Equipped Pizza
For Sale
Under Contract
$495,000
225 US Highway 8, Turtle Lake, WI 54889
CommercialSale, Turtle Lake, WI
Property Size1,738 SF
Lot Size0.29 Acres
Price / SF$284.81
Days on Market154
Property Features for 225 US Highway 8
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Exterior features
Lighting
Elementary school district
Turtle Lake
Middle school district
Turtle Lake
High school district
Turtle Lake
Directions
Hwy 8 & 3 in Turtle Lake on the North side of the highway between the 2 roundabouts.
Standard status
Active Under Contract
APN
186802343000
Size
1,738 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3193
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ductless
Water source
Public
Building Details
Year built
1940
Building materials
Stone
Listing Agency:
Dane Arthur Real Estate Agency/Turtle Lake
(715) 986-4141
Listed By:
JoDee Peterson-Lochner · License #84129-94
(715) 641-0152
Added: Apr 7
Changed: Aug 19
Last Checked: Sep 7 at 2:06PM
MLS# 1599807
Copyright © 2026 REALTORS® Association of Northwestern Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This conventional restaurant occupies approximately 1,738 square feet on a 0.29-acre parcel at 225 US Highway 8 in Turtle Lake, Wisconsin. The layout includes a dining area with seating for 50, commercial kitchen and preparation areas, refrigeration, storage, a POS system, and a manager’s office. The sale includes the restaurant equipment and recipes used in its pizza operation.
Constructed in 1940, the property has stone exterior construction, forced-air heating, ductless cooling, exterior lighting, public water, and public sewer. The business has operated at this location for 18 years under two owners and is being offered as the current owner retires.
Constructed in 1940, the property has stone exterior construction, forced-air heating, ductless cooling, exterior lighting, public water, and public sewer. The business has operated at this location for 18 years under two owners and is being offered as the current owner retires.
Key Highlights
- Approximately 1,738 square feet on 0.29 acres
- Dining area with seating for 50 guests
- Commercial kitchen equipment, prep stations, refrigeration, and storage included
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
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
172
Businesses Nearby
10k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Dollar General
Shops & Services
5,590 visits/mo
0.1 miles
Cenex
Shops & Services
4,196 visits/mo
0.5 miles
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Operating restaurant with commercial kitchen infrastructure, guest seating, 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 square feet on 0.29 acres; Dining area with seating for 50 guests; Commercial kitchen equipment, prep stations, refrigeration, and storage included
