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    Downtown Retail and Office Building Title is generated by Realmo AI

    1021 MAIN ST E, Merrill, WI 54452

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    Claim this Listing
    For Sale
    $274,900

    COMMERCIAL - Merrill, WI

    Type:Retail
    Property size:
    20,000 SF
    Lot size:
    0.28 Acres
    Price / SF:
    $13/SF
    Added:
    Jun 27, 2024
    Days on Market:
    709
    Last Refresh:
    Jun 5 at 12:06 pm

    Property Features for 1021 MAIN ST E

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Parking features
    Parking Lot
    Standard status
    Active
    APN
    25131061230288
    Lot size
    0.28 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    LOTS 8-9-10 & E 8'2" LT 7 BLK 1 T B SCOTT LBR CO 2ND ADD'N
    Tax Annual Amount
    4592

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Forced Air, Natural Gas
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    2
    Building materials
    Brick, Frame, Concrete

    We can help!

    Listing Contact
    ANDREA KRUEGER

    Listing agent ANDREA KRUEGER License #47594 - 90

    Listing office CENTURY 21 BEST WAY REALTY 119 W Wisconsin Ave, Tomahawk, WI

    Listing date Jun 27, 2024

    MLS# 207738 Listing URL

    Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Approximately 20,000 SF well‑kept building in downtown Merrill, WI
    • Main street frontage on the upper level with retail display windows
    • Lower level entrance faces a large city‑owned and maintained parking lot
    • Lower level currently used for retail, with potential for multiple uses including office
    • Brick, frame, and concrete construction with central air and natural gas forced‑air heat
    • Public water and public sewer; parking available in an on‑site parking lot

    Overview

    This extremely well-kept commercial building offers approximately 20,000 square feet with two distinct entrances and flexible interior use. The upper level faces the main street and features display windows designed for retail presentation. The lower level is accessed from an entrance facing a large city-owned and maintained parking lot, and it is currently used for retail space. The layout has supported different retail-oriented concepts, and the lower level could also be adapted for other commercial uses such as office space.

    Located in downtown Merrill, the building’s upper-level exposure is positioned toward the main street, while the lower level is positioned for direct access from the adjacent city parking area. The property includes a tenant currently operating on the upper floor, and the seller indicates an option for that business, Johnsons of Merrill, L.L.C, to remain in place for two years with monthly lease payments to the buyer.

    For buyers, the combination of main-street frontage, a parking-lot-facing entrance, and an interior that can support multiple uses makes the building practical for owner-occupants and investors who want to operate a business on-site and potentially re-purpose the lower level. The seller intends to sell the building and may be agreeable to selling inventory and fixtures if the buyer is interested.
    Property Profile Location Intelligence

    Current Use by Public Records

    Merrill Hometown Pharmacy Pharmacy

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Merrill
    County
    Lincoln
    State
    Wisconsin
    Longitude
    -89.6846597
    Latitude
    45.1803523

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    FAQs

    What type of property is this?
    Storefront property - Well-kept multi-level building with main street frontage and lower-level entrance suited for retail or office use.
    Where is this storefront property located?
    The property is located at 1021 MAIN ST E Merrill, WI.
    What is the asking price?
    The asking price for this property is $274,900.
    What are key features of this property?
    This property features: Approximately 20,000 SF well‑kept building in downtown Merrill, WI; Main street frontage on the upper level with retail display windows; Lower level entrance faces a large city‑owned and maintained parking lot
    (715) 551-4980
    We can help!
    Listing Contact
    ANDREA KRUEGER
    Real Estate License ID: 47594 - 90
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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.

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