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    Pelican Lake Resort Opportunity Title is generated by Realmo AI

    1116 CHICAGO POINT DR, Pelican Lake, WI 54463

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    Claim this Listing
    For Sale
    $724,900

    COMMERCIAL - Pelican Lake, WI

    Lot size:
    8.91 Acres
    Added:
    Oct 29, 2025
    Days on Market:
    198
    Last Refresh:
    May 14 at 5:06 pm

    Property Features for 1116 CHICAGO POINT DR

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    APN
    SC-813, SC-814, 144-4, 144-8
    Lot size
    8.91 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    GOLDEN SAND BEACH PLAT LOT 2 SEASONAL COTTAGESSM A4019
    Tax Annual Amount
    4990

    Utilities

    Sewer type
    Shared Septic
    Heating system
    Natural Gas
    Water source
    Well
    Water front features
    Lake Front
    Water front
    1

    Building Details

    Number of units
    9
    Flooring type
    Wood, Carpet, Mixed, Vinyl
    Building materials
    Frame, Log, VinylSiding, WoodSiding
    Roof type
    Metal, Shingle, Composition
    Additional Structures
    Outbuilding

    We can help!

    Listing Contact
    JACK WEPPNER

    Listing agent JACK WEPPNER License #112850 - 94

    Listing office ELIASON REALTY - EAGLE RIVER 325 W Pine St P.O. Box 284, Eagle River, WI

    Listing date Oct 29, 2025

    MLS# 214881

    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.

    HighLights

    • 204 ft of level, sandy frontage on Pelican Lake.
    • Established family resort with 9 cabins (2 year‑round, 7 seasonal), each with a kitchen and bathroom.
    • Nearly 9 acres of spacious grounds, suitable for a resort business, family compound, or private retreat.
    • Charming owner's home provides comfortable year‑round living.
    • Fully furnished and turnkey, ready to enjoy immediately.
    • Two piers for waterfront activities.

    Overview

    This established family resort on Pelican Lake presents an incredible opportunity. Situated on nearly 9 acres, the property features 204 feet of level, sandy frontage. There are a total of 9 cabins, including 2 year-round cabins and 7 seasonal cabins. Each cabin is equipped with a kitchen and bathroom. Additionally, 6 of the cabins share a well-maintained shower house. The property also includes a charming owner's home suitable for comfortable year-round living. This turnkey resort is fully furnished and ready to enjoy. The property is ideal for a resort business, family compound, or private retreat. The grounds are spacious and offer stunning lake views. Two piers provide access for waterfront activities.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Resorts

    Suggested Use

    Real Estate Agency Spa & Massage Center Hair Salon Nail Salon Hotel & Motel Bed & Breakfast

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

    Location Insight

    • Map
    • Local Demand
    City
    Pelican Lake
    County
    Oneida
    State
    Wisconsin
    Longitude
    -89.2012195
    Latitude
    45.5162971

    Nearby Similar for Sale

    • $225,000
      1,800 SF

      Pelican Lake Tavern Business Opportunity

      Established tavern with real estate in Northern Wisconsin's recreational heartland.
      468 MAX ROAD, Pelican Lake, WI 54463
      View Details
    • $225,000

      Pelican Lake Tavern For Sale

      Commercial tavern in the heart of Northern Wisconsin's recreational area.
      460-468 MAX RD, Pelican Lake, WI 54463
      View Details

    FAQs

    What type of property is this?
    Resort - Established resort on nearly 9 acres with 204' frontage.
    Where is this resort located?
    The property is located at 1116 CHICAGO POINT DR Pelican Lake, WI.
    What is the asking price?
    The asking price for this property is $724,900.
    What are key features of this property?
    This property features: 204 ft of level, sandy frontage on Pelican Lake.; Established family resort with 9 cabins (2 year‑round, 7 seasonal), each with a kitchen and bathroom.; Nearly 9 acres of spacious grounds, suitable for a resort business, family compound, or private retreat.
    (312) 833-0404
    We can help!
    Listing Contact
    JACK WEPPNER
    Real Estate License ID: 112850 - 94
    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.

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