Restaurant Building with
For Sale
$174,900
407 S MAIN Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size2,400 SF
Lot Size0.11 Acres
Price / SF$72.88
Days on Market458
Property Features for 407 S MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
LOCATED ON SOUTH MAIN STREET OF RICE LAKE. (PROPERTY ON THE EAST SIDE OF THE STREET. (407)
Standard status
Active
APN
276-5004-96-000
Size
2,400 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LENGTHLY
Tax Annual Amount
5754
Legal Description
LENGTHLY
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
Walk-in cooler
Additional downstairs storage
Building Details
Year built
1946
Building materials
Brick, CementSiding
Listing Agency:
Team Realty
Listed By:
Layne Grover · License #28584-90
(715) 234-1991
Added: Jun 2, 2025
Changed: Aug 19
Last Checked: Sep 2 at 9:06PM
MLS# 1592202
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 2,400-square-foot restaurant building was constructed in 1946 and includes a complete kitchen, walk-in cooler, and additional storage in the basement. The property has brick and cement siding, forced-air heat, and central air conditioning. Its configuration has supported seating for more than 50 customers and can accommodate restaurant operations or other commercial uses identified for the building, including specialty retail, office, insurance, or ice-cream service.
The property occupies 0.105 acres at 407 S MAIN Street in Rice Lake. It is positioned across from Marketplace Foods and near Casa Mexicana Grill and Cantina, placing the building within an established commercial setting. Public water and public sewer serve the property.
The property occupies 0.105 acres at 407 S MAIN Street in Rice Lake. It is positioned across from Marketplace Foods and near Casa Mexicana Grill and Cantina, placing the building within an established commercial setting. Public water and public sewer serve the property.
Key Highlights
- 2,400 square feet on 0.105 acres
- Restaurant configuration with seating for over 50 customers
- Complete kitchen and walk‑in cooler included
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
$9,677
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
5.53%
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%
$193,540
$193.5K
Cap Rate 7%
$138,243
$138.2K
Cap Rate 9%
$107,522
$107.5K
Market Conditions
NOI Build-Up for 2,400 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
$14.4K $6.00/SF
− Vacancy
−$576 −$0.24/SF
EGI
$13.8K $5.76/SF
− OpEx
−$4.1K −$1.73/SF
NOI
$9.7K $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%
$193,540
Cap Rate 7%
$138,243
Cap Rate 9%
$107,522
Alternative Uses
Best Use
Specialty Retail
$300.5K
$263.0K – $350.6K
NOI $21,038 @ 7.0% cap · market cap 12.03%
Second Best
Retail
$138.2K
$121.0K – $161.3K
NOI $9,677 @ 7.0% cap · market cap 5.53%
Theoretical Best
Warehouse
$1.93M
$1.69M – $2.25M
NOI $134,983 @ 7.0% cap · market cap 77.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Under-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
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?
Conventional restaurant - Includes a walk-in cooler, basement storage, and public water and sewer service.
Where is this conventional restaurant located?
The property is located at 407 S MAIN Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: 2,400 square feet on 0.105 acres; Restaurant configuration with seating for over 50 customers; Complete kitchen and walk‑in cooler included
