Live-Work Building with Retail
For Sale
$209,900
Pending
123 Hamilton St W, West Salem, WI 54669
1945-built building features retail/office frontage and updated living quarters with kitchen, two bedrooms, bath, and laundry.
Property Size1,500 SF
Days on Market229
Property Features for 123 Hamilton St W
General Information
Standard status
Pending
Size
1,500 SF
Taxes and HOA fees
Annual Taxes
$2,824
Building Details
Year Built
1945
Listing Agency:
RE/MAX Results
(608) 781-7629
Listed By:
Jessica Sands · License #92735-94
(608) 451-2354
Source:
Exprealty
Added: Jan 28
Changed: Aug 20
Last Checked: Sep 13 at 11:06AM
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 RE/MAX Results
Investment Insights
Based on property information with market context.
This 1945-built commercial building includes dedicated living quarters in addition to space suited for retail or office use. During the seller’s ownership, multiple updates were made, including new windows, electrical improvements, and flooring. The residential portion is equipped with a kitchen, two bedrooms, a bathroom, and a laundry area, creating a flexible live-on-site or rental setup.
The front of the building is positioned for visibility to support retail or office operations. Located at 123 Hamilton St W in West Salem, the property is described as being in the heart of downtown, offering convenient access to the surrounding downtown area.
Overall, the property is set up as a true live-work configuration, with practical improvements throughout and a commercial front plus private living space behind.
The front of the building is positioned for visibility to support retail or office operations. Located at 123 Hamilton St W in West Salem, the property is described as being in the heart of downtown, offering convenient access to the surrounding downtown area.
Overall, the property is set up as a true live-work configuration, with practical improvements throughout and a commercial front plus private living space behind.
Key Highlights
- 1945‑built commercial building with living quarters in the heart of downtown
- Updated during seller ownership: new windows, electrical, and flooring
- Front offers retail/office frontage for customer‑facing use
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
$15,795
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
7.53%
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%
$315,900
$315.9K
Cap Rate 7%
$225,643
$225.6K
Cap Rate 9%
$175,500
$175.5K
Market Conditions
NOI Build-Up for 1,500 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
$27.0K $18.00/SF
− Vacancy
−$5.9K −$3.96/SF
EGI
$21.1K $14.04/SF
− OpEx
−$5.3K −$3.51/SF
NOI
$15.8K $10.53/SF
Area
La Crosse County, WI
Vacancy
22.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$315,900
Cap Rate 7%
$225,643
Cap Rate 9%
$175,500
Alternative Uses
Best Use
Office B
$225.6K
$197.4K – $263.3K
NOI $15,795 @ 7.0% cap · market cap 7.53%
Second Best
Retail
$215.5K
$188.6K – $251.5K
NOI $15,088 @ 7.0% cap · market cap 7.19%
Theoretical Best
Specialty Retail
$328.1K
$287.1K – $382.7K
NOI $22,964 @ 7.0% cap · market cap 10.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
Business Placement
Demographics for 54669, WI
8,094
Population
3,246
Households
2.5
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
51.6 sq mi
ZIP Area
157
Density / Sq Mi
$100,214
Median Household Income
$47,884
Median Earnings
$1,156
Median Rent
$288,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Live-work space - 1945-built building features retail/office frontage and updated living quarters with kitchen, two bedrooms, bath, and laundry.
Where is this live-work space located?
The property is located at 123 Hamilton St W West Salem, WI.
What is the asking price?
The asking price for this property is $209,900.
What are key features of this property?
This property features: 1945‑built commercial building with living quarters in the heart of downtown; Updated during seller ownership: new windows, electrical, and flooring; Front offers retail/office frontage for customer‑facing use
