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    Iconic Restaurant Opportunity on US Hwy 2 Title is generated by Realmo AI

    695 US2, Florence, WI 54121

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    Claim this Listing
    For Sale
    $649,900

    Commercial/Industrial - Florence T-WI, WI

    Property size:
    6,300 SF
    Lot size:
    0.91 Acres
    Price / SF:
    $103/SF
    Added:
    Sep 29, 2022
    Days on Market:
    1328
    Last Refresh:
    May 18 at 12:06 pm

    Property Features for 695 US2

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Parking features
    Off Street, Parking Lot
    Security features
    Fire Alarm, Security Lighting
    Patio and Porch features
    Patio, Deck
    Interior features
    Bath, Billboard, Cable Internet Installed, Cafe/Kitchen, Carpet, Fixtures, Furniture, No Tank, No Loading Facility, Occupied, Private Restrooms, Public Restrooms, Restroom(s), Security Syetem Owned, Separate Meters, Sidewalks, Trash Removal, Underground Utilities, Smoke/Fire Alarm
    Exterior features
    Billboard, Deck/Patio
    Standard status
    Active
    APN
    010006920000
    Size
    6,300 SF
    Lot size
    0.91 Acres

    Taxes and HOA fees

    Tax Year
    2022
    Tax Annual Amount
    3551

    Utilities

    Cooling system
    Central Air, Exhaust Fan (Cooling)

    Building Details

    Year built
    2007
    Flooring type
    Carpet
    Building materials
    Vinyl Siding
    Roof type
    Asphalt
    Architectural style
    Other

    We can help!

    Listing Contact
    RYAN GORDON
    RYAN GORDON

    Listing agent RYAN GORDON

    Listing office STEPHENS REAL ESTATE 1320 CARPENTER AVE., Iron Mountain, WI

    Listing date Sep 29, 2022

    MLS# 50134908 Listing URL

    Copyright © 2026 Upper Peninsula Association of Realtors. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Well‑established and profitable restaurant business with a loyal customer base.
    • Prime location on busy US Hwy 2 with excellent visibility and easy access.
    • 6,300 sq ft facility with multiple dining areas, including a 60‑seat banquet room and 38‑seat party room.
    • Includes all necessary licenses, furniture, inventory, and equipment.
    • 69‑space parking lot.
    • Built in 2007.

    Overview

    The legendary El Capitan Supper Club, a cornerstone of Spread Eagle for 100 years, is available for sale. This thriving business, renowned for its Italian cuisine and family-friendly atmosphere, seeks a new owner to continue its legacy. The 6,300 square foot facility features an upper level with a large bar, kitchen, open dining area, and a 38-seat party room. The lower level includes a 60-seat banquet room with a private bar, ideal for private parties and gatherings. Located on busy US Hwy 2 in Florence T-WI, the property offers excellent visibility and easy access with a 69-space parking lot. The sale includes all necessary licenses, furniture, inventory, and equipment. This is an opportunity for an experienced restaurateur or entrepreneur to acquire a profitable business with a loyal customer base. The property is located in Florence-WI County and has a lot size of 0.91 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Conventional restaurants

    Suggested Use

    Restaurant Accounting Firm Discount Store Grocery & Convenience Store Bar & Pub Garden Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Florence
    County
    Florence
    State
    Wisconsin
    Longitude
    -88.09307
    Latitude
    45.876114

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    FAQs

    What type of property is this?
    Restaurant - Well-established restaurant with loyal customer base on busy highway.
    Where is this restaurant located?
    The property is located at 695 US2 Florence, WI.
    What is the asking price?
    The asking price for this property is $649,900.
    What are key features of this property?
    This property features: Well‑established and profitable restaurant business with a loyal customer base.; **Prime location on busy US Hwy 2 with excellent visibility and easy access.**; **6,300 sq ft facility with multiple dining areas, including a 60‑seat banquet room and 38‑seat party room.**
    (906) 282-1644
    We can help!
    Listing Contact
    RYAN GORDON
    RYAN GORDON
    Real Estate License ID: 6502420131
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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