Brand-New Commercial Condo with In-Unit
For Sale
$309,900
421 N Star Rd, Holmen, WI 54636
COMMERCIAL - Holmen, WI
Property Size1,650 SF
Lot Size0.14 Acres
Price / SF$187.82
Days on Market200
Property Features for 421 N Star Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Commercial
Directions
Heading North on Hwy 35, take a left on Commerce St and a right on North Star Rd
Standard status
Active
APN
014000090007
Size
1,650 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1848
Amenities
in-unit heat
bathroom
Building Details
Year built
2026
Architectural style
Other
Listing Agency:
Gerrard-Hoeschler, REALTORS
(608) 781-7355
Listed By:
Hunter Clark · License #96416-94
(608) 781-7629
Added: Jan 22
Changed: Aug 4
Last Checked: Aug 10 at 11:06PM
MLS# 1948088
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 brand-new commercial condo offers a clean, open layout designed for straightforward interior planning. The unit includes in-unit heat and a bathroom, providing a turn-key foundation for day-to-day operations. The space is configured with flexibility in mind, supporting office, retail, or professional use within a modern, simple footprint.
Located at 421 N Star Rd in the center of Holmen, the property is positioned to serve local customer and client traffic. The listing notes excellent road frontage, which can support visibility and provide easy access for businesses seeking dependable approachability from the roadway. Zoning is listed as Commercial.
For prospective owners, the combination of an open interior, in-unit heat, and a dedicated restroom makes the space practical for a range of professional services and light retail applications. The condo format can also appeal to buyers looking to own a defined commercial unit while planning their buildout to match their specific use. With a listed total size of 1,650 square feet on a 0.14-acre lot, this property is sized for operators who want a manageable commercial footprint in Holmen.
Located at 421 N Star Rd in the center of Holmen, the property is positioned to serve local customer and client traffic. The listing notes excellent road frontage, which can support visibility and provide easy access for businesses seeking dependable approachability from the roadway. Zoning is listed as Commercial.
For prospective owners, the combination of an open interior, in-unit heat, and a dedicated restroom makes the space practical for a range of professional services and light retail applications. The condo format can also appeal to buyers looking to own a defined commercial unit while planning their buildout to match their specific use. With a listed total size of 1,650 square feet on a 0.14-acre lot, this property is sized for operators who want a manageable commercial footprint in Holmen.
Key Highlights
- Commercial condo currently under construction with an estimated 2026 year built
- Modern, clean, open layout for adaptable commercial use
- Includes in‑unit heat and a bathroom
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
$17,375
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
5.61%
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%
$347,500
$347.5K
Cap Rate 7%
$248,214
$248.2K
Cap Rate 9%
$193,056
$193.1K
Market Conditions
NOI Build-Up for 1,650 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
$29.7K $18.00/SF
− Vacancy
−$6.5K −$3.96/SF
EGI
$23.2K $14.04/SF
− OpEx
−$5.8K −$3.51/SF
NOI
$17.4K $10.53/SF
Area
La Crosse County, WI
Vacancy
22.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$347,500
Cap Rate 7%
$248,214
Cap Rate 9%
$193,056
Alternative Uses
Best Use
Office B
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 5.61%
Second Best
Retail
$237.1K
$207.5K – $276.6K
NOI $16,597 @ 7.0% cap · market cap 5.36%
Theoretical Best
Specialty Retail
$360.9K
$315.8K – $421.0K
NOI $25,260 @ 7.0% cap · market cap 8.15%
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
361
Businesses Nearby
Explore this area
Business Placement
Demographics for 54636, WI
16,338
Population
6,517
Households
2.5
Avg Household Size
39
Median Age
35%
College-Educated
97%
High-School Grad
83.0 sq mi
ZIP Area
197
Density / Sq Mi
$91,156
Median Household Income
$47,699
Median Earnings
$1,145
Median Rent
$290,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - New commercial condo with an open layout, in-unit heat, and a private bathroom for office, retail, or professional use.
Where is this office units located?
The property is located at 421 N Star Rd Holmen, WI.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: Commercial condo currently under construction with an estimated 2026 year built; Modern, clean, open layout for adaptable commercial use; Includes in‑unit heat and a bathroom
