Bar & Grill with Event
New
For Sale
$575,000
1002 Hwy 32, Three Lakes, WI 54562
Established bar and grill with indoor entertainment, outdoor gathering space, and improvements to key building systems.
Property Size1,780 SF
Price / SF$323.03
Days on Market3
Property Features for 1002 Hwy 32
General Information
Standard status
Active
Size
1,780 SF
Property subtype
Business Opportunity
Site & Location
Highway Access
Yes
Road Access
Yes
Utilities to Site
Yes
Additional Details
Business Included
Yes
Amenities
air-stream VIP Room
heated and air-conditioned garage bar
outdoor stage
fenced-in outdoor area
5 gaming machines
air hockey table
foosball table
pool table
2 dart boards
2 juke boxes
additional games
Listing Agency:
REDMAN REALTY GROUP, LLC
(708) 878-1200
Listed By:
Matthew Solatka · License #43619
Source:
Dreamnorthre
Added: Aug 30
Changed: Aug 31
Last Checked: Aug 31 at 1:18PM
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 REDMAN REALTY GROUP, LLC
Investment Insights
Based on property information with market context.
This established bar and grill business at 1002 Hwy 32 includes several distinct customer and event areas. The operation features an Airstream VIP room, a heated and air-conditioned garage bar, an outdoor stage, and a fenced outdoor area for concerts, private parties, and gatherings. Interior and operational upgrades include new freezers, refrigerators, and coolers, along with updated bar flooring and subflooring. The property also has upgraded parking, septic, and electrical systems, plus new fencing and gates. High-speed internet and natural gas are in place.
The business is positioned in Three Lakes within the Northwoods recreational tourism market, near the Three Lakes/Eagle River Chain of Lakes. The surrounding area includes a campground, airport, golf course, resort, boat launch, and marina within walking distance, while snowmobile and ATV trails provide additional recreational access. Customer entertainment includes 5 gaming machines, air hockey, foosball, pool, 2 dart boards, 2 jukeboxes, and other games.
The business is positioned in Three Lakes within the Northwoods recreational tourism market, near the Three Lakes/Eagle River Chain of Lakes. The surrounding area includes a campground, airport, golf course, resort, boat launch, and marina within walking distance, while snowmobile and ATV trails provide additional recreational access. Customer entertainment includes 5 gaming machines, air hockey, foosball, pool, 2 dart boards, 2 jukeboxes, and other games.
Key Highlights
- Established bar and grill business at 1002 Hwy 32 in Three Lakes, WI
- Airstream VIP room plus heated and air‑conditioned garage bar
- Fenced outdoor area with stage for concerts, private parties, and gatherings
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
$23,405
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
4.07%
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%
$468,100
$468.1K
Cap Rate 7%
$334,357
$334.4K
Cap Rate 9%
$260,056
$260.1K
Market Conditions
NOI Build-Up for 1,780 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
$32.0K $18.00/SF
− Vacancy
−$833 −$0.47/SF
EGI
$31.2K $17.53/SF
− OpEx
−$7.8K −$4.38/SF
NOI
$23.4K $13.15/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$468,100
Cap Rate 7%
$334,357
Cap Rate 9%
$260,056
Alternative Uses
Best Use
Specialty Retail
$334.4K
$292.6K – $390.1K
NOI $23,405 @ 7.0% cap · market cap 4.07%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$833.1K
$729.0K – $972.0K
NOI $58,319 @ 7.0% cap · market cap 10.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
30
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54562, WI
2,093
Population
2,878
Households
0.7
Avg Household Size
57
Median Age
39%
College-Educated
98%
High-School Grad
144.4 sq mi
ZIP Area
14
Density / Sq Mi
$67,875
Median Household Income
$34,722
Median Earnings
$964
Median Rent
$291,800
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- 32 South Bar & Grill — 1002 WI-32, Three Lakes, WI 54562
- Briggs — 1057 WI-32, Three Lakes, WI 54562
Frequently Asked Questions
What type of property is this?
Bar & Pub - Established bar and grill with indoor entertainment, outdoor gathering space, and improvements to key building systems.
Where is this bar & pub located?
The property is located at 1002 Hwy 32 Three Lakes, WI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Established bar and grill business at 1002 Hwy 32 in Three Lakes, WI; Airstream VIP room plus heated and air‑conditioned garage bar; Fenced outdoor area with stage for concerts, private parties, and gatherings
