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    201 N Main Street Alma, WI 54610

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    Claim this Listing
    New
    For Sale
    $449,000

    Commercial - Alma, WI

    Lot size:
    0.11 Acres
    Added:
    Apr 23, 2026
    Days on Market:
    2
    Last Refresh:
    Apr 24 at 3:06 pm

    Property Features for 201 N Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Business/Commercial
    Exterior features
    Brick/Stone
    Standard status
    Active
    APN
    201002080000
    Lot size
    0.11 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    4861

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1853
    Architectural style
    Other

    We can help!

    Listing Contact
    Beth Biever

    Listing agent Beth Biever

    Listing office RE/MAX Results 11200 W 78th Street, Eden Prairie, WI

    Listing date Apr 23, 2026

    MLS# 7056657 Listing URL

    Copyright © 2026 Northstar 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

    Historic Alma Hotel Opportunity

    This historic property, originally known as the Union House, is recognized as one of the oldest continually operating restaurants in Wisconsin. Located along the scenic Great River Road in Alma, the Historic Alma Hotel features a full-service restaurant, bar, outdoor patio, breakfast area, game room, exterior cooler, and additional storage space with a covered lean-to. The upper-level hotel accommodations include eight guest rooms, with two offering double beds, two offering queen beds, and four offering full-size beds, along with six shared bathrooms and two private bathrooms. The property has a strong regional reputation and a loyal customer base, drawing both locals and visitors traveling through the Mississippi River region year-round. Recent updates include refinished floors (April 2026) and an updated electrical panel (2022). The commercial kitchen has been fully remodeled with all equipment replaced within the past four years, with all appliances included. A commercial food license for catering creates added income potential. The property is zoned for business and commercial use and occupies a lot of approximately 0.109 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Hotels

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Alma
    County
    Buffalo
    State
    Wisconsin
    Longitude
    -91.914287
    Latitude
    44.319039

    Nearby Similar for Sale

    • $94,900

      Historic Bank Building Opportunity

      Updated commercial building with vaults, ready for new vision.
      117 S Main Street, Alma, WI 54610
      View Details
    • $159,900

      Affordable Business Opportunity in Alma

      Commercial property in Alma, WI, overlooking the Mississippi River.
      600 N Main Street, Alma, WI 54610
      View Details
    • $225,000

      Mixed-Use Investment Opportunity in Alma

      Mixed-use property with commercial storefront and residential units in Alma.
      103 S Main Street, Alma, WI 54610
      View Details

    FAQs

    What type of property is this?
    Hotel - Historic hotel and restaurant with strong regional reputation for sale.
    Where is this hotel located?
    The property is located at 201 N Main Street Alma, WI.
    What is the asking price?
    The asking price for this property is $449,000.
    What are key features of this property?
    This property features: Historic and well‑established hospitality destination with a strong regional reputation and loyal customer base.; **Fully remodeled commercial kitchen with all equipment replaced within the past four years, and all appliances included.**; Full‑service restaurant, bar, and outdoor patio with additional amenities like a breakfast area and game room.
    (507) 460-2108
    We can help!
    Listing Contact
    Beth Biever
    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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