Established Pizza
For Sale
$495,000
225 Us Highway 8, Turtle Lake, WI 54889
Fully equipped restaurant with commercial kitchen infrastructure, dining space, and an on-site manager’s office.
Property Size1,738 SF
Price / SF$284.81
Days on Market146
Property Features for 225 Us Highway 8
General Information
Standard status
Active
Size
1,738 SF
Restaurant
Seating Capacity
50
Equipment Included
Yes
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,193
Listing Agency:
Dane Arthur Real Estate Agency/Turtle Lake
(715) 641-0152
Listed By:
JoDee Peterson-Lochner
(715) 641-0152
Source:
Exprealty
Added: Apr 7
Changed: Aug 29
Last Checked: Aug 29 at 6:30PM
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 Dane Arthur Real Estate Agency/Turtle Lake
Investment Insights
Based on property information with market context.
This conventional restaurant property includes approximately 1,738 square feet configured for pizza production and customer dining. The sale includes commercial kitchen equipment, preparation stations, refrigeration, storage, a point-of-sale system, and dining furniture for 50 guests. A manager’s office supports day-to-day oversight of staff and inventory.
Operating for 18 years under two owners, the business is located along US Highway 8 in Turtle Lake, Wisconsin, within a vacation-oriented region of Northwest Wisconsin. Stabilized recipes are included with the sale, providing continuity for the established menu and operating model. The property is suited to an owner-operator or buyer seeking an existing restaurant business with its primary equipment and operational components in place.
Operating for 18 years under two owners, the business is located along US Highway 8 in Turtle Lake, Wisconsin, within a vacation-oriented region of Northwest Wisconsin. Stabilized recipes are included with the sale, providing continuity for the established menu and operating model. The property is suited to an owner-operator or buyer seeking an existing restaurant business with its primary equipment and operational components in place.
Key Highlights
- Approximately 1,738 SF restaurant space
- Operating history of 18 years under two owners
- Dining area with seating for 50 guests
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
$15,235
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
3.08%
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%
$304,700
$304.7K
Cap Rate 7%
$217,643
$217.6K
Cap Rate 9%
$169,278
$169.3K
Market Conditions
NOI Build-Up for 1,738 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
$20.9K $12.00/SF
− Vacancy
−$542 −$0.31/SF
EGI
$20.3K $11.69/SF
− OpEx
−$5.1K −$2.92/SF
NOI
$15.2K $8.77/SF
Area
Barron County, WI
Vacancy
2.60%
Lease Rate
$12.00 /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%
$304,700
Cap Rate 7%
$217,643
Cap Rate 9%
$169,278
Alternative Uses
Best Use
Specialty Retail
$217.6K
$190.4K – $253.9K
NOI $15,235 @ 7.0% cap · market cap 3.08%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.40M
$1.22M – $1.63M
NOI $97,751 @ 7.0% cap · market cap 19.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54889, WI
2,800
Population
1,812
Households
1.5
Avg Household Size
48
Median Age
23%
College-Educated
94%
High-School Grad
73.5 sq mi
ZIP Area
38
Density / Sq Mi
$71,951
Median Household Income
$41,973
Median Earnings
$872
Median Rent
$230,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Fully equipped restaurant with commercial kitchen infrastructure, dining space, and an on-site manager’s office.
Where is this conventional restaurant located?
The property is located at 225 Us Highway 8 Turtle Lake, WI.
What is the asking price?
The asking price for this property is $495,000.
What are key features of this property?
This property features: Approximately 1,738 SF restaurant space; Operating history of 18 years under two owners; Dining area with seating for 50 guests
