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    10381 HWY 51 Oma, WI 54534

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    Claim this Listing
    For Sale
    $299,000

    COMMERCIAL - Oma, WI

    Lot size:
    0.70 Acres
    Added:
    Dec 2, 2025
    Days on Market:
    155
    Last Refresh:
    May 6 at 12:06 pm

    Property Features for 10381 HWY 51

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Interior features
    Storage
    Exterior features
    Landscaping
    Standard status
    Active
    APN
    014-0219-0000
    Lot size
    0.70 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    PT OF SE-NE .70A 30 45 3E
    Tax Annual Amount
    2633

    Utilities

    Sewer type
    Mound Septic
    Heating system
    Propane (Heating), Forced Air
    Cooling system
    Central Air
    Water source
    Well

    Building Details

    Floors in Building
    1
    Flooring type
    Concrete
    Building materials
    Frame, Stone, WoodSiding
    Roof type
    Shingle, Composition
    Additional Structures
    Storage

    We can help!

    Listing Contact
    LINDA LONG TEAM
    LINDA LONG TEAM

    Listing agent LINDA LONG TEAM License #54872 - 90

    Listing office REDMAN REALTY GROUP, LLC 231 Oneida St PO Box 1287, Minocqua, WI

    Listing date Dec 2, 2025

    MLS# 215242

    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

    Iconic Highway Commercial Opportunity

    This commercial property is located on busy US HWY 51, just south of Hurley. The property has operated as a supper club for over 70 years, drawing customers from surrounding communities and travelers. The current building was constructed in 2007. All furnishings, fixtures and equipment are included and remain in very good condition, offering a turn key set up. The property has prime highway frontage and is located on the Iron County Snowmobile and ATV trails. The building lends itself to many mixed use commercial concepts. The lot size is 0.7 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Turn key restaurants

    Suggested Use

    Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Oma
    County
    Iron
    State
    Wisconsin
    Longitude
    -90.1550102
    Latitude
    46.3514303

    FAQs

    What type of property is this?
    Restaurant - Turn-key restaurant on busy highway with loyal customer base.
    Where is this restaurant located?
    The property is located at 10381 HWY 51 Oma, WI.
    What is the asking price?
    The asking price for this property is $299,000.
    What are key features of this property?
    This property features: Turn‑key restaurant opportunity with all furnishings, fixtures, and equipment included.; Prime highway frontage on US HWY 51, ensuring high visibility.; Located on the Iron County Snowmobile and ATV trails, attracting recreational traffic.
    (715) 543-2544
    We can help!
    Listing Contact
    LINDA LONG TEAM
    LINDA LONG TEAM
    Real Estate License ID: 54872 - 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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