Building Details

Building Size 2,300 SF

Tenancy Multi

Listing Agency: ALTUS Commercial Real Estate, Inc.

Listed By: Carson Brewer · License #WI #111143-94 Show Phone

Source: Altuscommercialrealestate

Added: Jul 27 Changed: Oct 26 Last Checked: Oct 28 at 6:23AM

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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.

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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.

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

Estimated NOI and Cap Rate

NOI / Yr

$32,898

Cap Rate

8.25%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$657,960 $658.0K

Cap Rate 7%

$469,971 $470.0K

Cap Rate 9%

$365,533 $365.5K

Is this asking price fair?

Market Conditions

NOI Build-Up for 2,300 SF

Gross rent

$49.7K $21.60/SF

− Vacancy

−$2.7K −$1.17/SF

EGI

$47.0K $20.43/SF

− OpEx

−$14.1K −$6.13/SF

NOI

$32.9K $14.30/SF

Area

Green County, WI

Vacancy

5.40%

Lease Rate

$21.60 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$657,960

Cap Rate 7%

$469,971

Cap Rate 9%

$365,533

Alternative Uses

Best Use

Retail

$470.0K

$411.2K – $548.3K (±1% cap)

NOI $32,898 @ 7.0% cap · market cap 8.25%

Second Best

Apartment 5plus

$403.0K

$352.7K – $470.2K (±1% cap)

NOI $28,212 @ 7.0% cap · market cap 7.07%

Theoretical Best

Office A

$671.9K

$587.9K – $783.8K (±1% cap)

NOI $47,030 @ 7.0% cap · market cap 11.79%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Storefront properties

Suggested Use

Top Pick HVAC Service Plumbing Service Bakery Big Box & Wholesale Store Garden Center Storage Facility

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

110

Businesses Nearby

Balanced

Demand for This Use

Explore this area Business Placement

Demographics for 53502, WI

2,615

Population

1,016

Households

2.6

Avg Household Size

44

Median Age

23%

College-Educated

92%

High-School Grad

51.9 sq mi

ZIP Area

50

Density / Sq Mi

$87,768

Median Household Income

$46,964

Median Earnings

$886

Median Rent

$242,500

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

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