Mixed-Use Office Building with
For Sale
$379,900
1 S Main Street, Rice Lake, WI 54868
COMMERCIAL - Rice Lake, WI
Property Size4,009 SF
Lot Size0.06 Acres
Price / SF$94.76
Days on Market251
Property Features for 1 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
SW Corner of Main Street and E Messenger Street Downtown Rice Lake.
Standard status
Active
APN
276-1023-02-000
Size
4,009 SF
Lot size
0.06 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
PLAT 1-1 N 24 FT 4 INCHES OF LOT 1 ALSO 1 FT OF GOVT LOT 3 ADJOINING ON N SIDE THRF ADDITION B CITY OF RICE LAKE
Tax Annual Amount
3917
Legal Description
PLAT 1-1 N 24 FT 4 INCHES OF LOT 1 ALSO 1 FT OF GOVT LOT 3 ADJOINING ON N SIDE THRF ADDITION B CITY OF RICE LAKE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Baseboard
Cooling system
Central Air
Water source
Public
Building Details
Year built
1900
Building materials
Stucco
Listing Agency:
Keller Williams Realty Diversified
(715) 514-4265
Listed By:
Joshua Amys · License #85884-94
(715) 642-0567
Added: Dec 5, 2025
Changed: Aug 4
Last Checked: Aug 13 at 9:06AM
MLS# 1597286
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 mixed-use office building includes a main level salon/studio space plus a versatile lower level and an upper residential unit. The main level is described as well-maintained with natural light and street presence. The lower level is accessible two ways, with interior stairs and a separate exterior walkout, and it offers multiple service rooms/offices, a lobby/reception area, and two bathrooms. The upper level features a three-bed, one-bath apartment with a functional layout and views overlooking downtown.
The property is a corner-lot on the downtown Main Street corridor and is tenant-occupied on month-to-month leases, with scheduled showings only and instructions not to disrupt business operations. Tenants pay utilities.
Built in 1900, the property features stucco construction, public water service, and public sewer. Heating includes forced air and baseboard, with central air serving the main level while the upper unit uses baseboard heat.
The property is a corner-lot on the downtown Main Street corridor and is tenant-occupied on month-to-month leases, with scheduled showings only and instructions not to disrupt business operations. Tenants pay utilities.
Built in 1900, the property features stucco construction, public water service, and public sewer. Heating includes forced air and baseboard, with central air serving the main level while the upper unit uses baseboard heat.
Key Highlights
- 0.064‑acre corner‑lot mixed‑use office property
- 4,009 SF total building area
- Main level salon/studio space with central air and forced‑air heat
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
$16,677
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
4.39%
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%
$333,540
$333.5K
Cap Rate 7%
$238,243
$238.2K
Cap Rate 9%
$185,300
$185.3K
Market Conditions
NOI Build-Up for 4,009 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
$31.8K $7.92/SF
− Vacancy
−$1.4K −$0.36/SF
EGI
$30.3K $7.56/SF
− OpEx
−$13.6K −$3.40/SF
NOI
$16.7K $4.16/SF
Area
Barron County, WI
Vacancy
4.50%
Lease Rate
$7.92 /SF/Yr
Expense Ratio
45.00%
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%
$333,540
Cap Rate 7%
$238,243
Cap Rate 9%
$185,300
Alternative Uses
Best Use
Office B
$591.0K
$517.1K – $689.5K
NOI $41,370 @ 7.0% cap · market cap 10.89%
Second Best
Apartment 5plus
$238.2K
$208.5K – $278.0K
NOI $16,677 @ 7.0% cap · market cap 4.39%
Theoretical Best
Warehouse
$3.22M
$2.82M – $3.76M
NOI $225,479 @ 7.0% cap · market cap 59.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
588
Businesses Nearby
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Downtown mixed-use office building with salon/studio space, lower-level services, and a three-bedroom apartment above.
Where is this office units located?
The property is located at 1 S Main Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $379,900.
What are key features of this property?
This property features: 0.064‑acre corner‑lot mixed‑use office property; 4,009 SF total building area; Main level salon/studio space with central air and forced‑air heat
