Redevelopment Opportunity in Elkhorn,
For Sale
$1,567,000
720 N Wisconsin St, Elkhorn, WI 53121
13,702 sq ft commercial property on 3.57 acres.
Property Size13,702 SF
Lot Size3.57 Acres
Price / SF$114.36
Days on Market166
Property Features for 720 N Wisconsin St
General Information
Standard status
Active
Size
13,702 SF
Lot size
3.57 Acres
Building Details
Year Built
1963
Listing Agency:
Real Broker LLC
Listed By:
Sean Levitt · License #9058425
Source:
Jwregwi
Added: Mar 26
Changed: Sep 3
Last Checked: Sep 7 at 11:00AM
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 Real Broker LLC
Investment Insights
Based on property information with market context.
This commercial property, situated on 3.57 acres in Elkhorn, Wisconsin, encompasses 13,702 square feet and presents a redevelopment opportunity. The site, formerly a restaurant and banquet hall, includes a bar, a dining room, and a banquet space capable of accommodating 350 people, complete with a separate entrance. The property benefits from its location on high-traffic Highway 67, in close proximity to Highway 12. Zoned B-2, the site provides 197 parking spaces and includes a partial basement. This property is ready for redevelopment.
Key Highlights
- High‑traffic location on Hwy 67 near Hwy 12.
- Large 13,702 sq ft building on 3.57 acres.
- B‑2 zoning offers redevelopment opportunities.
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
$114,360
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
7.30%
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%
$2,287,200
$2.3M
Cap Rate 7%
$1,633,714
$1.6M
Cap Rate 9%
$1,270,667
$1.3M
Market Conditions
NOI Build-Up for 13,702 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
$177.6K $12.96/SF
− Vacancy
−$14.2K −$1.04/SF
EGI
$163.4K $11.92/SF
− OpEx
−$49.0K −$3.58/SF
NOI
$114.4K $8.35/SF
Area
Walworth County, WI
Vacancy
8.00%
Lease Rate
$12.96 /SF/Yr
Expense Ratio
30.00%
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%
$2,287,200
Cap Rate 7%
$1,633,714
Cap Rate 9%
$1,270,667
Alternative Uses
Best Use
Retail
$1.63M
$1.43M – $1.91M
NOI $114,360 @ 7.0% cap · market cap 7.30%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.64M
$2.31M – $3.09M
NOI $185,100 @ 7.0% cap · market cap 11.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
7k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 80%
Shops & Services 20%
Taco Bell
Dining
5,713 visits/mo
0.4 miles
Super Wash
Shops & Services
1,440 visits/mo
0.3 miles
Demographics for 53121, WI
19,222
Population
8,397
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
114.4 sq mi
ZIP Area
168
Density / Sq Mi
$83,635
Median Household Income
$45,112
Median Earnings
$1,031
Median Rent
$287,900
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?
Retail property - 13,702 sq ft commercial property on 3.57 acres.
Where is this retail property located?
The property is located at 720 N Wisconsin St Elkhorn, WI.
What is the asking price?
The asking price for this property is $1,567,000.
What are key features of this property?
This property features: High‑traffic location on Hwy 67 near Hwy 12.; Large 13,702 sq ft building on 3.57 acres.; B‑2 zoning offers redevelopment opportunities.
