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    Historic Schoolhouse with Commercial Kitchens Title is generated by Realmo AI

    12042 Hwy 42, Ellison Bay, WI 54210

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    Claim this Listing
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    For Sale
    $647,000

    COMMERCIAL - Ellison Bay, WI

    Property size:
    2,270 SF
    Lot size:
    0.43 Acres
    Price / SF:
    $285/SF
    Added:
    May 23, 2026
    Days on Market:
    2
    Last Refresh:
    May 24 at 3:06 am

    Property Features for 12042 Hwy 42

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mixed Use Commercial (MC)
    Standard status
    Active
    Size
    2,270 SF
    Lot size
    0.43 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1852

    Building Details

    Year built
    1879

    We can help!

    Listing Contact
    Michael Thomas
    Michael Thomas

    Listing agent Michael Thomas

    Listing office CB Real Estate Group Egg Harbor PO Box 497 7734 Hwy 42, Appleton, WI

    Listing date May 23, 2026

    MLS# 147335

    Copyright © 2026 Door County 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

    • Two fully equipped kitchens with Wolf and Sub‑Zero appliances and custom crafted cabinetry.
    • Sizable retail space offering versatility for business ventures.
    • Historic building (built in 1879) thoughtfully renovated in 2006.
    • Original maple flooring.
    • Second floor 'blank slate' area roughed‑in and ready for living space conversion.
    • Large parking lot.

    Overview

    This historic building, originally constructed in 1879 and renovated in 2006, offers a unique commercial opportunity. For the past 18 years, it has housed the Savory Spoon Cooking School and Marketplace. The 2,270 square foot building features original maple flooring and includes two fully equipped kitchens with Wolf and Sub-Zero appliances and custom crafted cabinetry. A sizable retail space provides versatility for various business ventures. The second floor includes a finished office or den, as well as an unfinished area ready for conversion into a living space. Additional features include a garage, dry storage area, and a large parking lot. The property is located in Ellison Bay, Wisconsin, on a 0.43-acre lot and is zoned Mixed Use Commercial (MC).
    Property Profile Location Intelligence

    Current Use by Public Records

    Schools

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Auto Repair Shop Hotel & Motel Department Store Food Market Grocery & Convenience Store Bar & Pub Discount Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Ellison Bay
    County
    Door
    State
    Wisconsin
    Longitude
    -87.0718866
    Latitude
    45.2545808

    Nearby Similar for Sale

    • $499,900
      1,472 SF

      Ellison Bay Commercial Building

      Well-maintained commercial building in Ellison Bay with versatile interior.
      12046 Hwy 42, Ellison Bay, WI 54210
      View Details
    • $449,000
      2,600 SF

      Charming Mixed-Use Building in Ellison Bay

      Mixed-use building with retail space, apartment, and oversized garage.
      12030 Garrett Bay Rd, Ellison Bay, WI 54210
      View Details

    FAQs

    What type of property is this?
    School - Renovated schoolhouse with kitchens and retail space in Ellison Bay.
    Where is this school located?
    The property is located at 12042 Hwy 42 Ellison Bay, WI.
    What is the asking price?
    The asking price for this property is $647,000.
    What are key features of this property?
    This property features: Two fully equipped kitchens with Wolf and Sub‑Zero appliances and custom crafted cabinetry.; Sizable retail space offering versatility for business ventures.; Historic building (built in 1879) thoughtfully renovated in 2006.
    (920) 421-0935
    We can help!
    Listing Contact
    Michael Thomas
    Michael Thomas
    Request Owner's contact information
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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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