Building Details

Building Size 8,880 SF

Buildings 4

Listing Agency: Redman Realty Group, LLC G**@RedmanRealtyGroup.com Show Phone

Listed By: Guy Polacek Show Phone

Source: Northwoodswi

Added: Aug 3 Changed: Aug 16 Last Checked: Aug 16 at 3:49PM

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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 Redman Realty Group, LLC

Investment Insights

Based on property information with market context.

This mixed-use entertainment property spans over 8800 square feet across four completed buildings. The improvements include a museum, food venue, two-story bar with catwalk, garage bar, retail box, and two stages configured for music or events. A liquor license is included, and numerous furnishings, fixtures, equipment, and memorabilia will remain with the sale.

The property is located at 5261 Hwy 51 in Harshaw, Wisconsin, with 1320 feet of frontage along Hwy 51. Existing blacktop covers multiple acres, supporting access throughout the site. The combination of event infrastructure, food and beverage components, retail space, and specialty improvements creates a distinctive mixed-use commercial configuration.

Key Highlights

• Over 8800 square feet across 4 complete buildings
• Two stages for music or events
• Two‑story bar with catwalk and separate garage bar

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

$116,763

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

6.67%

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%

$2,335,260 $2.3M

Cap Rate 7%

$1,668,043 $1.7M

Cap Rate 9%

$1,297,367 $1.3M

Market Conditions

NOI Build-Up for 8,880 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

$159.8K $18.00/SF

− Vacancy

−$4.2K −$0.47/SF

EGI

$155.7K $17.53/SF

− OpEx

−$38.9K −$4.38/SF

NOI

$116.8K $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%

$2,335,260

Cap Rate 7%

$1,668,043

Cap Rate 9%

$1,297,367

Alternative Uses

Best Use

Specialty Retail

$1.67M

$1.46M – $1.95M (±1% cap)

NOI $116,763 @ 7.0% cap · market cap 6.67%

Second Best

Mixed Use

$935.1K

$818.2K – $1.09M (±1% cap)

NOI $65,454 @ 7.0% cap · market cap 3.74%

Theoretical Best

Industrial

$4.16M

$3.64M – $4.85M (±1% cap)

NOI $290,938 @ 7.0% cap · market cap 16.63%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Bars & Pubs

Suggested Use

Top Pick Furniture & Home Goods Restaurant Bed & Breakfast

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

Yes

Liquor license

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Explore this area Business Placement

Demographics for 54529, WI

1,220

Population

1,243

Households

1

Avg Household Size

58

Median Age

25%

College-Educated

94%

High-School Grad

71.3 sq mi

ZIP Area

17

Density / Sq Mi

$73,068

Median Household Income

$52,266

Median Earnings

$950

Median Rent

$263,700

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 mixed-use properties 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?

Mixed-use property - Multi-building entertainment property with stages, food service, bars, and an included liquor license.

Where is this mixed-use property located?

The property is located at 5261 Hwy 51 Harshaw, WI.

What is the asking price?

The asking price for this property is $1,750,000.

What are key features of this property?

This property features: Over 8800 square feet across 4 complete buildings; Two stages for music or events; Two‑story bar with catwalk and separate garage bar