This property is In Contract.
Presented by Beau Beach, CCIM:
This is a successful lakeside resort but the real opportunity here is expansion. We believe the ultimate buyer will be a builder or developer who will add more rooms to this trophy property. There is up to 2.5 acres to work with!
Condotel: A condominium project that’s operated as a hotel with a registration desk, resort amenities, cleaning service and more. The units can be individually owned or developer owned. Owners of individual units place their units in the hotels rental program where it is rented out like any other hotel room.
Victorian Village Resort is a luxury condotel development on crystal clear Elkhart Lake. Diversified, recurring income streams include:
- Room income from 27 developer owned condotel units
- Room income from 18 privately owned condotel units and 16 traditional condos. 60% of the room income is retained by the resort when a private condo is filled.
- Popular tiki bar (Barefoot Tiki Bar)
- Year-round restaurant (Back Porch Bistro)
- Event space (The Theater)
- 1.75 – 2.5 acres on which to develop additional condotel units
Resort amenities include:
- Indoor pool
- Outdoor pool
- Outdoor hot tub
- Sandy beach
- Barefoot Tiki Bar (seasonal)
- The Veranda
- The Theater (event space)
- Back Porch Bistro (year round restaurant)
- Watersport rentals
- Live music on weekends
Nightly room charges (off-season) $78 -$283. Nightly room charges (in-season) $152 -$537. Condotel units sleep up to 4. One bedroom condos sleep up to 6. Two bedroom condos sleep up to 8. Condotel rooms are offered in two levels, Traditional and Upgraded.
Traditional rooms include carpet floors, flat screen TV, coffee maker, mini fridge and one of the following:
- King bed with sleeper sofa
- Two double beds
- Two queen beds
Upgraded rooms include hardwood floors, flat screen TV, coffee maker, mini fridge or medium sized fridge, microwave and one of the following:
- King bed with sleeper sofa
- Queen bed with kitchenette
- Two queen beds
Financial history available for serious buyers by request.
LOCATION DESCRIPTION:
Easy one hour drive from Milwaukee, Green Bay. Three hours from Chicago. Elkhart Lake is a year-round lakeside, resort village destination. Spring-fed, crystal clear and 120 feet deep, the unique blue-green water of Elkhart Lake is a legend in itself.
Road America also draws visitors to the area year-round. Surrounded by the rolling hills of Wisconsin’s Kettle Moraine lies Road America, a four-mile road course considered by the motorsports community as not only the best in the United States, but also one of the world’s premier circuits. No longer just a summer destination, Elkhart Lake’s Road America is a year-round venue with unique activities for groups of all sizes.
- Price: $3,390,000
- Phone Number: 414-324-4938