Lake Koshkonong Supper Club
For Sale
$1,600,000
11802 N Charley Bluff Rd, Milton, WI 53563
Turnkey supper club with lake frontage and residence.
Property Size5,987 SF
Price / SF$267.25
Days on Market105
Property Features for 11802 N Charley Bluff Rd
General Information
Standard status
Active
Size
5,987 SF
Taxes and HOA fees
Annual Taxes
$9,102
Listing Agency:
Realty Executives Cooper Spransy
(608) 931-3317
Listed By:
Ashley Nelson
(608) 931-3317
Source:
Exprealty
Added: May 15
Changed: Aug 25
Last Checked: Aug 26 at 10:54AM
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 Realty Executives Cooper Spransy
Investment Insights
Based on property information with market context.
This is a turnkey supper club opportunity located on the shores of Lake Koshkonong, featuring 280 feet of lake frontage and sunset views. This established destination is known for its lobster boils and prime rib, offering the Wisconsin dining experience. Guests can enjoy cocktails and dinner on the lakeside patio with water views, or dine indoors surrounded by supper club ambiance, complete with a fireplace. Boaters can utilize the new pier to dock and enjoy dinner by water. The property also includes an attached private residence, featuring 1 bedroom, an updated bathroom, and a walk-in closet. The property size is 5987 square feet.
Key Highlights
- Turnkey and thriving supper club with an established reputation and clientele.
- 280 feet of prime Lake Koshkonong frontage with unforgettable sunset views.
- Lakeside patio with panoramic water views for dining and cocktails.
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
—
—
no second resolved use
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
Location Intelligence
Trade Area within ½ mile
11
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 - Turnkey supper club with lake frontage and residence.
Where is this conventional restaurant located?
The property is located at 11802 N Charley Bluff Rd 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: Turnkey and thriving supper club with an established reputation and clientele.; 280 feet of prime Lake Koshkonong frontage with unforgettable sunset views.; Lakeside patio with panoramic water views for dining and cocktails.
