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    1816 Washington St Two Rivers, WI 54241

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    Claim this Listing
    For Sale
    $599,900

    Retail,Special Purpose,Warehouse - Two Rivers, WI

    Property size:
    50,800 SF
    Lot size:
    0.41 Acres
    Price / SF:
    $11/SF
    Added:
    Apr 29, 2024
    Days on Market:
    726
    Last Refresh:
    Apr 24 at 7:06 pm

    Property Features for 1816 Washington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    B-1
    Interior features
    Display Window, Freight Elevator, Inside Storage, Rest Rooms, Sprinkler System
    Exterior features
    220 Volt Power
    Accessibility
    Accessible Elevator Installed
    Standard status
    Active
    APN
    0000500103
    Size
    50,800 SF
    Lot size
    0.41 Acres

    Taxes and HOA fees

    Tax Year
    2023
    Tax Annual Amount
    8502

    Utilities

    Heating system
    Electric (Heating), Forced Air, Natural Gas
    Cooling system
    Central Air

    Building Details

    Year built
    1922
    Floors in Building
    3
    Building materials
    Brick, Other
    Roof type
    Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    George Krause Jr
    George Krause Jr

    Listing agent George Krause Jr License #51721-90

    Listing office Park Regency Real Estate LLC 100 Maritime Drive, Suite 3C, Manitowoc, WI 54220, Manitowoc, WI

    Listing date Apr 29, 2024

    MLS# 1873145 Listing URL

    Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Downtown Two Rivers Redevelopment Opportunity

    Located in the heart of the downtown business district of Two Rivers, a Lake Michigan community, this retail building offers redevelopment potential and is TIF eligible. Originally built as the Rivioli Theatre, the property operated as a Vaudeville and Movie Theatre from the 1920s to the 1950s. The building is serviced by a freight elevator that accesses all four floors and has a sprinkler system in place. The main floor and basement levels each provide 17,280 square feet and were previously used for retail purposes. The second and third floors each offer 8,160 square feet and were used for storage. The total property size is 50,800 square feet, situated on a 0.41-acre lot. The property is zoned B-1.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Two Rivers Christian ... Discount Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Two Rivers
    County
    Manitowoc
    State
    Wisconsin
    Longitude
    -87.568706
    Latitude
    44.150391

    FAQs

    What type of property is this?
    Retail space - Redevelopment potential in downtown Two Rivers, TIF eligible.
    Where is this retail space located?
    The property is located at 1816 Washington St Two Rivers, WI.
    What is the asking price?
    The asking price for this property is $599,900.
    What are key features of this property?
    This property features: Prime downtown location in a Lake Michigan community with re‑development potential.; TIF eligibility for potential financial incentives.; Large retail space with **17,280 sq ft** on both the Main Floor and Basement.
    (920) 905-0550
    We can help!
    Listing Contact
    George Krause Jr
    George Krause Jr
    Real Estate License ID: 51721-90
    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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