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    816 Highway 23/73 Princeton, WI 54968

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    For Sale
    $284,500

    Retail,Service,Restaurant/Supper Club,Tavern,Other - Princeton, WI

    Added:
    Apr 29, 2026
    Days on Market:
    1
    Last Refresh:
    Apr 29 at 8:06 pm

    Property Features for 816 Highway 23/73

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mun
    Parking features
    Paved or Surfaced
    Interior features
    Public rest rooms, Inside storage
    Exterior features
    Signage available
    Standard status
    Active
    APN
    271007640000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    3963

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    2010
    Floors in Building
    1
    Number of units
    1
    Roof type
    Composition, Other
    Architectural style
    Other

    We can help!

    Listing Contact
    Kathy Zeratsky

    Listing agent Kathy Zeratsky

    Listing office Better Homes and Gardens Real Estate Special Properties PO Box 637, Green Lake, WI

    Listing date Apr 29, 2026

    MLS# 2012479 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Turnkey Diner in Princeton, Wisconsin

    Irma’s Diner is a thriving, established breakfast and lunch spot known for its homemade baked goods, comfort food, and friendly small-town atmosphere. Recent updates include a new electric sign, new HVAC system, Square POS, upgraded dishwashing station, and interior improvements. Excellent visibility and a loyal customer base make this a fantastic opportunity for an owner-operator or investor. The property is located in Princeton, Wisconsin. It is suitable for retail, service, restaurant/supper club, tavern, or other commercial real estate uses. Step into a proven business in a supportive community and continue the tradition or bring your own vision to life. The purchase price only includes Irma's Diner business and real estate and equipment. Measurements are approximate; verify if material.
    Location Intelligence

    Current Use by Public Records

    Breakfast & diners

    Map

    City
    Princeton
    County
    Green Lake
    State
    Wisconsin
    Longitude
    -89.120082
    Latitude
    43.841831

    Nearby Similar for Sale

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    FAQs

    What type of property is this?
    Breakfast & diner - Thriving diner with loyal customer base in Princeton, Wisconsin.
    Where is this breakfast & diner located?
    The property is located at 816 Highway 23/73 Princeton, WI.
    What is the asking price?
    The asking price for this property is $284,500.
    What are key features of this property?
    This property features: Thriving, Turnkey Business: Established breakfast and lunch diner with a loyal customer base.; Recent Updates: Features a new electric sign, HVAC system, Square POS, and upgraded dishwashing station.; Excellent Visibility: Prime location in the heart of Princeton, WI.
    (920) 539-2369
    We can help!
    Listing Contact
    Kathy Zeratsky
    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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