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    Waterfront Restaurant/Supper Club Opportunity Title is generated by Realmo AI

    11802 N Charley Bluff Road, Milton, WI 53563

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    For Sale
    $1,600,000

    Restaurant/Supper Club - Milton, WI

    Added:
    May 17, 2026
    Days on Market:
    15
    Last Refresh:
    May 31 at 9:06 am

    Property Features for 11802 N Charley Bluff Road

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    CR
    Parking
    56
    Parking features
    Paved or Surfaced
    Security features
    Security System
    Interior features
    Private Restrooms, Residential unit(s), Security system
    Standard status
    Active
    APN
    6-13-640.24

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    9102

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air
    Water front features
    Waterfront
    Water front
    1

    Building Details

    Year built
    1910
    Floors in Building
    2
    Number of units
    1
    Roof type
    Membrane, Metal, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Ashley Nelson
    Ashley Nelson

    Listing agent Ashley Nelson

    Listing office Realty Executives Cooper Spransy 5940 Seminole Centre Ct Ste 310, Madison, WI

    Listing date May 17, 2026

    MLS# 2023374 Listing URL

    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.

    HighLights

    • Thriving supper club with established reputation and clientele.
    • Enjoy 280 feet of prime Lake Koshkonong frontage with sunset views.
    • Includes attached private residence for owner occupancy or on‑site management.
    • Lakeside patio for outdoor dining with panoramic water views.
    • New pier for easy boat access and waterfront dining.
    • Turnkey operation with legendary lobster boils and prime rib.

    Overview

    This turnkey supper club opportunity is 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 dock and enjoy dinner by water, thanks to the new pier. The property also includes an attached private residence, featuring 1 bedroom, an updated bathroom, and a walk-in closet. The property is zoned CR. This is a waterfront restaurant with an established reputation, clientele, lake frontage, and the blend of business and lifestyle. The property is located in Milton, WI.
    Property Profile Location Intelligence

    Current Use by Public Records

    Buckhorn Supper Club Restaurant

    Suggested Use

    Restaurant Big Box & Wholesale Store Gym & Fitness Center Bar & Pub Restaurant

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

    Location Insight

    • Map
    • Local Demand
    City
    Milton
    County
    Rock
    State
    Wisconsin
    Longitude
    -88.976453
    Latitude
    42.842287

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    FAQs

    What type of property is this?
    Conventional restaurant - Thriving supper club on Lake Koshkonong with prime lake frontage.
    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: Thriving supper club with established reputation and clientele.; Enjoy **280 feet of prime Lake Koshkonong frontage with sunset views.**; Includes attached private residence for owner occupancy or on‑site management.
    (608) 931-3317
    We can help!
    Listing Contact
    Ashley Nelson
    Ashley Nelson
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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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