Two-Building Flex
For Sale
$349,000
2248 20 1/4 Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size2,768 SF
Lot Size0.64 Acres
Price / SF$126.08
Days on Market142
Property Features for 2248 20 1/4 Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
From Rice Lake: north on Hwy 48, 1.4 miles to property on left.
Standard status
Active
APN
038-0900-20-000
Size
2,768 SF
Lot size
0.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Parcel #1 of CSM # 11/39 #124533, Exc part in Lot 1 CSAM 16/20 #$2232
Tax Annual Amount
4227
Legal Description
Parcel #1 of CSM # 11/39 #124533, Exc part in Lot 1 CSAM 16/20 #$2232
Utilities
Sewer type
Private Sewer, Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Building materials
WoodSiding
Listing Agency:
Real Estate Solutions
(715) 719-0555
Listed By:
Daniel Nelson · License #93963-94
(715) 205-8592
Added: Apr 30
Changed: Sep 13
Last Checked: Sep 18 at 10:06AM
MLS# 1599730
Copyright © 2026 REALTORS® Association of Northwestern Wisconsin. 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.
This flex property includes two separate buildings on approximately 0.64 acres. One structure includes a functional former restaurant layout with a large walk-in cooler, while the newer building offers open space that can accommodate events, showroom use, storage, or additional business operations. Updated mechanical systems, central air, forced-air heating, and on-site parking support the property’s varied commercial configuration.
Located just north of Rice Lake along Hwy 48, the property sits at a busy intersection with strong exposure and access. Well water and private septic infrastructure serve the site. The layout and existing improvements support owner-occupants, business expansion, or repositioning for multiple commercial uses.
Located just north of Rice Lake along Hwy 48, the property sits at a busy intersection with strong exposure and access. Well water and private septic infrastructure serve the site. The layout and existing improvements support owner-occupants, business expansion, or repositioning for multiple commercial uses.
Key Highlights
- Approximately 0.64 acres along Hwy 48
- Two‑building flex property with adaptable commercial layouts
- Former restaurant layout includes a large walk‑in cooler
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
$11,161
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
3.20%
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%
$223,220
$223.2K
Cap Rate 7%
$159,443
$159.4K
Cap Rate 9%
$124,011
$124.0K
Market Conditions
NOI Build-Up for 2,768 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
$16.6K $6.00/SF
− Vacancy
−$664 −$0.24/SF
EGI
$15.9K $5.76/SF
− OpEx
−$4.8K −$1.73/SF
NOI
$11.2K $4.03/SF
Area
Barron County, WI
Vacancy
4.00%
Lease Rate
$6.00 /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%
$223,220
Cap Rate 7%
$159,443
Cap Rate 9%
$124,011
Alternative Uses
Best Use
Industrial
$1.83M
$1.60M – $2.14M
NOI $128,208 @ 7.0% cap · market cap 36.74%
Second Best
Retail
$159.4K
$139.5K – $186.0K
NOI $11,161 @ 7.0% cap · market cap 3.20%
Theoretical Best
Warehouse
$2.22M
$1.95M – $2.59M
NOI $155,681 @ 7.0% cap · market cap 44.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54868, WI
15,785
Population
7,640
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
94%
High-School Grad
212.0 sq mi
ZIP Area
74
Density / Sq Mi
$64,567
Median Household Income
$40,474
Median Earnings
$850
Median Rent
$199,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two structures provide adaptable space for retail, office, food service, events, showroom, or storage uses.
Where is this flex space located?
The property is located at 2248 20 1/4 Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Approximately 0.64 acres along Hwy 48; Two‑building flex property with adaptable commercial layouts; Former restaurant layout includes a large walk‑in cooler
