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    2974N HIAWATHA RD Butternut, WI 54514

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    Claim this Listing
    For Sale
    $1,570,000

    COMMERCIAL - Butternut, WI

    Property size:
    1,500 SF
    Lot size:
    3.10 Acres
    Price / SF:
    $1,046/SF
    Added:
    Jan 15, 2025
    Days on Market:
    475
    Last Refresh:
    May 5 at 9:06 pm

    Property Features for 2974N HIAWATHA RD

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Bedrooms
    18
    Rooms
    Bedroom 17, Bedroom 12, Bedroom 16, Bedroom 8, Bedroom 2, Bedroom 3, Bedroom 4, Bedroom 15, Bedroom 13, Bedroom 6, Bedroom 5, Bedroom 1, Bedroom 9, Bedroom 14, Bedroom 7, Bedroom 10, Bedroom 11, Bedroom 18
    Parking features
    Garage
    Exterior features
    Landscaping
    Standard status
    Active
    APN
    012-0372-0000
    Size
    1,500 SF
    Lot size
    3.10 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PT of the SW-SE & 3.10 ac Gov Lot 3
    Tax Annual Amount
    11598

    Utilities

    Sewer type
    Mound Septic
    Heating system
    Baseboard, Propane (Heating), Forced Air
    Water source
    Well
    Water front features
    Lake Front
    Water front
    1

    Building Details

    Flooring type
    Laminate, Carpet
    Building materials
    Frame, VinylSiding
    Roof type
    Metal
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    MICKI PIERCE-HOLMSTROM
    MICKI PIERCE-HOLMSTROM

    Listing agent MICKI PIERCE-HOLMSTROM License #51811 - 90

    Listing office CENTURY 21 PIERCE REALTY - MERCER 5218 N Highway 51 PO Box 721, Mercer, WI

    Listing date Jan 15, 2025

    MLS# 210365 Listing URL

    Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Resort on Turtle Flambeau

    Donner's Bay Resort, a well-maintained and updated Northwoods property, is available for new ownership. The resort includes six updated year-round rental cabins, a three-bedroom, two-bathroom mobile home, and an owner's home. A 1500 sq ft bar and grill features a lake view, new kitchen equipment, new furniture, and a fireplace, along with a large game room. The property also has an up-to-code gas pump, a private boat launch, eight new aluminum roll-in piers, a sand beach, a fish cleaning house, and a bait shop. Recreational amenities include a sand volleyball court, basketball court, and playground. Additional features are three campsites, three garages, and storage sheds. This resort, situated on 3.1 acres on the Turtle Flambeau Flowage, the 7th largest lake in Wisconsin, has a high occupancy rate. The property is fully furnished and turnkey. The sellers are willing to train new owners.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Resorts

    Suggested Use

    Bed & Breakfast Real Estate Agency Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Butternut
    County
    Ashland
    State
    Wisconsin
    Longitude
    -90.251761
    Latitude
    46.086616

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    FAQs

    What type of property is this?
    Resort - Established resort with cabins, bar, grill, and lake access.
    Where is this resort located?
    The property is located at 2974N HIAWATHA RD Butternut, WI.
    What is the asking price?
    The asking price for this property is $1,570,000.
    What are key features of this property?
    This property features: Turnkey, cash‑flowing resort with high occupancy rate on the Turtle Flambeau Flowage.; Six updated year‑round rental cabins plus owner's home and a 3bd/2ba mobile home.; **Enjoy the 1500 sq ft bar & grill with lake view, new kitchen equipment, new furniture, fireplace, and game room.**
    (715) 476-2111
    We can help!
    Listing Contact
    MICKI PIERCE-HOLMSTROM
    MICKI PIERCE-HOLMSTROM
    Real Estate License ID: 51811 - 90
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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