Bixenberg Tavern Mixed-Use
For Sale
$750,000
N112w21209 Mequon Rd, Germantown, WI 53022
Restaurant and upper apartment create flexible owner-occupancy or rental possibilities.
Property Size3,240 SF
Price / SF$231.48
Days on Market41
Property Features for N112w21209 Mequon Rd
General Information
Standard status
Active
Size
3,240 SF
Total Parking Spaces
35
Zoning
B-3
Additional Details
Business Included
Yes
Seating Capacity
50
Building Details
Year Built
1880
Listing Agency:
Anderson Commercial Group, LLC
(414) 858-5226
Listed By:
Kristen Parks · License #9034194
Source:
Nikolicgroup
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 5:15AM
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 Anderson Commercial Group, LLC
Investment Insights
Based on property information with market context.
Bixenberg Tavern combines a restaurant and bar with an upper-level residential component in a mixed-use property built in 1880. The building contains approximately 3,240 square feet, including a 1,640-square-foot restaurant with seating for approximately 50 guests. The 2-bedroom, 1.5-bath apartment includes in-unit laundry and a private deck, providing an on-site residential option or additional rental use.
The property occupies a visible corner location with frontage, 35 parking spaces, and B-3 General Business zoning. A new HVAC system was installed in 2024. The sale includes the real estate, restaurant, bar, and upper apartment configuration.
The property occupies a visible corner location with frontage, 35 parking spaces, and B-3 General Business zoning. A new HVAC system was installed in 2024. The sale includes the real estate, restaurant, bar, and upper apartment configuration.
Key Highlights
- Mixed‑use property with restaurant, bar, and upper apartment
- Approximately 3,240 SF building with a 1,640 SF restaurant
- 2‑bedroom, 1.5‑bath apartment with in‑unit laundry and private deck
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
$36,139
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
4.82%
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%
$722,780
$722.8K
Cap Rate 7%
$516,271
$516.3K
Cap Rate 9%
$401,544
$401.5K
Market Conditions
NOI Build-Up for 3,240 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
$65.7K $20.28/SF
− Vacancy
−$7.9K −$2.43/SF
EGI
$57.8K $17.85/SF
− OpEx
−$21.7K −$6.69/SF
NOI
$36.1K $11.15/SF
Area
Washington County, WI
Vacancy
12.00%
Lease Rate
$20.28 /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%
$722,780
Cap Rate 7%
$516,271
Cap Rate 9%
$401,544
Alternative Uses
Best Use
Mixed Use
$516.3K
$451.7K – $602.3K
NOI $36,139 @ 7.0% cap · market cap 4.82%
Second Best
Specialty Retail
$502.0K
$439.2K – $585.6K
NOI $35,138 @ 7.0% cap · market cap 4.69%
Theoretical Best
Office A
$890.7K
$779.4K – $1.04M
NOI $62,351 @ 7.0% cap · market cap 8.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 53022, WI
19,935
Population
8,229
Households
2.4
Avg Household Size
44
Median Age
48%
College-Educated
96%
High-School Grad
27.7 sq mi
ZIP Area
720
Density / Sq Mi
$105,324
Median Household Income
$58,683
Median Earnings
$1,315
Median Rent
$353,000
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 - Restaurant and upper apartment create flexible owner-occupancy or rental possibilities.
Where is this mixed-use property located?
The property is located at N112w21209 Mequon Rd Germantown, WI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Mixed‑use property with restaurant, bar, and upper apartment; Approximately 3,240 SF building with a 1,640 SF restaurant; 2‑bedroom, 1.5‑bath apartment with in‑unit laundry and private deck
