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    12046 Hwy 42 Ellison Bay, WI 54210

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    Claim this Listing
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    For Sale
    $499,900

    Commercial - Ellison Bay, WI

    Property size:
    1,472 SF
    Lot size:
    0.81 Acres
    Price / SF:
    $339/SF
    Added:
    Apr 30, 2026
    Days on Market:
    3
    Last Refresh:
    May 2 at 4:06 pm

    Property Features for 12046 Hwy 42

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    Mixed Use Commercial (MC)
    Parking features
    Paved or Surfaced
    Exterior features
    Restrooms, Sidewalks, Storage
    Standard status
    Active
    Size
    1,472 SF
    Lot size
    0.81 Acres

    Taxes and HOA fees

    Tax Annual Amount
    1894.43

    Utilities

    Heating system
    Forced Air, Propane (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1978
    Architectural style
    Other
    Additional Structures
    Storage

    We can help!

    Listing Contact
    Heather Collins

    Listing agent Heather Collins

    Listing office Kellstrom-Ray Agency PO Box 108, Sister Bay, WI

    Listing date Apr 30, 2026

    MLS# 147160 Listing URL

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

    Overview

    Ellison Bay Commercial Building

    This well-maintained commercial building is located along Highway 42 in Ellison Bay. Originally constructed in 1978, the building underwent major remodeling in 1998 and 2003, with recent updates including fresh paint, new LVP flooring, and a new well pump and pressure tank. The property features professional landscaping and ample paved parking. The versatile interior layout offers excellent potential for a wide range of business uses, suitable for expanding an existing operation or launching a new venture. The 1,472 square foot space includes a spacious lobby and retail area, a smaller display area, a semi-private retail area or office, a utility room with a commercial sink and storage, and a private bath. Situated on a 0.81-acre lot, this property presents a great opportunity in a highly visible and prime location with flexibility to suit many commercial and business needs. The zoning is Mixed Use Commercial (MC).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Auto Repair Shop Grocery & Convenience Store Food Market Department Store Bar & Pub Discount Store Hotel & Motel

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

    Location Insight

    • Map
    • Local Demand
    City
    Ellison Bay
    County
    Door
    State
    Wisconsin
    Longitude
    -87.069066
    Latitude
    45.257122

    FAQs

    What type of property is this?
    Mixed-use property - Well-maintained commercial building in Ellison Bay with versatile interior layout.
    Where is this mixed-use property located?
    The property is located at 12046 Hwy 42 Ellison Bay, WI.
    What is the asking price?
    The asking price for this property is $499,900.
    What are key features of this property?
    This property features: Highly visible, prime location on Highway 42 in Ellison Bay; Versatile interior layout suitable for a wide range of business uses; Recent updates including fresh paint and new LVP flooring
    (920) 421-0154
    We can help!
    Listing Contact
    Heather Collins
    Real Estate License ID: 90-50073
    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.

    More about this property
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    12046 Hwy 42, Ellison Bay, WI 54210

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