Retail Building with Basement
For Sale
$475,000
1000 S Spring St, Port Washington, WI 53074
N, Port Washington, WI
Property Size3,240 SF
Lot Size1.41 Acres
Price / SF$146.60
Days on Market571
Property Features for 1000 S Spring St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Standard status
Active
APN
160400085003
Size
3,240 SF
Lot size
1.41 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
4560
Building Details
Year built
1976
Architectural style
Other
Listing Agency:
Lannon Stone Realty LLC
(262) 333-4440
Listed By:
Brian Altman · License #43258-94
(262) 242-8922
Added: Jan 27, 2025
Changed: Aug 19
Last Checked: Aug 21 at 10:06AM
MLS# 1905281
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 retail building was previously operated as a popular Italian restaurant. The interior features spancrete flooring over a large basement, which includes a walk-out door for convenient access from below-grade space.
Located at 1000 S Spring St in Port Washington, Wisconsin, the property sits on a heavily traveled road into Port Washington. The site includes a 1.41-acre lot with extensive parking.
With its existing retail buildout and substantial basement area, the property offers a straightforward foundation for continued retail use or redevelopment on the existing site footprint.
Located at 1000 S Spring St in Port Washington, Wisconsin, the property sits on a heavily traveled road into Port Washington. The site includes a 1.41-acre lot with extensive parking.
With its existing retail buildout and substantial basement area, the property offers a straightforward foundation for continued retail use or redevelopment on the existing site footprint.
Key Highlights
- Built in 1976
- Previously operated as a popular Italian restaurant
- Spancrete floor over a huge basement with walk‑out door
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
$41,883
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
8.82%
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%
$837,660
$837.7K
Cap Rate 7%
$598,329
$598.3K
Cap Rate 9%
$465,367
$465.4K
Market Conditions
NOI Build-Up for 3,240 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
$61.4K $18.96/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$59.8K $18.47/SF
− OpEx
−$17.9K −$5.54/SF
NOI
$41.9K $12.93/SF
Area
Ozaukee County, WI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$837,660
Cap Rate 7%
$598,329
Cap Rate 9%
$465,367
Alternative Uses
Best Use
Retail
$598.3K
$523.5K – $698.1K
NOI $41,883 @ 7.0% cap · market cap 8.82%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$763.4K
$668.0K – $890.6K
NOI $53,437 @ 7.0% cap · market cap 11.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
239
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
BP
Shops & Services
6,085 visits/mo
0.1 miles
Demographics for 53074, WI
13,379
Population
5,859
Households
2.3
Avg Household Size
42
Median Age
36%
College-Educated
96%
High-School Grad
30.3 sq mi
ZIP Area
442
Density / Sq Mi
$78,944
Median Household Income
$48,089
Median Earnings
$1,024
Median Rent
$276,200
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.
Frequently Asked Questions
What type of property is this?
Storefront property - Retail building with a walk-out basement and spancrete flooring, situated on a 1.41-acre lot with extensive parking.
Where is this storefront property located?
The property is located at 1000 S Spring St Port Washington, WI.
What is the asking price?
The asking price for this property is $475,000.
What are key features of this property?
This property features: Built in 1976; Previously operated as a popular Italian restaurant; Spancrete floor over a huge basement with walk‑out door
