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    Mixed-Use Brick Income Building Title is generated by Realmo AI

    217 W Cherry St, Lancaster, WI 53813

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    For Sale
    $215,000

    Apartment building,Beauty/barber,Church,Day care,Grocery,Office,Retail,School,Self storage

    Type:Apartment
    Added:
    May 21, 2026
    Days on Market:
    17
    Last Refresh:
    Jun 6 at 6:06 am

    Property Features for 217 W Cherry St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    comm/res
    Parking features
    Offsite
    Interior features
    Private Restrooms, Residential unit(s), Display window
    Standard status
    Active
    APN
    246-00181-0000

    Taxes and HOA fees

    Tax Year
    2024
    Tax Annual Amount
    1339

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1890
    Floors in Building
    2
    Number of units
    3
    Building materials
    Brick
    Roof type
    Flat, Membrane, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Scott Schroeder
    Scott Schroeder

    Listing agent Scott Schroeder

    Listing office RE/MAX Preferred 144 4th Ave Ste 3, Baraboo, WI

    Listing date May 21, 2026

    MLS# 1995303 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Prime downtown Lancaster location with commercial space and residential units.
    • Vacant commercial space suitable for various business purposes with display windows, full bath, and office.
    • Solid brick construction with numerous updates including furnace, plumbing, electrical, and flooring.
    • Two residential units: a 1‑bedroom unit with open concept and in‑unit laundry, and an efficiency unit.
    • Income property with potential rents of $650 (commercial), $800 (efficiency), and $1000 (1‑bedroom).
    • Includes all appliances and has a full basement for storage.

    Overview

    This is a solid brick, three-unit income property with a commercial space on the main level and two residential units on the upper floor. The building has been well maintained with numerous updates, including furnace, plumbing, electrical, and flooring. The upper level features wood floors and includes one one-bedroom unit currently rented month-to-month, as well as a vacant efficiency unit. The commercial space is also vacant and presents a flexible layout with a full bath, an office, and a large storage area, along with large display windows and a clean interior. A full basement provides additional storage.

    The property is located in downtown Lancaster, WI and is zoned commercial/residential (comm/res). The entire building is vacant at this time, except for the one-bedroom unit that is occupied on a month-to-month basis.

    For buyers or operators, the configuration supports mixed-use or rent-and-hold strategies, combining a storefront-ready main level with two residential income units above. The updated systems and maintained condition help reduce near-term capital concerns, while the vacant commercial and efficiency spaces offer immediate repositioning opportunities for a range of commercial or residential use scenarios consistent with the existing layout.
    Property Profile Location Intelligence

    Current Use by Public Records

    Triplexes

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Lancaster
    County
    Grant
    State
    Wisconsin
    Longitude
    -90.711304
    Latitude
    42.847174

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    FAQs

    What type of property is this?
    Triplex - Brick mixed-use property with a vacant main-level commercial space plus two upper residential units.
    Where is this triplex located?
    The property is located at 217 W Cherry St Lancaster, WI.
    What is the asking price?
    The asking price for this property is $215,000.
    What are key features of this property?
    This property features: Prime downtown Lancaster location with commercial space and residential units.; Vacant commercial space suitable for various business purposes with display windows, full bath, and office.; Solid brick construction with numerous updates including furnace, plumbing, electrical, and flooring.
    (608) 393-7234
    We can help!
    Listing Contact
    Scott Schroeder
    Scott Schroeder
    Real Estate License ID: 5913790
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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.

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