Mixed-Use Building with
For Sale
$595,000
234 Leonard St N, West Salem, WI 54669
N, West Salem, WI
Property Size3,500 SF
Lot Size0.34 Acres
Price / SF$167.09
Days on Market98
Property Features for 234 Leonard St N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From Hwy. 16, turn right onto Garland St, property is at the intersection of Garland and Leonard Sts.
Standard status
Active
APN
016000030000
Size
3,561 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7689
Amenities
2 bathrooms
oversized glass garage door
fenced outdoor patio
Building Details
Year built
1980
Architectural style
Other
Listing Agency:
RE/MAX Results · RE/MAX International
(608) 781-7629
Listed By:
Jessica Sands · License #92735-94
(608) 451-2354
Added: Jun 9
Changed: Aug 19
Last Checked: Sep 14 at 1:06PM
MLS# 1966409
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.
Investment Insights
Based on property information with market context.
This 3,561-square-foot mixed-use commercial building sits on 0.34 acres and was built in 1980. The interior features an open arrangement with two bathrooms and flexible areas for offices, displays, seating, production, or collaborative work. Commercial zoning supports a range of business concepts, including retail, office, restaurant, bakery, coffee shop, studio, or mixed-use operations.
An oversized glass garage door connects the interior to a fenced outdoor patio, creating additional space for dining, events, entertaining, or customer gatherings. The property includes 15 on-site parking spaces and is located in West Salem, Wisconsin, in La Crosse County.
An oversized glass garage door connects the interior to a fenced outdoor patio, creating additional space for dining, events, entertaining, or customer gatherings. The property includes 15 on-site parking spaces and is located in West Salem, Wisconsin, in La Crosse County.
Key Highlights
- 3,561‑square‑foot mixed‑use commercial building on 0.34 acres
- Commercial zoning in West Salem, WI
- 15 on‑site parking spaces
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
$35,820
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
6.02%
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%
$716,400
$716.4K
Cap Rate 7%
$511,714
$511.7K
Cap Rate 9%
$398,000
$398.0K
Market Conditions
NOI Build-Up for 3,561 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
$53.4K $15.00/SF
− Vacancy
−$2.2K −$0.63/SF
EGI
$51.2K $14.37/SF
− OpEx
−$15.4K −$4.31/SF
NOI
$35.8K $10.06/SF
Area
La Crosse County, WI
Vacancy
4.20%
Lease Rate
$15.00 /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%
$716,400
Cap Rate 7%
$511,714
Cap Rate 9%
$398,000
Alternative Uses
Best Use
Retail
$511.7K
$447.8K – $597.0K
NOI $35,820 @ 7.0% cap · market cap 6.02%
Second Best
Mixed Use
$456.3K
$399.3K – $532.4K
NOI $31,942 @ 7.0% cap · market cap 5.37%
Theoretical Best
Specialty Retail
$778.8K
$681.4K – $908.6K
NOI $54,515 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
47k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 85%
Home Improvements & Furnishings 8%
Dining 7%
Kwik Trip
Shops & Services
39,722 visits/mo
0.4 miles
Ace Hardware
Home Improvements & Furnishings
3,857 visits/mo
0.5 miles
SUBWAY
Dining
3,178 visits/mo
0.5 miles
Demographics for 54669, WI
8,094
Population
3,246
Households
2.5
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
51.6 sq mi
ZIP Area
157
Density / Sq Mi
$100,214
Median Household Income
$47,884
Median Earnings
$1,156
Median Rent
$288,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Open commercial layout with two bathrooms, outdoor gathering space, and on-site parking.
Where is this mixed-use property located?
The property is located at 234 Leonard St N West Salem, WI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,561‑square‑foot mixed‑use commercial building on 0.34 acres; Commercial zoning in West Salem, WI; 15 on‑site parking spaces
