Freestanding Restaurant with Banquet
For Sale
$899,000
N2717 COUNTY ROAD QQ, Waupaca, WI 54981
Commercial Sale, WAUPACA, WI
Property Size8,500 SF
Lot Size1.60 Acres
Price / SF$105.76
Days on Market320
Property Features for N2717 COUNTY ROAD QQ
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Parking
75
Basement
Partial
Elementary school district
Waupaca
Middle school district
Waupaca
High school district
Waupaca
Directions
From Hwy 10 exit Hwy 54 west to Hwy QQ left and follow to business on the right. Alternate Address: N2717 HWY QQ
Standard status
Active
APN
05 35 75 34
Lot size
1.60 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
6757
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Amenities
electronic signage
Beer Garden
firepit
Building Details
Year built
1995
Floors in Building
1
Building materials
Brick
Listing Agency:
United Country-Udoni & Salan Realty
(715) 258-8800
Listed By:
Joseph M Udoni · License #9050828
(715) 281-8807
Added: Oct 23, 2025
Changed: Sep 6
Last Checked: Sep 7 at 6:06PM
MLS# 50317219
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
The 8,500-square-foot brick restaurant building was constructed in 1995 and includes an extra-large commercial kitchen, a separate baking kitchen, spacious dining room, bar, banquet room with an additional bar, and a welcoming foyer with two bathrooms. Furniture, fixtures, and equipment are included. The property also features central air, forced-air heating, electronic signage, and a beer garden with a firepit.
Set on 1.6 acres at N2717 County Road QQ, the property includes a large parking area accommodating 75+ cars and buses. Water is supplied by a well, and the property connects to public sewer. Commercial zoning supports the existing restaurant-oriented configuration.
Set on 1.6 acres at N2717 County Road QQ, the property includes a large parking area accommodating 75+ cars and buses. Water is supplied by a well, and the property connects to public sewer. Commercial zoning supports the existing restaurant-oriented configuration.
Key Highlights
- 8,500‑square‑foot restaurant building on 1.6 acres
- Extra‑large commercial kitchen plus separate baking kitchen
- Dining room, two bar areas, and banquet room
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
$61,844
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
6.88%
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%
$1,236,880
$1.2M
Cap Rate 7%
$883,486
$883.5K
Cap Rate 9%
$687,156
$687.2K
Market Conditions
NOI Build-Up for 8,500 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
$84.7K $9.96/SF
− Vacancy
−$2.2K −$0.26/SF
EGI
$82.5K $9.70/SF
− OpEx
−$20.6K −$2.43/SF
NOI
$61.8K $7.28/SF
Area
Waupaca County, WI
Vacancy
2.60%
Lease Rate
$9.96 /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%
$1,236,880
Cap Rate 7%
$883,486
Cap Rate 9%
$687,156
Alternative Uses
Best Use
Specialty Retail
$883.5K
$773.1K – $1.03M
NOI $61,844 @ 7.0% cap · market cap 6.88%
Second Best
Industrial
$713.7K
$624.5K – $832.7K
NOI $49,962 @ 7.0% cap · market cap 5.56%
Theoretical Best
Office A
$1.59M
$1.39M – $1.86M
NOI $111,450 @ 7.0% cap · market cap 12.40%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
107
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54981, WI
14,998
Population
8,253
Households
1.8
Avg Household Size
47
Median Age
28%
College-Educated
94%
High-School Grad
131.6 sq mi
ZIP Area
114
Density / Sq Mi
$76,821
Median Household Income
$45,326
Median Earnings
$800
Median Rent
$204,100
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Brick restaurant property with commercial and baking kitchens, multiple bar areas, banquet space, and an outdoor beer garden.
Where is this conventional restaurant located?
The property is located at N2717 COUNTY ROAD QQ Waupaca, WI.
What is the asking price?
The asking price for this property is $899,000.
What are key features of this property?
This property features: 8,500‑square‑foot restaurant building on 1.6 acres; Extra‑large commercial kitchen plus separate baking kitchen; Dining room, two bar areas, and banquet room
