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    Mixed-Use Building in Downtown Evansville Title is generated by Realmo AI

    26 E Main Street, Evansville, WI 53536

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    For Sale
    $319,000

    Retail,Office,Service,Grocery,Beauty/barber,Apartment building

    Type:Apartment
    Property size:
    2,700 SF
    Price / SF:
    $118/SF
    Added:
    Mar 31, 2026
    Days on Market:
    54
    Last Refresh:
    May 23 at 12:06 pm

    Property Features for 26 E Main Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    B-2
    Parking features
    Offsite, Paved or Surfaced
    Exterior features
    Alley
    Standard status
    Active
    APN
    222 001002
    Size
    2,700 SF

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    2661

    Utilities

    Heating system
    Radiant
    Cooling system
    Central Air

    Building Details

    Year built
    1880
    Floors in Building
    2
    Number of units
    3
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Chris Helgesen

    Listing agent Chris Helgesen

    Listing office Century 21 Affiliated 7 W Main St, Madison, WI

    Listing date Mar 31, 2026

    MLS# 2009385 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 Evansville location ideal for residential or business use.
    • Over 2700 sq. ft. of adaptable space.
    • Includes a 2‑car garage.
    • Features a separate 2–3 bedroom apartment on the second floor with its own living room, kitchen, and laundry.
    • Recent exterior updates include a new roof and new vinyl siding on the east side.
    • First floor features large display windows, maple flooring, office, laundry, step up to a 1/2 bath, sm. bdrm & kitchen.

    Overview

    This mixed-use property in Downtown Evansville offers a place to live and work. The property, with over 2700 square feet, is currently used for residential purposes by two family members. The first floor includes large display windows, maple flooring, an office, laundry facilities, a half bath, a small bedroom, and a kitchen with an exit to a two-car garage. The second floor features a two- to three-bedroom apartment with a spacious living room, kitchen, and laundry. The seller has owned the property for 20 years, during which time it has been used as beauty salons, retail shops, a craft store, and an antique store. Several windows have been replaced, and a new roof was installed in August 2025, with new vinyl siding on the east side exterior in September 2025. The interior could benefit from some updates and TLC. Utilities are not separated. The zoning is B-2. The seller will consider taking a home in on trade.
    Property Profile Location Intelligence

    Current Use by Public Records

    Weirdo Thrift Discount Store

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Evansville
    County
    Rock
    State
    Wisconsin
    Longitude
    -89.298058
    Latitude
    42.780599

    Nearby Similar for Sale

    • $299,900

      Evansville, WI Gas Station Coffee

      Repurposed 1930s service station, now a coffee house.
      510 S Madison Street, Evansville, WI 53536
      View Details
    • $360,000

      Evansville Two-Unit Residential Property

      Two-unit property in a quiet neighborhood with investment potential.
      234-236 W Liberty Street, Evansville, WI 53536
      View Details

    FAQs

    What type of property is this?
    Mixed-use property - Live and work in downtown Evansville with retail and residential.
    Where is this mixed-use property located?
    The property is located at 26 E Main Street Evansville, WI.
    What is the asking price?
    The asking price for this property is $319,000.
    What are key features of this property?
    This property features: Prime Downtown Evansville location ideal for residential or business use.; Over 2700 sq. ft. of adaptable space.; Includes a 2‑car garage.
    (608) 692-6542
    We can help!
    Listing Contact
    Chris Helgesen
    Real Estate License ID: 45162-90
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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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