Waterfront Restaurant
New
For Sale
$1,500,000
W299 S10545 Phantom Woods Rd, Mukwonago, WI 53149
Restaurant and bar with waterfront access, piers, a private boat launch, and indoor and outdoor seating.
Property Size3,943 SF
Days on Market1
Property Features for W299 S10545 Phantom Woods Rd
General Information
Standard status
Active
Size
3,943 SF
Property subtype
Restaurant
Additional Details
Patio
Yes
Amenities
piers
private boat launch
Building Details
Building Size
3,943 SF
Year Built
1960
Listing Agency:
Anderson Commercial Group
Listed By:
Craig Friemoth · License #9479063
(414) 858-5205
Source:
Thebrokerlist
Added: Sep 4
Last Checked: Sep 4 at 2:22PM
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 Anderson Commercial Group
Investment Insights
Based on property information with market context.
This restaurant and bar property combines a commercial dining operation with waterfront improvements and upper-level living space. The building includes a kitchen, indoor and outdoor seating, parking, and 3BR/1BA quarters of approximately 1,800 SF. The property was built in 1960.
Located along Phantom Woods Rd in Mukwonago, Wisconsin, the site offers approximately 240 feet of frontage on a recreational lake covering nearly 500 acres. Piers and a private boat launch support direct water access, while seasonal boat-slip rentals provide an additional use. The surrounding population exceeds 23,000 within 5 miles.
Located along Phantom Woods Rd in Mukwonago, Wisconsin, the site offers approximately 240 feet of frontage on a recreational lake covering nearly 500 acres. Piers and a private boat launch support direct water access, while seasonal boat-slip rentals provide an additional use. The surrounding population exceeds 23,000 within 5 miles.
Key Highlights
- Approximately +/- 240 feet of lake frontage on nearly 500 acres of water
- Piers and a private boat launch provide direct waterfront access
- Restaurant/bar setup with kitchen, indoor and outdoor seating
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
$85,524
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
5.70%
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%
$1,710,480
$1.7M
Cap Rate 7%
$1,221,771
$1.2M
Cap Rate 9%
$950,267
$950.3K
Market Conditions
NOI Build-Up for 3,943 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
$118.3K $30.00/SF
− Vacancy
−$4.3K −$1.08/SF
EGI
$114.0K $28.92/SF
− OpEx
−$28.5K −$7.23/SF
NOI
$85.5K $21.69/SF
Area
Waukesha County, WI
Vacancy
3.60%
Lease Rate
$30.00 /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%
$1,710,480
Cap Rate 7%
$1,221,771
Cap Rate 9%
$950,267
Alternative Uses
Best Use
Specialty Retail
$1.22M
$1.07M – $1.43M
NOI $85,524 @ 7.0% cap · market cap 5.70%
Second Best
Mixed Use
$669.2K
$585.5K – $780.7K
NOI $46,843 @ 7.0% cap · market cap 3.12%
Theoretical Best
Flex RnD
$2.01M
$1.76M – $2.35M
NOI $140,867 @ 7.0% cap · market cap 9.39%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
95
Businesses Nearby
2k
Monthly Visits Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Lynch Ford Of Mukwonago
Shops & Services
1,691 visits/mo
0.5 miles
Demographics for 53149, WI
19,644
Population
7,585
Households
2.6
Avg Household Size
43
Median Age
40%
College-Educated
98%
High-School Grad
57.9 sq mi
ZIP Area
339
Density / Sq Mi
$112,653
Median Household Income
$53,449
Median Earnings
$1,100
Median Rent
$384,600
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?
Conventional restaurant - Restaurant and bar with waterfront access, piers, a private boat launch, and indoor and outdoor seating.
Where is this conventional restaurant located?
The property is located at W299 S10545 Phantom Woods Rd Mukwonago, WI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Approximately +/- 240 feet of lake frontage on nearly 500 acres of water; Piers and a private boat launch provide direct waterfront access; Restaurant/bar setup with kitchen, indoor and outdoor seating
