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    Former Municipal Building & Firehouse Title is generated by Realmo AI

    113 E 1st Street, Silver Lake, WI 53170

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    Claim this Listing
    For Sale
    Under Contract
    $600,000

    COMMERCIAL - Silver Lake, WI

    Property size:
    5,600 SF
    Lot size:
    0.81 Acres
    Price / SF:
    $107/SF
    Added:
    Mar 25, 2026
    Days on Market:
    47
    Last Refresh:
    May 10 at 3:06 am

    Property Features for 113 E 1st Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    COMMR
    Standard status
    Active Under Contract
    APN
    7041201723006
    Size
    5,600 SF
    Lot size
    0.81 Acres

    Taxes and HOA fees

    Tax Year
    2024

    Utilities

    Cooling system
    Central Air

    Building Details

    Floors in Building
    1

    We can help!

    Listing Contact
    George Bessette
    George Bessette

    Listing agent George Bessette License #5786490

    Listing office Re/Max Advantage 532 Lake St, Antioch, WI

    Listing date Mar 25, 2026

    MLS# 12601330

    Copyright © 2026 Midwest Real Estate Data, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Two buildings totaling approximately 10,400 SF (Firehouse: 5600 SF, Town Hall: 4800 SF) offer significant space and versatility.
    • Firehouse includes 2 bay doors and approximately 20 outdoor parking spaces, suitable for warehouse, storage, or business operations.
    • Town Hall features 6 offices, 2 large meeting rooms, 2 bathrooms, and a break room, ideal for office or meeting space.
    • Seller is open to reasonable rezoning requests (subject to municipal approval), providing flexibility for various uses.
    • Property is in good condition overall, reducing immediate renovation costs.
    • Central Air Conditioning

    Overview

    This property consists of the former Silver Lake municipal building and fire house, comprising two separate buildings. The firehouse, a 5600 square foot commercial building, features 2 bay doors and approximately 20 outdoor parking spaces, presenting potential for warehouse, storage, or various business operations. The town hall building, approximately 4800 square feet, includes 6 offices, 2 large meeting rooms, 2 bathrooms, and a break room, along with additional outdoor parking spaces. The property is currently zoned Government/Institutional, and the seller is open to reasonable rezoning requests, subject to municipal approval. The property includes a road easement for E Park Street that runs through a portion of the parking area. The property is situated on a 0.81-acre lot. The buyer is responsible for performing due diligence regarding use and any restrictions. The property offers a unique opportunity for a custom commercial space. Vacant lot at 317 Lake St. are also for sale, which is great for additional access to ally and this property.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Silver Lake Municipal ... City Courthouse Silver Lake Village ... City Government Office Silver Lake Building ... City Government Office Sewer Treatment Plant City Government Office Village of Salem Lakes ... Fire Station

    Suggested Use

    Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Hotel & Motel Auto Parts Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Silver Lake
    County
    Kenosha
    State
    Wisconsin
    Longitude
    -88.16723
    Latitude
    42.549362

    FAQs

    What type of property is this?
    Mixed-use property - Two buildings with warehouse, office, and business operation potential.
    Where is this mixed-use property located?
    The property is located at 113 E 1st Street Silver Lake, WI.
    What is the asking price?
    The asking price for this property is $600,000.
    What are key features of this property?
    This property features: Two buildings totaling approximately 10,400 SF (Firehouse: 5600 SF, Town Hall: 4800 SF) offer significant space and versatility.; Firehouse includes **2 bay doors and approximately 20 outdoor parking spaces**, suitable for warehouse, storage, or business operations.; Town Hall features 6 offices, 2 large meeting rooms, 2 bathrooms, and a break room, ideal for office or meeting space.
    (847) 293-6453
    We can help!
    Listing Contact
    George Bessette
    George Bessette
    Real Estate License ID: 5786490
    Learn More
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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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