Mixed-Use Property with
For Sale
$395,000
106 Water Street, Lake Mills, WI 53551
Business/Comm, Lake Mills, WI
Property Size2,800 SF
Lot Size0.05 Acres
Price / SF$141.07
Days on Market53
Property Features for 106 Water Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B-1 Downto
Parking features
Offsite
Interior features
Public rest rooms, Private Restrooms, Inside storage, Outside storage
Lot features
Business district, Free standing, Near Major Highway
Directions
Hwy 89 (Main St) south of the city park to Water St.
Subdivision
LAKE MILLS - C
Standard status
Active
APN
246-0713-1322-055
Size
2,800 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3520
Amenities
private courtyard
handicap accessible
Building Details
Year built
1960
Number of units
2
Roof type
Membrane
Additional Structures
Storage
Listing Agency:
RE/MAX Property Shop
(608) 764-5451
Listed By:
Roxane Schiller · License #52591-90
(608) 334-7699
Added: Aug 26
Changed: Oct 16
Last Checked: Oct 17 at 6:06PM
MLS# 2031287
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.
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Investment Insights
Based on property information with market context.
Located in downtown Lake Mills, this 2800-square-foot mixed-use commercial property offers a flexible configuration for professional office, retail, service, or combined business use. Multiple entrances can support separate operational areas or tenant arrangements, while public and private restrooms, interior storage, and outside storage add practical functionality. Handicap accessibility is also provided.
The property includes a private courtyard that can serve as an outdoor area for employees, meetings, or customer use. Mechanical systems have been updated from the roof through the basement, and the building has a membrane roof. Constructed in 1960, the property is zoned B-1 Downto and includes offsite parking.
The property includes a private courtyard that can serve as an outdoor area for employees, meetings, or customer use. Mechanical systems have been updated from the roof through the basement, and the building has a membrane roof. Constructed in 1960, the property is zoned B-1 Downto and includes offsite parking.
Key Highlights
- 2800 square feet of mixed‑use commercial space
- Private courtyard for outdoor employee, meeting, or customer use
- Multiple entrances support flexible occupancy or tenant configurations
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,288
Cap Rate
9.19%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$725,760
$725.8K
Cap Rate 7%
$518,400
$518.4K
Cap Rate 9%
$403,200
$403.2K
Market Conditions
NOI Build-Up for 2,800 SF
Gross rent
$60.5K $21.60/SF
− Vacancy
−$12.1K −$4.32/SF
EGI
$48.4K $17.28/SF
− OpEx
−$12.1K −$4.32/SF
NOI
$36.3K $12.96/SF
Area
Jefferson County, WI
Vacancy
20.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$725,760
Cap Rate 7%
$518,400
Cap Rate 9%
$403,200
Alternative Uses
Best Use
Office B
$518.4K
$453.6K – $604.8K
NOI $36,288 @ 7.0% cap · market cap 9.19%
Second Best
Retail
$386.3K
$338.0K – $450.7K
NOI $27,039 @ 7.0% cap · market cap 6.85%
Theoretical Best
Office A
$657.2K
$575.1K – $766.8K
NOI $46,005 @ 7.0% cap · market cap 11.65%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
301
Businesses Nearby
Explore this area
Business Placement
Demographics for 53551, WI
8,920
Population
4,048
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
96%
High-School Grad
39.6 sq mi
ZIP Area
225
Density / Sq Mi
$89,841
Median Household Income
$53,503
Median Earnings
$1,089
Median Rent
$322,700
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - B-1 Downto zoning and multiple entrances accommodate office, retail, service, or combined commercial uses.
Where is this mixed-use property located?
The property is located at 106 Water Street Lake Mills, WI.
What is the asking price?
The asking price for this property is $395,000.
What are key features of this property?
This property features: 2800 square feet of mixed‑use commercial space; Private courtyard for outdoor employee, meeting, or customer use; Multiple entrances support flexible occupancy or tenant configurations
