Building Details

Stories 3

Listing Agency: FIRST WEBER Show Phone

Listed By: VIBRANT REAL ESTATE Show Phone

Source: Exprealty

Added: Aug 7 Changed: Aug 21 Last Checked: Aug 21 at 11:54AM

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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 FIRST WEBER

Investment Insights

Based on property information with market context.

Pike Lake Resort is a waterfront hospitality property on Pike Lake in Hatley, Wisconsin. The approximately 6,000-square-foot improvement contains three levels and is configured with a bar, restaurant, fully functional commercial kitchen, and related furnishings, fixtures, and equipment included in the sale.

The main level supports the resort’s primary operations. An upper-level dining area is used for a Friday fish fry and can accommodate private parties, catered events, weddings, showers, reunions, and community gatherings. The lower level is currently unused, offering additional interior space within the existing building.

Key Highlights

• Approximately 6,000‑square‑foot, three‑level bar and restaurant building
• Directly situated on Pike Lake in Hatley, Wisconsin
• Sale includes furnishings, fixtures, and equipment used in the business

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

$77,598

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

8.17%

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%

$1,551,960 $1.6M

Cap Rate 7%

$1,108,543 $1.1M

Cap Rate 9%

$862,200 $862.2K

Market Conditions

NOI Build-Up for 6,000 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

$108.0K $18.00/SF

− Vacancy

−$4.5K −$0.76/SF

EGI

$103.5K $17.24/SF

− OpEx

−$25.9K −$4.31/SF

NOI

$77.6K $12.93/SF

Area

Marathon County, WI

Vacancy

4.20%

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%

$1,551,960

Cap Rate 7%

$1,108,543

Cap Rate 9%

$862,200

Alternative Uses

Best Use

Specialty Retail

$1.11M

$970.0K – $1.29M (±1% cap)

NOI $77,598 @ 7.0% cap · market cap 8.17%

Second Best

Hotel Hospitality

$537.4K

$470.3K – $627.0K (±1% cap)

NOI $37,620 @ 7.0% cap · market cap 3.96%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Resorts

Suggested Use

Top Pick Computer & Electronic Repair Bar & Pub 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

Location Intelligence

Trade Area within ½ mile

20

Businesses Nearby

Explore this area Business Placement

Demographics for 54440, WI

2,992

Population

1,270

Households

2.4

Avg Household Size

45

Median Age

16%

College-Educated

89%

High-School Grad

82.6 sq mi

ZIP Area

36

Density / Sq Mi

$84,417

Median Household Income

$45,684

Median Earnings

$844

Median Rent

$201,100

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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What type of property is this? Where is this resorts located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Resort - Three-level hospitality property with an operating bar, restaurant, commercial kitchen, and lakefront setting.

Where is this resort located?

The property is located at 215439 N Shore Drive Hatley, WI.

What is the asking price?

The asking price for this property is $950,000.

What are key features of this property?

This property features: Approximately 6,000‑square‑foot, three‑level bar and restaurant building; Directly situated on Pike Lake in Hatley, Wisconsin; Sale includes furnishings, fixtures, and equipment used in the business