Mixed-Use Retail and Residential
121 N Water St Albany, WI 53502
New
For Sale
$399,000
Well maintained mixed-use building with a hemp shop under a long-term lease and a furnished Airbnb with river views.
Days on Market3
Property Features for 121 N Water St
General Information
Standard status
Active
Property subtype
Retail
Listing Agency:
ALTUS Commercial Real Estate, Inc.
(608) 445-2384
Listed By:
Carson Brewer · License #WI #111143-94
(608) 445-2384
Source:
Altuscommercialrealestate
Added: Jul 27
Changed: Jul 28
Last Checked: Jul 29 at 6:10AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of ALTUS Commercial Real Estate, Inc.
Investment Insights
Based on property information with market context.
This well maintained mixed-use building in downtown Albany, Wisconsin includes two income producing units alongside a commercial storefront. The commercial space is occupied by an established hemp shop under a long-term 5 year lease. The second unit is a fully furnished 2-bedroom, 2-bath Airbnb with water views overlooking the Sugar River and Albany Dam. The residential unit includes in-unit laundry and is being offered fully furnished.
The property has benefited from numerous capital improvements, including new floor joists and support beams throughout the building, extensive exterior tuckpointing, and separate central forced air HVAC systems for each unit. A full basement is also included, with approximately 10.5' ceilings and walkout access to the river.
With separate systems for each unit and a flexible lower level with walkout river access, the building is designed to support both its commercial and short-term residential income use.
The property has benefited from numerous capital improvements, including new floor joists and support beams throughout the building, extensive exterior tuckpointing, and separate central forced air HVAC systems for each unit. A full basement is also included, with approximately 10.5' ceilings and walkout access to the river.
With separate systems for each unit and a flexible lower level with walkout river access, the building is designed to support both its commercial and short-term residential income use.
Key Highlights
- Mixed‑use downtown Albany building with two income‑producing units along the Sugar River
- Commercial hemp shop is under a long‑term 5‑year lease for stable rental income
- Residential second unit is a fully furnished 2‑bedroom, 2‑bath Airbnb with water views of the Sugar River and Albany Dam
Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $49.7k | $21.60 |
| − Vacancy | −$2.7k | −$1.17 |
| EGI | $47.0k | $20.43 |
| − OpEx | −$14.1k | −$6.13 |
| NOI | $32.9k | $14.30 |
2,300 SF · lease $21.60/SF/yr · vacancy 5.40% · expense 30.00%
Alternative Uses
Best Use
Retail
$470.0K
$411.2K – $548.3K
NOI $32,898 @ 7.0% cap · market cap 8.25%
Second Best
Apartment 5plus
$403.0K
$352.7K – $470.2K
NOI $28,212 @ 7.0% cap · market cap 7.07%
Theoretical Best
Office A
$671.9K
$587.9K – $783.8K
NOI $47,030 @ 7.0% cap · market cap 11.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Storefront property - Well maintained mixed-use building with a hemp shop under a long-term lease and a furnished Airbnb with river views.
Where is this storefront property located?
The property is located at 121 N Water St Albany, WI.
What is the asking price?
The asking price for this property is $399,000.
What are key features of this property?
This property features: Mixed‑use downtown Albany building with two income‑producing units along the Sugar River; Commercial hemp shop is under a long‑term 5‑year lease for stable rental income; Residential second unit is a fully furnished 2‑bedroom, 2‑bath Airbnb with water views of the Sugar River and Albany Dam
