Listing Agency: REDMAN REALTY GROUP, LLC

Listed By: Matthew Solatka · License #43619 Show Phone

Source: Dreamnorthre

Added: Aug 30 Changed: Oct 10 Last Checked: Oct 16 at 6:08AM

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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

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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.

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 / Yr

$23,405

Cap Rate

4.22%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$468,100 $468.1K

Cap Rate 7%

$334,357 $334.4K

Cap Rate 9%

$260,056 $260.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,780 SF

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 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 (±1% cap)

NOI $23,405 @ 7.0% cap · market cap 4.22%

Second Best

—

—

no second resolved use

Theoretical Best

Industrial

$833.1K

$729.0K – $972.0K (±1% cap)

NOI $58,319 @ 7.0% cap · market cap 10.51%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Current Use

Bars & Pubs

Suggested Use

Top Pick Plumbing Service Grocery & Convenience Store Kitchen & Bath Showroom Real Estate Agency Pet Store Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

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

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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 $555,000.

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