Two-Story Bar with
New
For Sale
$925,000
99 S Main St, Fort Atkinson, WI 53538
Fully operational bar with a kitchen, patio, basement storage, and upper-level residential units.
Property Size7,822 SF
Days on Market2
Property Features for 99 S Main St
General Information
Standard status
Active
Size
7,822 SF
Property subtype
Tavern/Bar/Restaurant
Building Details
Building Size
7,822 SF
Listing Agency:
Lee & Associates of Madison
Listed By:
Blake George · License #4944590
(608) 327-4005
Source:
Lee-associates
Added: Sep 6
Last Checked: Sep 7 at 6:19AM
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 Lee & Associates of Madison
Investment Insights
Based on property information with market context.
This two-story bar property contains 7,822 total sq. ft. and includes two apartments on the second floor. The main-level operation features a fully functional kitchen, 13 tap lines, 12 big-screen TVs, and seating capacity for over 80 people. Rustic barn board walls, exposed brick, and wood beams define the interior, while two large men’s and women’s ADA restrooms support the operation. A large basement provides storage space.
Outdoor amenities include a patio with river walk access. The property is positioned on Main Street within Fort Atkinson’s Main Street Historical District, providing a commercial setting for the existing bar and restaurant improvements.
Outdoor amenities include a patio with river walk access. The property is positioned on Main Street within Fort Atkinson’s Main Street Historical District, providing a commercial setting for the existing bar and restaurant improvements.
Key Highlights
- 7,822 total sq. ft. building spanning two floors
- Fully operational bar with 13 tap lines and capacity for over 80 people
- Two apartments located on the second floor
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
$76,209
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
8.24%
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%
$1,524,180
$1.5M
Cap Rate 7%
$1,088,700
$1.1M
Cap Rate 9%
$846,767
$846.8K
Market Conditions
NOI Build-Up for 7,822 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
$106.1K $13.56/SF
− Vacancy
−$4.5K −$0.57/SF
EGI
$101.6K $12.99/SF
− OpEx
−$25.4K −$3.25/SF
NOI
$76.2K $9.74/SF
Area
Jefferson County, WI
Vacancy
4.20%
Lease Rate
$13.56 /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%
$1,524,180
Cap Rate 7%
$1,088,700
Cap Rate 9%
$846,767
Alternative Uses
Best Use
Specialty Retail
$1.09M
$952.6K – $1.27M
NOI $76,209 @ 7.0% cap · market cap 8.24%
Second Best
Mixed Use
$958.8K
$838.9K – $1.12M
NOI $67,113 @ 7.0% cap · market cap 7.26%
Theoretical Best
Office A
$1.84M
$1.61M – $2.14M
NOI $128,519 @ 7.0% cap · market cap 13.89%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
772
Businesses Nearby
65k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 38%
Dining 31%
Shops & Services 21%
Home Improvements & Furnishings 9%
Skogen's Festival Foods
Groceries
24,649 visits/mo
0.2 miles
McDonald's
Dining
16,322 visits/mo
0.1 miles
Casey's General Store
Shops & Services
7,335 visits/mo
0.4 miles
Niemann Ace Hardware
Home Improvements & Furnishings
5,883 visits/mo
0.2 miles
Stop N Go
Shops & Services
5,665 visits/mo
0.4 miles
Demographics for 53538, WI
18,643
Population
8,444
Households
2.2
Avg Household Size
43
Median Age
26%
College-Educated
92%
High-School Grad
97.1 sq mi
ZIP Area
192
Density / Sq Mi
$80,784
Median Household Income
$44,995
Median Earnings
$967
Median Rent
$228,200
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?
Bar & Pub - Fully operational bar with a kitchen, patio, basement storage, and upper-level residential units.
Where is this bar & pub located?
The property is located at 99 S Main St Fort Atkinson, 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: 7,822 total sq. ft. building spanning two floors; Fully operational bar with 13 tap lines and capacity for over 80 people; Two apartments located on the second floor
