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    815 S Washington St Janesville, WI 53548

    View on Map
    Sponsored
    For Sale
    $550,000

    Retail - Janesville, WI

    Type:Retail
    Days on Market:
    1
    Last Refresh:
    Mar 25 at 11:06 pm

    Property Features for 815 S Washington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Standard status
    Active
    Security features
    Security System
    Zoning
    B3
    APN
    241 0402200134
    Parking features
    Paved or Surfaced
    Interior features
    Overhead doors, Security system

    Utilities

    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Floors in Building
    1
    Number of units
    1
    Roof type
    Composition
    Architectural style
    Other

    We can help!

    Listing Contact
    Dawn Radke

    Keller Williams Realty Signature

    Listing agent Dawn Radke

    Listing date Mar 25, 2026

    MLS# 2019251 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.

    Learn more

    Property Insight Report

    Overview

    Turnkey Bait Shop Opportunity

    This is a turnkey business opportunity featuring a well-established and fully functioning bait shop. The property is ideally located along the Ice Age Trail, offering scenic views of the Rock River. Its position is advantageous for attracting outdoor enthusiasts throughout the year. The retail area is equipped with minnow tanks and a diverse selection of fishing gear, bait, and supplies suitable for anglers of all skill levels. Additionally, there is a fully equipped ice cream shop that includes a soft serve machine, hot dog roller, and a convenient service window, making it ideal for serving trail and river users. The spacious main retail area provides ample display space, along with an additional area that has exterior access, an overhead garage door, bathrooms, and a small kitchen with a sink. This additional area offers flexibility for expansion or new business ideas. Outside, there is a fenced-in side yard that was previously used as a large garden, adding further potential to the property. The property is zoned B3 and is located in Janesville, WI.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    It's A Keeper Bait ... (Bike/Boat/Book/etc) Store Flippin' Frog Ice ... Restaurant

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Janesville
    County
    Rock
    State
    Wisconsin
    Longitude
    -89.032527
    Latitude
    42.670749

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    FAQs

    What type of property is this?
    Retail space - Well-established bait and ice cream shop near Ice Age Trail.
    Where is this retail space located?
    The property is located at 815 S Washington St Janesville, WI.
    What is the asking price?
    The asking price for this property is $550,000.
    What are key features of this property?
    This property features: - Turnkey, well-established bait shop business opportunity.; - Ideally located along the Ice Age Trail with scenic Rock River views, attracting year-round outdoor enthusiasts.; - Includes a fully equipped ice cream shop with soft serve machine and hot dog roller.
    (608) 295-1172
    Request Owner's contact information
    815 S Washington St Janesville, WI 53548
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    Janesville, WI 53548
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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.

    More about this property
    815 S Washington St Janesville, WI 53548
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    Listing Contact
    Dawn Radke
    Real Estate License ID: 86037-94
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