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    Redevelopment Opportunity in Elkhorn, WI Title is generated by Realmo AI

    720 N Wisconsin St, Elkhorn, WI 53121

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    Claim this Listing
    For Sale
    $1,567,000

    Retail - Elkhorn, WI

    Type:Retail
    Property size:
    13,702 SF
    Lot size:
    3.57 Acres
    Price / SF:
    $114/SF
    Added:
    May 21, 2025
    Days on Market:
    360
    Last Refresh:
    May 15 at 7:06 pm

    Property Features for 720 N Wisconsin St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Zoning
    B-2
    Interior features
    Carpeting, Fixtures, Furniture, Office(s), Paneling, Rest Rooms, Security Equipment
    Exterior features
    Loading Dock, Outside Storage
    Standard status
    Active
    APN
    YU NW 00003
    Size
    13,702 SF
    Lot size
    3.57 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    17227.06

    Utilities

    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1963
    Floors in Building
    1
    Building materials
    Steel Siding
    Roof type
    Metal, Rubber
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Sean Levitt
    Sean Levitt

    Listing agent Sean Levitt License #58425-90

    Listing office RE/MAX Plaza 101 Broad St. Suite #102, Lake Geneva, WI 53147, Lake Geneva, WI

    Listing date May 21, 2025

    MLS# 1918869 Listing URL

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

    HighLights

    • High‑traffic location on Hwy 67 near Hwy 12
    • B‑2 zoning offers redevelopment opportunities
    • Large 3.57‑acre lot with 197 parking spaces
    • Spacious 13,702 sq ft building with a banquet hall boasting a 350‑person capacity
    • Existing infrastructure includes bar, dining room, and loading dock
    • Motivated sellers present an opportunity for negotiation

    Overview

    This 13,702 sq ft commercial property is situated on 3.57 acres in Elkhorn, WI. The property, formerly a restaurant and banquet hall, presents a redevelopment opportunity. The building features a bar, a dining room, and a 350-person banquet space with a separate entrance. The property is zoned B-2 and includes 197 parking spaces and a partial basement. Located on high-traffic Hwy 67 near Hwy 12, the site is suitable for various commercial uses.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Sperino's Monte Carlo ... Wedding Service Sperino's Restaurant

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Pharmacy Auto Repair Shop

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

    Location Insight

    • Map
    • Local Demand
    City
    Elkhorn
    County
    Walworth
    State
    Wisconsin
    Longitude
    -88.543425
    Latitude
    42.684088

    Nearby Similar for Sale

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      2,962 SF

      Former Bank Branch in Elkhorn

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    • $1,609,000
      13,702 SF

      Redevelopment Opportunity in Elkhorn, WI

      13,702 sq ft commercial property on 3.57 acres.
      720 N Wisconsin St, Elkhorn, WI 53121
      View Details
    • Contact for pricing

      Commercial Property for Sale

      Commercial property available for sale.
      Elkhorn Ave, Elkhorn, WI 53121
      View Details

    FAQs

    What type of property is this?
    Restaurant - 13,702 SF commercial property on 3.57 acres for sale.
    Where is this restaurant located?
    The property is located at 720 N Wisconsin St Elkhorn, WI.
    What is the asking price?
    The asking price for this property is $1,567,000.
    What are key features of this property?
    This property features: High‑traffic location on Hwy 67 near Hwy 12; B‑2 zoning offers redevelopment opportunities; Large 3.57‑acre lot with 197 parking spaces
    (262) 960-2899
    We can help!
    Listing Contact
    Sean Levitt
    Sean Levitt
    Real Estate License ID: 58425-90
    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.

    More about this property
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