B2-Zoned Storefront
For Sale
$370,000
603 E Geneva St, Elkhorn, WI 53121
N, Elkhorn, WI
Property Size2,500 SF
Price / SF$148
Days on Market146
Property Features for 603 E Geneva St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B2
Directions
Lincoln Street, north on Geneva Street, south to Elkhorn Business Center. Across the street from Elkhorn Area High School.
Standard status
Active
APN
YEBC 00006
Size
2,500 SF
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4150
Building Details
Year built
2002
Architectural style
Other
Listing Agency:
Homestead Realty, Inc
(800) 339-4444
Listed By:
Maikou Yang · License #92646-94
(414) 534-1965
Added: Apr 2
Changed: Aug 20
Last Checked: Aug 25 at 4:06AM
MLS# 1956250
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 storefront property offers 2,500 square feet within the Elkhorn Business Center Condo Association. The space was built in 2002 and carries B2 zoning, providing an established commercial setting for business operations.
Access is available from Hwy 12 and Hwy 43, with the property located at 603 E Geneva St in Elkhorn, Wisconsin. Its storefront configuration and commercial zoning support a range of business uses subject to applicable association and municipal requirements.
Access is available from Hwy 12 and Hwy 43, with the property located at 603 E Geneva St in Elkhorn, Wisconsin. Its storefront configuration and commercial zoning support a range of business uses subject to applicable association and municipal requirements.
Key Highlights
- 2,500‑square‑foot storefront property
- B2 zoning
- Located within the Elkhorn Business Center Condo Association
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
$20,866
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
5.64%
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%
$417,320
$417.3K
Cap Rate 7%
$298,086
$298.1K
Cap Rate 9%
$231,844
$231.8K
Market Conditions
NOI Build-Up for 2,500 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
$32.4K $12.96/SF
− Vacancy
−$2.6K −$1.04/SF
EGI
$29.8K $11.92/SF
− OpEx
−$8.9K −$3.58/SF
NOI
$20.9K $8.35/SF
Area
Walworth County, WI
Vacancy
8.00%
Lease Rate
$12.96 /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%
$417,320
Cap Rate 7%
$298,086
Cap Rate 9%
$231,844
Alternative Uses
Best Use
Retail
$298.1K
$260.8K – $347.8K
NOI $20,866 @ 7.0% cap · market cap 5.64%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$482.5K
$422.2K – $562.9K
NOI $33,773 @ 7.0% cap · market cap 9.13%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
211
Businesses Nearby
11k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Casey's General Store
Shops & Services
10,262 visits/mo
0.2 miles
Edward Jones
Shops & Services
1,181 visits/mo
0.0 miles
Demographics for 53121, WI
19,222
Population
8,397
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
114.4 sq mi
ZIP Area
168
Density / Sq Mi
$83,635
Median Household Income
$45,112
Median Earnings
$1,031
Median Rent
$287,900
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.
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Frequently Asked Questions
What type of property is this?
Storefront property - Established commercial space with access from Hwy 12 and Hwy 43.
Where is this storefront property located?
The property is located at 603 E Geneva St Elkhorn, WI.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: 2,500‑square‑foot storefront property; B2 zoning; Located within the Elkhorn Business Center Condo Association
