Waterfront Supper Club
For Sale
$1,600,000
11802 N Charley Bluff Road, Milton, WI 53563
COMMERCIAL - Milton, WI
Property Size5,987 SF
Lot Size1.83 Acres
Price / SF$267.25
Days on Market88
Property Features for 11802 N Charley Bluff Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
CR
Security features
Security System
Interior features
Private Restrooms, Residential unit(s), Security system, Landscaped, Out Building, Water Filter, Water Softener
Lot features
Residential area
Directions
Hwy 59, W on Cty N, N on Charley Bluff Rd
Subdivision
MILTON - T
Standard status
Active
APN
6-13-640.24
Size
5,987 SF
Lot size
1.83 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
9102
Amenities
lake frontage
fireplace
pier
Building Details
Year built
1910
Number of units
1
Roof type
Membrane, Metal
Listing Agency:
Realty Executives Cooper Spransy · Realty Executives International
(608) 661-7900
Listed By:
Ashley Nelson
(608) 931-3317
Added: May 17
Changed: Aug 12
Last Checked: Aug 12 at 1:06PM
MLS# 2023374
Copyright © 2026 REALTORS® Association of South Central 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.
This 5,987-square-foot restaurant property occupies 1.83 acres along Lake Koshkonong in Milton, Wisconsin. The building includes indoor dining space with a fireplace, a lakeside patio, private restrooms, and an attached one-bedroom residential unit with an updated bathroom and walk-in closet. A new pier extends the property’s waterfront functionality, while landscaped areas and an outbuilding add to the site improvements. The property was built in 1910 and has membrane and metal roofing.
The site offers 280 feet of lake frontage at 11802 N Charley Bluff Road. Boaters can access the pier for dockside dining, while the patio provides outdoor seating oriented toward the lake. CR zoning applies to the property.
The site offers 280 feet of lake frontage at 11802 N Charley Bluff Road. Boaters can access the pier for dockside dining, while the patio provides outdoor seating oriented toward the lake. CR zoning applies to the property.
Key Highlights
- 5,987 SF restaurant on 1.83 acres
- 280 feet of Lake Koshkonong frontage
- Attached 1‑bedroom residence with updated bathroom and walk‑in closet
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
$94,468
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
5.90%
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%
$1,889,360
$1.9M
Cap Rate 7%
$1,349,543
$1.3M
Cap Rate 9%
$1,049,644
$1.0M
Market Conditions
NOI Build-Up for 5,987 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
$129.3K $21.60/SF
− Vacancy
−$3.4K −$0.56/SF
EGI
$126.0K $21.04/SF
− OpEx
−$31.5K −$5.26/SF
NOI
$94.5K $15.78/SF
Area
Rock County, WI
Vacancy
2.60%
Lease Rate
$21.60 /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%
$1,889,360
Cap Rate 7%
$1,349,543
Cap Rate 9%
$1,049,644
Alternative Uses
Best Use
Specialty Retail
$1.35M
$1.18M – $1.57M
NOI $94,468 @ 7.0% cap · market cap 5.90%
Second Best
Mixed Use
$590.1K
$516.4K – $688.5K
NOI $41,310 @ 7.0% cap · market cap 2.58%
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,711 @ 7.0% cap · market cap 6.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
23
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53563, WI
11,503
Population
4,672
Households
2.5
Avg Household Size
42
Median Age
31%
College-Educated
96%
High-School Grad
67.0 sq mi
ZIP Area
172
Density / Sq Mi
$89,397
Median Household Income
$47,742
Median Earnings
$972
Median Rent
$270,800
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 - Lakefront dining property with an attached one-bedroom residence, lakeside patio, fireplace, and private pier.
Where is this conventional restaurant located?
The property is located at 11802 N Charley Bluff Road Milton, WI.
What is the asking price?
The asking price for this property is $1,600,000.
What are key features of this property?
This property features: 5,987 SF restaurant on 1.83 acres; 280 feet of Lake Koshkonong frontage; Attached 1‑bedroom residence with updated bathroom and walk‑in closet
