Listing Agency: Berkshire Hathaway HomeServices Sophia Barry Realty Group Show Phone

Listed By: Sophia Barry · License #5960890 Show Phone

Source: Exprealty

Added: May 12 Changed: Aug 23 Last Checked: Aug 22 at 1:11PM

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Investment Insights

Based on property information with market context.

This turnkey bar and restaurant offering includes a fully equipped kitchen with a 6-burner stove, griddle, broiler, Alto-Shaam, double fryer, dishwashers, and multiple refrigerators. The main dining area features a gas fireplace, a 15-seat bar, three high tops, wine coolers, hardwired speakers, and a 12-top dining table. Upstairs, there is a spacious 4-bedroom apartment with a full bath, new deck, and in-unit washer/dryer plus stove and refrigerator.

The property includes parking for 30 and sits on over an acre near Holy Hill, a ski hill, and a lake. Recent updates include a 2023 roof, a rebuilt boiler, 2024 HVAC units and an air exchanger, and newer septic and well systems. Additional features include a garage walk-in cooler and freezer, with riding lawnmowers included. A historical grants option through the Town of Richfield may be available.

The nearby lot across the street is not for sale, and the survey is available for review.

Key Highlights

• Turnkey historical bar and restaurant with fully equipped kitchen, including 6‑burner stove, broiler, Alto‑Shaam, double fryer, and griddle
• Main dining area features gas fireplace, 15‑seat bar, 12‑top dining table, wine coolers, hardwired speakers, and 3 high tops
• Upstairs 4‑bedroom apartment with full bath and in‑unit laundry (washer and dryer), plus stove, fridge, and a new deck

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

$43,380

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

6.94%

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%

$867,600 $867.6K

Cap Rate 7%

$619,714 $619.7K

Cap Rate 9%

$482,000 $482.0K

Market Conditions

NOI Build-Up for 4,000 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

$60.0K $15.00/SF

− Vacancy

−$2.2K −$0.54/SF

EGI

$57.8K $14.46/SF

− OpEx

−$14.5K −$3.61/SF

NOI

$43.4K $10.84/SF

Area

Washington County, WI

Vacancy

3.60%

Lease Rate

$15.00 /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%

$867,600

Cap Rate 7%

$619,714

Cap Rate 9%

$482,000

Alternative Uses

Best Use

Specialty Retail

$619.7K

$542.3K – $723.0K (±1% cap)

NOI $43,380 @ 7.0% cap · market cap 6.94%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.10M

$962.2K – $1.28M (±1% cap)

NOI $76,976 @ 7.0% cap · market cap 12.32%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Alpine Retreat Restaurant

Suggested Use

Top Pick Real Estate Agency Restaurant

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Turnkey business

Opportunity

Yes

Commercial hood

Location Intelligence

Trade Area within ½ mile

13

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 53033, WI

5,502

Population

2,541

Households

2.2

Avg Household Size

49

Median Age

43%

College-Educated

97%

High-School Grad

16.0 sq mi

ZIP Area

344

Density / Sq Mi

$114,913

Median Household Income

$81,314

Median Earnings

$1,607

Median Rent

$398,900

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

Questions? Ask Rey

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Frequently Asked Questions

What type of property is this?

Conventional restaurant - Turnkey bar and restaurant includes a fully equipped kitchen and upstairs 4-bedroom rental apartment.

Where is this conventional restaurant located?

The property is located at 1380 Friess Lake Rd Hubertus, WI.

What is the asking price?

The asking price for this property is $624,900.

What are key features of this property?

This property features: Turnkey historical bar and restaurant with fully equipped kitchen, including 6‑burner stove, broiler, Alto‑Shaam, double fryer, and griddle; Main dining area features gas fireplace, 15‑seat bar, 12‑top dining table, wine coolers, hardwired speakers, and 3 high tops; Upstairs 4‑bedroom apartment with full bath and in‑unit laundry (washer and dryer), plus stove, fridge, and a new deck