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    Mixed-Use Commercial Building Title is generated by Realmo AI

    1040 1st Center Avenue, Brodhead, WI 53520

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    For Sale
    $874,900

    Apartment building,Restaurant/Supper Club,Retail,Warehouse,Wholesale

    Type:Apartment
    Added:
    Mar 24, 2026
    Days on Market:
    73
    Last Refresh:
    Jun 4 at 4:06 pm

    Property Features for 1040 1st Center Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Apartment
    Zoning
    Com
    Parking features
    Paved or Surfaced
    Interior features
    Private Restrooms, Residential unit(s), 440+ volt, Display window, Inside storage
    Exterior features
    Alley
    Standard status
    Active
    APN
    206-0432.0000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    10051

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1900
    Floors in Building
    2
    Number of units
    6
    Building materials
    Brick
    Roof type
    Membrane, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Mitchell Covert
    Mitchell Covert

    Listing agent Mitchell Covert

    Listing office EXIT Professional Real Estate 912 17th Ave, MONROE, WI

    Listing date Mar 24, 2026

    MLS# 1996434 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.

    HighLights

    • Prime location in Brodhead’s Historic District near shops and restaurants.
    • Spacious first‑floor retail/office space plus five fully updated 1‑bed, 1‑bath apartments.
    • Recent upgrades include a new roof, windows, and doors (2020), complete interior remodel and updated electrical (2021).
    • Strong rental history.
    • Brick construction.
    • Includes interior features such as private restrooms, residential unit(s), 440+ volt, display window, and inside storage.

    Overview

    This well-maintained mixed-use commercial building offers a spacious first-floor retail or office space, with five fully updated 1-bedroom, 1-bath apartments on the second floor. Recent capital improvements include a new roof, windows, and doors completed in 2020, along with a complete interior remodel and updated electrical work in 2021.

    Located in Brodhead’s Historic District, the property benefits from a retail-forward setting near shops and restaurants. The building is positioned for investors seeking a locally anchored income strategy with tenant demand tied to its central commercial environment.

    With multiple income streams—commercial space below and residential units above—this property can fit a range of investors looking to add a managed asset with a strong rental history. The unit and systems updates help support long-term ownership, while the flexible first-floor space provides potential adaptability for future tenants operating in either retail or office use within the existing commercial zoning context.
    Property Profile Location Intelligence

    Current Use by Public Records

    Retail space

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Brodhead
    County
    Green
    State
    Wisconsin
    Longitude
    -89.37647
    Latitude
    42.619939

    Nearby Similar for Sale

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      Mixed-Use Retail and Apartment Building

      Well-maintained building with ground-floor retail/office space and updated second-floor apartments for diversified income.
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      Mixed-Use Brick Community Facility

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      Historic Gothic Revival Landmark Property

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      Brodhead Mixed-Use Investment Opportunity

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      View Details

    FAQs

    What type of property is this?
    Apartment building - Well-maintained mixed-use building with retail/office space and five updated 1-bedroom apartments, supported by recent improvements.
    Where is this apartment building located?
    The property is located at 1040 1st Center Avenue Brodhead, WI.
    What is the asking price?
    The asking price for this property is $874,900.
    What are key features of this property?
    This property features: Prime location in Brodhead’s Historic District near shops and restaurants.; Spacious first‑floor retail/office space plus five fully updated 1‑bed, 1‑bath apartments.; Recent upgrades include a new roof, windows, and doors (2020), complete interior remodel and updated electrical (2021).
    (608) 214-2522
    We can help!
    Listing Contact
    Mitchell Covert
    Mitchell Covert
    Real Estate License ID: 98994-94
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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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