Two-Building Flex
For Sale
$1,349,900
1144 County Road D, Nekoosa, WI 54457
COMMERCIAL - Nekoosa, WI
Property Size11,000 SF
Lot Size2.41 Acres
Price / SF$122.72
Days on Market141
Property Features for 1144 County Road D
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
B-1 Comm
Rooms
Family Room
Security features
Security Lighting
Interior features
Alley, Overhead doors, Loading Ramp, Private Restrooms, 440+ volt, 3 phase electric, Signage available, Display window, Security lighting, Recreation facilities
Accessibility
Accessible Approach with Ramp
Lot features
Business district, Free standing, Near Major Highway, Shopping center
Directions
From I-39, take Exit 136 onto WI-73 N, then merge onto County Road D - Google Maps GPS coordinates: 44 degrees 13'18.8"N, 89 degrees 48'27.1"W.
Subdivision
ROME - T
Standard status
Active
APN
030-00637-0020
Size
11,000 SF
Lot size
2.41 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
872
Building Details
Year built
2025
Number of units
2
Roof type
Metal
Listing Agency:
Realty Executives Cooper Spransy · Realty Executives International
(608) 661-7900
Listed By:
Matt Winzenried Real Estate Team
(608) 310-7346
Added: Mar 23
Changed: Aug 10
Last Checked: Aug 10 at 3:06PM
MLS# 1995986
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.
Investment Insights
Based on property information with market context.
This flex property includes two commercial buildings totaling 11,000 square feet on 2.41 acres. The Sands West building contains 5,500 square feet and is fully built out for its current golf simulation tenant. Sands East provides 5,500 square feet that can be configured as four 1,100-square-foot units, each with a private bath; framing and finishes are included. The buildings feature large windows, flexible interiors, overhead doors, a loading ramp, 440+ volt three-phase electric service, metal roofs, security lighting, and accessible ramp entry.
The property is located at 1144 County Road D in Nekoosa along a high-traffic state highway, near Kwik Trip, Sand Valley Golf Resort, Lake Arrowhead Golf, and two lakes. A large paved parking area, shared outdoor space, signage availability, and infrastructure for a future third building add to the site's existing commercial functionality. Zoning is B-1 Comm.
The property is located at 1144 County Road D in Nekoosa along a high-traffic state highway, near Kwik Trip, Sand Valley Golf Resort, Lake Arrowhead Golf, and two lakes. A large paved parking area, shared outdoor space, signage availability, and infrastructure for a future third building add to the site's existing commercial functionality. Zoning is B-1 Comm.
Key Highlights
- Two commercial buildings totaling 11,000 square feet on 2.41 acres
- 5,500‑square‑foot East building divisible into four 1,100‑square‑foot units
- 5,500‑square‑foot West building leased to Golden Ferret Golf Sims
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
$93,660
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
6.94%
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%
$1,873,200
$1.9M
Cap Rate 7%
$1,338,000
$1.3M
Cap Rate 9%
$1,040,667
$1.0M
Market Conditions
NOI Build-Up for 11,000 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
$154.4K $14.04/SF
− Vacancy
−$10.3K −$0.94/SF
EGI
$144.1K $13.10/SF
− OpEx
−$50.4K −$4.58/SF
NOI
$93.7K $8.51/SF
Area
Wood County, WI
Vacancy
6.70%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$1,873,200
Cap Rate 7%
$1,338,000
Cap Rate 9%
$1,040,667
Alternative Uses
Best Use
Flex RnD
$1.34M
$1.17M – $1.56M
NOI $93,660 @ 7.0% cap · market cap 6.94%
Second Best
Industrial
$680.5K
$595.4K – $793.9K
NOI $47,633 @ 7.0% cap · market cap 3.53%
Theoretical Best
Specialty Retail
$2.13M
$1.87M – $2.49M
NOI $149,381 @ 7.0% cap · market cap 11.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
78
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54457, WI
8,478
Population
5,594
Households
1.5
Avg Household Size
53
Median Age
22%
College-Educated
90%
High-School Grad
139.8 sq mi
ZIP Area
61
Density / Sq Mi
$72,005
Median Household Income
$39,268
Median Earnings
$718
Median Rent
$169,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two commercial buildings offer adaptable layouts, private restrooms, paved parking, and infrastructure for a future third building.
Where is this flex space located?
The property is located at 1144 County Road D Nekoosa, WI.
What is the asking price?
The asking price for this property is $1,349,900.
What are key features of this property?
This property features: Two commercial buildings totaling 11,000 square feet on 2.41 acres; 5,500‑square‑foot East building divisible into four 1,100‑square‑foot units; 5,500‑square‑foot West building leased to Golden Ferret Golf Sims
