Live-Work Property with
For Sale
$359,000
1409 LINCOLN ST, Rhinelander, WI 54501
CommercialSale, Rhinelander, WI
Property Size2,665 SF
Lot Size0.46 Acres
Price / SF$134.71
Days on Market790
Property Features for 1409 LINCOLN ST
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
3
Rooms
Bedroom 1, Bedroom 2, Bedroom 3
Parking features
Driveway
Interior features
Storage
Lot features
Level
Directions
Lincoln St. between Dunkin Donuts and Aldis
Standard status
Active
APN
27601-9105-1304
Lot size
0.46 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT NE SE 100 X 200 ANNEXED 95 FM'LY PE 58-5
Tax Annual Amount
4395
Legal Description
PT NE SE 100 X 200 ANNEXED 95 FM'LY PE 58-5
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Water source
Public
Building Details
Flooring type
Mixed
Building materials
Frame
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
LISA ALSTEEN · License #52808 - 90
(715) 360-0010
Added: Jul 9, 2024
Changed: Aug 27
Last Checked: Sep 6 at 12:06AM
MLS# 207851
Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located at 1409 Lincoln St. in Rhinelander, this live-work property includes a three-bedroom, one-and-a-half-bath residence alongside a separate 2,665 sq. ft. commercial building. The commercial structure includes a showroom with expansive windows, a bathroom, office area, and storage space. A driveway serves the buildings, while natural gas forced-air heating, public water, and public sewer support the property’s existing improvements.
The 0.459-acre parcel includes a substantial rear yard that can support a range of business-related needs. Street lighting is present along the property, and the site sits between Aldi's and Dunkin Donuts. Frame construction, mixed flooring, and composition and shingle roofing are among the property’s existing features.
The 0.459-acre parcel includes a substantial rear yard that can support a range of business-related needs. Street lighting is present along the property, and the site sits between Aldi's and Dunkin Donuts. Frame construction, mixed flooring, and composition and shingle roofing are among the property’s existing features.
Key Highlights
- Live‑work setup with a 3 bd. 1.5 bath residence and separate commercial building
- 2,665 sq. ft. building with showroom, office, bathroom, and storage
- 0.459‑acre parcel with a large rear yard
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
$23,984
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
6.68%
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%
$479,680
$479.7K
Cap Rate 7%
$342,629
$342.6K
Cap Rate 9%
$266,489
$266.5K
Market Conditions
NOI Build-Up for 2,665 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
$35.2K $13.20/SF
− Vacancy
−$915 −$0.34/SF
EGI
$34.3K $12.86/SF
− OpEx
−$10.3K −$3.86/SF
NOI
$24.0K $9.00/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$13.20 /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%
$479,680
Cap Rate 7%
$342,629
Cap Rate 9%
$266,489
Alternative Uses
Best Use
Retail
$342.6K
$299.8K – $399.7K
NOI $23,984 @ 7.0% cap · market cap 6.68%
Second Best
Office B
$325.5K
$284.8K – $379.8K
NOI $22,786 @ 7.0% cap · market cap 6.35%
Theoretical Best
Industrial
$1.25M
$1.09M – $1.46M
NOI $87,314 @ 7.0% cap · market cap 24.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
257
Businesses Nearby
Explore this area
Business Placement
Demographics for 54501, WI
20,591
Population
12,754
Households
1.6
Avg Household Size
48
Median Age
26%
College-Educated
96%
High-School Grad
366.3 sq mi
ZIP Area
56
Density / Sq Mi
$68,602
Median Household Income
$37,578
Median Earnings
$831
Median Rent
$194,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - Two buildings combine a residence with commercial display, office, and storage space.
Where is this live-work space located?
The property is located at 1409 LINCOLN ST Rhinelander, WI.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: Live‑work setup with a 3 bd. 1.5 bath residence and separate commercial building; 2,665 sq. ft. building with showroom, office, bathroom, and storage; 0.459‑acre parcel with a large rear yard
