Flex Space with Two Overhead
For Sale
$400,000
1230 S Main Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size4,100 SF
Lot Size0.22 Acres
Price / SF$97.56
Days on Market379
Property Features for 1230 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
Main Street Rice Lake property on left before Swant Motors
Standard status
Active
APN
276-2328-26-000
Size
4,100 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LOT 4 BLK 22 & E 1/2 ADJ VAC ALLEY SOUTH RICE LAKE (MOS #7733)
Tax Annual Amount
3470
Legal Description
LOT 4 BLK 22 & E 1/2 ADJ VAC ALLEY SOUTH RICE LAKE (MOS #7733)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Ductless, Central Air
Water source
Public
Building Details
Year built
1965
Building materials
Steel
Listing Agency:
Real Estate Solutions
(715) 719-0555
Listed By:
Casey Watters · License #52542-90
(715) 434-7904
Added: Aug 7, 2025
Changed: Aug 19
Last Checked: Aug 20 at 2:06AM
MLS# 1594453
Copyright © 2026 REALTORS® Association of Northwestern 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.
A well-suited flex space for business use, totaling 4,100 SF and built in 1965 with steel construction. The layout includes an expansive 50' x 40' showroom for customer-facing activity, multiple office spaces for day-to-day operations, and a spacious back shop. The back shop is accessed by two overhead garage doors sized 8' x 10' and 10' x 14', supporting straightforward loading, service, or storage needs.
The property sits on a 0.215-acre lot and is located just off Main Street with its own parking area. Mechanical and utilities include forced-air heating, ductless and central air cooling, public water, and public sewer. This configuration offers a functional mix of showroom, office, and shop space in a single facility.
The property sits on a 0.215-acre lot and is located just off Main Street with its own parking area. Mechanical and utilities include forced-air heating, ductless and central air cooling, public water, and public sewer. This configuration offers a functional mix of showroom, office, and shop space in a single facility.
Key Highlights
- 4,100 SF flex space with steel construction built in 1965
- 50' x 40' showroom for customer‑facing space
- Back shop with two overhead garage doors: 8' x 10' and 10' x 14'
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
$14,871
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
3.72%
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%
$297,420
$297.4K
Cap Rate 7%
$212,443
$212.4K
Cap Rate 9%
$165,233
$165.2K
Market Conditions
NOI Build-Up for 4,100 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
$24.6K $6.00/SF
− Vacancy
−$1.7K −$0.42/SF
EGI
$22.9K $5.58/SF
− OpEx
−$8.0K −$1.95/SF
NOI
$14.9K $3.63/SF
Area
Barron County, WI
Vacancy
7.00%
Lease Rate
$6.00 /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%
$297,420
Cap Rate 7%
$212,443
Cap Rate 9%
$165,233
Alternative Uses
Best Use
Warehouse
$3.29M
$2.88M – $3.84M
NOI $230,597 @ 7.0% cap · market cap 57.65%
Second Best
Industrial
$2.71M
$2.37M – $3.17M
NOI $189,903 @ 7.0% cap · market cap 47.48%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Location Intelligence
Trade Area within ½ mile
282
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54868, WI
15,785
Population
7,640
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
94%
High-School Grad
212.0 sq mi
ZIP Area
74
Density / Sq Mi
$64,567
Median Household Income
$40,474
Median Earnings
$850
Median Rent
$199,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Approximately 4,100 SF flex space with showroom, offices, and a back shop accessed by two overhead garage doors.
Where is this flex space located?
The property is located at 1230 S Main Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: 4,100 SF flex space with steel construction built in 1965; 50' x 40' showroom for customer‑facing space; Back shop with two overhead garage doors: 8' x 10' and 10' x 14'
