202-204 W Water St Local commercial 381 m² 100 % Loué À vendre Shullsburg, WI 53586 206 807 € (542,94 €/m²) Taux de capitalisation 9,93 %

Own a piece of Wisconsin history with built-in income and untapped potential. Originally constructed in 1876 as a bank, this fully restored two-story brick building in the heart of Shullsburg is now operating as The Vault Retreat, a thriving short-term rental and boutique event venue. With its stunning architectural details, proven rental performance, and flexible commercial zoning, the property offers a rare blend of historic character and modern income opportunity. It is being sold fully furnished, including all commercial-grade kitchen and hospitality equipment, making it a true turnkey investment.
The upper level of the property features four beautifully appointed guest suites, each designed with comfort and aesthetics in mind. Each suite includes a private ensuite bathroom, stylish furnishings, and quality finishes. These suites are currently used as short-term rentals through Airbnb, drawing consistent guests from across the region. The layout allows for flexible use—guests may rent individual rooms with shared access to common areas on the main floor, or the entire building can be booked for full privacy, including all four suites, the bar and lounge, restaurant-style kitchen, and gathering spaces. This flexible booking model supports steady occupancy and caters to everything from romantic getaways to wedding parties and multi-family vacations.
The main level is equally impressive and functions as a hybrid hospitality and event space. It features an open-concept layout centered around two original 19th-century steel bank vaults that serve as dramatic focal points for photos and conversation. The floor includes two ADA-compliant half bathrooms, a fully equipped commercial kitchen with high-end appliances and prep space, and a bar/lounge area perfect for entertaining, workshops, tastings, or retail transformation. The open layout allows the space to be easily configured for private dinners, community events, pop-up shops, or restaurant service. The building’s inviting design and flexible zoning allow for easy adaptation to a wide range of uses, including tavern, boutique hotel, coffee shop, art gallery, or retail showroom.
One of the most significant opportunities for growth lies in the event rental segment. Currently, the banquet and event space is underutilized and booked exclusively by word-of-mouth. There is no formal marketing, website, or event calendar promoting the venue for gatherings, yet the property consistently attracts bookings for bridal showers, baby showers, family reunions, business retreats, and more. A new owner could dramatically increase revenue by implementing a marketing plan that targets micro-weddings, workshops, corporate retreats, local events, and tourism-based experiences. The structure, layout, and ambiance are already in place for a full-service venue; what’s missing is the outreach.
The property is zoned for commercial use and comes with a Beer and Wine Sales license, allowing for easy activation of a tavern, tasting room, café, or beverage-focused business. Located steps from downtown Shullsburg’s shops, restaurants, and seasonal attractions, the building is ideally positioned to benefit from both foot traffic and tourism. Guests can park along the street or take advantage of several nearby public parking lots. The walkability and visibility of the location further strengthen the property’s appeal for investors, entrepreneurs, and creatives looking to launch a new concept or expand an existing brand into a one-of-a-kind setting.
Financially, the property is performing well with room to grow. Based on 196 booked nights, the current short-term rental operation produces approximately $34,677 in gross annual income. With $10,932 in operating expenses, the property delivers a net operating income of $23,745, resulting in a cap rate of approximately 10.1% at the current list price of $235,000. The current vacancy rate is 46.3%, presenting an immediate opportunity to increase occupancy through enhanced marketing, expanded booking platforms, or seasonal promotions. The average nightly rate is roughly $177, and with the ability to scale both room bookings and event rentals, there is a clear path to higher returns.
The property is being sold fully equipped, with all furniture, decor, kitchen appliances, hospitality supplies, and commercial restaurant equipment included. From a business continuity standpoint, this is a rare turnkey opportunity where a buyer can walk in and begin operating from day one. Whether you’re an investor seeking a well-positioned income property, an entrepreneur ready to launch your next venture, or a visionary looking for a flagship space, The Vault Retreat offers historic charm, reliable income, and room to grow—all within a vibrant and welcoming Southwest Wisconsin community.
This is more than a beautiful building. It’s an income-producing, story-rich, and experience-ready space with flexible usage options and immense potential. With a combination of historical allure, modern amenities, and investment-ready infrastructure, The Vault Retreat is truly one of a kind. Opportunities like this, blending livability, creativity, and strong returns at an approachable price point, are exceedingly rare. This is your chance to own a landmark destination—and shape its next chapter.