Flex Space with Garage
For Sale
$290,000
430 N MAIN Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size2,400 SF
Price / SF$120.83
Days on Market228
Property Features for 430 N MAIN 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
NORTH MAIN ST. RICE LAKE. NEXT TO COOKIN UP A STORM
Standard status
Active
APN
276-1884-61-000
Size
2,400 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3199
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Year built
1950
Building materials
Brick
Listing Agency:
Team Realty
(715) 234-1991
Listed By:
Michael Anderson · License #76367-94
(250) 334-3124
Added: Jan 29
Changed: Sep 11
Last Checked: Sep 14 at 10:06AM
MLS# 1598133
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 flex property combines adaptable commercial space with a 28' x 42' garage and shop area. The building includes two 10' x 10' overhead doors, brick construction, forced-air heat, and central air conditioning. Public water and public sewer serve the property.
Located on North Main Street in Rice Lake, the site has an updated blacktop parking area that supports straightforward vehicle access. Built in 1950, the property provides a practical combination of enclosed work space, shop functionality, and customer-facing access.
Located on North Main Street in Rice Lake, the site has an updated blacktop parking area that supports straightforward vehicle access. Built in 1950, the property provides a practical combination of enclosed work space, shop functionality, and customer-facing access.
Key Highlights
- 2,400 square feet of flex space
- 28' x 42' garage/shop area
- Two 10' x 10' overhead doors
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
$8,705
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
3.00%
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%
$174,100
$174.1K
Cap Rate 7%
$124,357
$124.4K
Cap Rate 9%
$96,722
$96.7K
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
−$1.0K −$0.42/SF
EGI
$13.4K $5.58/SF
− OpEx
−$4.7K −$1.95/SF
NOI
$8.7K $3.63/SF
Area
Barron County, WI
Vacancy
7.00%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
35.00%
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%
$174,100
Cap Rate 7%
$124,357
Cap Rate 9%
$96,722
Alternative Uses
Best Use
Industrial
$1.59M
$1.39M – $1.85M
NOI $111,163 @ 7.0% cap · market cap 38.33%
Second Best
Flex RnD
$124.4K
$108.8K – $145.1K
NOI $8,705 @ 7.0% cap · market cap 3.00%
Theoretical Best
Warehouse
$1.93M
$1.69M – $2.25M
NOI $134,983 @ 7.0% cap · market cap 46.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
586
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
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
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Similar Off Market Nearby
- Shank N Shig BBQ — 20 Phipps Ave, Rice Lake, WI 54868
Frequently Asked Questions
What type of property is this?
Flex space - Flexible commercial space with a dedicated shop area, overhead-door access, and updated paved parking.
Where is this flex space located?
The property is located at 430 N MAIN Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $290,000.
What are key features of this property?
This property features: 2,400 square feet of flex space; 28' x 42' garage/shop area; Two 10' x 10' overhead doors
