subtype
Mixed Use, Business for Sale
Zoning
Commercial
Lease Type
NNN
Investment Type
Owner/User
Units
Unit Mix
1 x 4BR
Multifamily Units
1
Additional Details
Business Included
Yes
Building Details
Year Built
1893
Buildings
1
Stories
2
Units
2
Listing Agency:
Keller Williams Empower
Listed By:
Tricia Brost · License #WI 58992-90
Source:
Crexi
Added: Dec 24, 2025
Changed: Aug 30
Last Checked: Aug 30 at 6:51AM
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 Keller Williams Empower
Investment Insights
Based on property information with market context.
This mixed-use property combines an operating bar business with the underlying building in a commercial-zoned setting. The hospitality space includes a full bar, kitchen, stage, and an open layout suited to live music and events. Craft 30 is identified as the operating business associated with the property.
An upper-level four-bedroom apartment adds residential space within the building and may accommodate owner occupancy or rental use, as described in the property information. The building dates to 1893, and the sale includes both the business and building.
An upper-level four-bedroom apartment adds residential space within the building and may accommodate owner occupancy or rental use, as described in the property information. The building dates to 1893, and the sale includes both the business and building.
Key Highlights
- Operating bar business and building offered together
- Full bar, kitchen, stage, and event‑oriented layout
- Upper‑level 4‑bedroom apartment
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
$23,589
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
4.10%
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%
$471,780
$471.8K
Cap Rate 7%
$336,986
$337.0K
Cap Rate 9%
$262,100
$262.1K
Market Conditions
NOI Build-Up for 1,794 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
$32.3K $18.00/SF
− Vacancy
−$840 −$0.47/SF
EGI
$31.5K $17.53/SF
− OpEx
−$7.9K −$4.38/SF
NOI
$23.6K $13.15/SF
Area
Sheboygan County, WI
Vacancy
2.60%
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%
$471,780
Cap Rate 7%
$336,986
Cap Rate 9%
$262,100
Alternative Uses
Best Use
Specialty Retail
$337.0K
$294.9K – $393.2K
NOI $23,589 @ 7.0% cap · market cap 4.10%
Second Best
Mixed Use
$176.8K
$154.7K – $206.3K
NOI $12,379 @ 7.0% cap · market cap 2.15%
Theoretical Best
Office A
$391.0K
$342.1K – $456.2K
NOI $27,369 @ 7.0% cap · market cap 4.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 29%
Home Improvements & Furnishings 13%
Starbucks
Dining
10,757 visits/mo
0.5 miles
Burger King
Dining
6,567 visits/mo
0.4 miles
Martens Trilling True Value of Sheboygan
Home Improvements & Furnishings
5,143 visits/mo
0.0 miles
BP
Shops & Services
4,522 visits/mo
0.2 miles
AutoZone
Shops & Services
3,074 visits/mo
0.4 miles
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Operating hospitality property with a full bar, kitchen, performance stage, and four-bedroom upper-level apartment.
Where is this mixed-use property located?
The property is located at 908 Michigan Ave Sheboygan, WI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Operating bar business and building offered together; Full bar, kitchen, stage, and event‑oriented layout; Upper‑level 4‑bedroom apartment
