Building Details

Year Built 1902

Stories 4

Construction Queen Anne

Listing Agency: Klodowski Real Estate k***@yahoo.com Show Phone

Listed By: Kristine Klodowski · License #5928390 Show Phone

Source: Exprealty

Added: Dec 5, 2025 Changed: Aug 29 Last Checked: Aug 30 at 11:46PM

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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 Klodowski Real Estate

Investment Insights

Based on property information with market context.

Built in 1902, this Queen Anne property combines renewed interiors with period architectural character across four floors and over 6,000 square feet. The layout includes six guest suites, seven fireplaces, a library, formal dining room, foyer, living room, kitchen, third-floor guest quarters, and a speakeasy-style lower level. Welcoming porches and a rare carriage house/garage add to the property’s physical appeal.

The estate occupies .63 acres with manicured grounds and offers a setting suited to continued bed-and-breakfast operations, corporate retreats, weddings, and group events. Its combination of guest accommodations, gathering rooms, outdoor areas, and distinctive historic details supports multiple hospitality and event-oriented uses.

Key Highlights

• 1902 Queen Anne property renewed while retaining historic architectural character
• Over 6,000 sq. ft. arranged across four floors
• Six guest suites and seven fireplaces

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

$36,338

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

2.80%

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%

$726,760 $726.8K

Cap Rate 7%

$519,114 $519.1K

Cap Rate 9%

$403,756 $403.8K

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

$90.0K $15.00/SF

− Vacancy

−$13.5K −$2.25/SF

EGI

$76.5K $12.75/SF

− OpEx

−$40.2K −$6.69/SF

NOI

$36.3K $6.06/SF

Area

Dodge County, WI

Vacancy

15.00%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

52.50%

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%

$726,760

Cap Rate 7%

$519,114

Cap Rate 9%

$403,756

Alternative Uses

Best Use

Hotel Hospitality

$519.1K

$454.2K – $605.6K (±1% cap)

NOI $36,338 @ 7.0% cap · market cap 2.80%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$1.30M

$1.14M – $1.52M (±1% cap)

NOI $91,238 @ 7.0% cap · market cap 7.02%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Honeybee Inn Bed ... Bed & Breakfast

Suggested Use

Top Pick Real Estate Agency Law Firm Building Supply HVAC Service Spa & Massage Center Big Box & Wholesale Store

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

Location Intelligence

Trade Area within ½ mile

158

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53032, WI

4,933

Population

2,372

Households

2.1

Avg Household Size

43

Median Age

16%

College-Educated

94%

High-School Grad

29.6 sq mi

ZIP Area

167

Density / Sq Mi

$53,564

Median Household Income

$38,041

Median Earnings

$835

Median Rent

$174,200

Median Home Value

Questions? Ask Rey

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

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Similar Off Market Nearby

• Honeybee Inn Bed & Breakfast — 611 E Walnut St, Horicon, WI 53032

Frequently Asked Questions

What type of property is this?

Bed & breakfast - Renewed guest accommodations include formal entertaining rooms, a library, porches, and a carriage house.

Where is this bed & breakfast located?

The property is located at 611 E Walnut Street Horicon, WI.

What is the asking price?

The asking price for this property is $1,300,000.

What are key features of this property?

This property features: 1902 Queen Anne property renewed while retaining historic architectural character; Over 6,000 sq. ft. arranged across four floors; Six guest suites and seven fireplaces