Modern Restaurant with Stone
For Sale
$875,000
7004 Hwy 45, Three Lakes, WI 54562
Full-service dining property with a finished bar, outdoor fireplace, and access from Highway 45.
Property Size2,800 SF
Price / SF$312.50
Days on Market43
Property Features for 7004 Hwy 45
General Information
Standard status
Active
Size
2,800 SF
Property subtype
Business Opportunity
Additional Details
Highway Access
Yes
Patio
Yes
Building Details
Year Built
2020
Listing Agency:
RE/MAX PROPERTY PROS
Listed By:
Jennifer Biegel (Biegel Team) · License #43888
Source:
Dreamnorthre
Added: Jul 18
Changed: Aug 29
Last Checked: Aug 29 at 11:43AM
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 RE/MAX PROPERTY PROS
Investment Insights
Based on property information with market context.
Built in 2020, this conventional restaurant includes a dedicated dining room, full bar, contemporary finishes, and a stone patio with an outdoor fireplace. The operation features contemporary American cuisine, craft beer, specialty cocktails, and a curated wine program, with scratch-made menu offerings served in a refined Northwoods-inspired setting.
The property is located at 7004 Hwy 45 in Three Lakes, Wisconsin, with convenient access from Highway 45 and nearby trails. Its setting within a lake-oriented recreation and tourism area places it near lakes, resorts, and seasonal outdoor activity. The established Clayton's 1881 Kitchen & Cocktails brand serves local residents, seasonal residents, golfers, and visitors.
The property is located at 7004 Hwy 45 in Three Lakes, Wisconsin, with convenient access from Highway 45 and nearby trails. Its setting within a lake-oriented recreation and tourism area places it near lakes, resorts, and seasonal outdoor activity. The established Clayton's 1881 Kitchen & Cocktails brand serves local residents, seasonal residents, golfers, and visitors.
Key Highlights
- Built in 2020
- Dining room with full bar and contemporary finishes
- Stone patio with outdoor fireplace
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
$36,817
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
4.21%
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%
$736,340
$736.3K
Cap Rate 7%
$525,957
$526.0K
Cap Rate 9%
$409,078
$409.1K
Market Conditions
NOI Build-Up for 2,800 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
$50.4K $18.00/SF
− Vacancy
−$1.3K −$0.47/SF
EGI
$49.1K $17.53/SF
− OpEx
−$12.3K −$4.38/SF
NOI
$36.8K $13.15/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$18.00 /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%
$736,340
Cap Rate 7%
$525,957
Cap Rate 9%
$409,078
Alternative Uses
Best Use
Specialty Retail
$526.0K
$460.2K – $613.6K
NOI $36,817 @ 7.0% cap · market cap 4.21%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$1.31M
$1.15M – $1.53M
NOI $91,737 @ 7.0% cap · market cap 10.48%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54562, WI
2,093
Population
2,878
Households
0.7
Avg Household Size
57
Median Age
39%
College-Educated
98%
High-School Grad
144.4 sq mi
ZIP Area
14
Density / Sq Mi
$67,875
Median Household Income
$34,722
Median Earnings
$964
Median Rent
$291,800
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 - Full-service dining property with a finished bar, outdoor fireplace, and access from Highway 45.
Where is this conventional restaurant located?
The property is located at 7004 Hwy 45 Three Lakes, WI.
What is the asking price?
The asking price for this property is $875,000.
What are key features of this property?
This property features: Built in 2020; Dining room with full bar and contemporary finishes; Stone patio with outdoor fireplace
