Retail Storefront with Second
For Sale
$249,700
9 S Wisconsin St, Elkhorn, WI 53121
Commercial space includes two bathrooms and a flexible second level for retail or office use.
Property Size2,181 SF
Price / SF$114.49
Days on Market475
Property Features for 9 S Wisconsin St
General Information
Standard status
Active
Size
2,181 SF
Taxes and HOA fees
Annual Taxes
$2,334
Listing Agency:
@properties
(262) 348-0200
Listed By:
Jerry Kroupa · License #4186490
(262) 949-3618
Source:
Exprealty
Added: May 19, 2025
Changed: Aug 31
Last Checked: Sep 5 at 11:24AM
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 @properties
Investment Insights
Based on property information with market context.
This downtown commercial storefront offers approximately 2,000 square feet of flexible space designed to support multiple uses. The layout includes two bathrooms and a flexible second level that can accommodate additional retail, office use, or other interior reconfiguration.
Located at 9 S Wisconsin St in Elkhorn, the property is positioned for strong street visibility with large window displays. Public remarks also note high foot traffic and proximity to nearby shops and restaurants.
For tenants or owners seeking a storefront with an additional level, this configuration provides straightforward frontage presentation on the ground floor and usable space upstairs to support a variety of commercial setups.
Located at 9 S Wisconsin St in Elkhorn, the property is positioned for strong street visibility with large window displays. Public remarks also note high foot traffic and proximity to nearby shops and restaurants.
For tenants or owners seeking a storefront with an additional level, this configuration provides straightforward frontage presentation on the ground floor and usable space upstairs to support a variety of commercial setups.
Key Highlights
- Versatile 2,000 SF commercial space in downtown Elkhorn
- Includes two bathrooms
- Flexible second level for additional retail or office 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
$19,138
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
7.66%
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%
$382,760
$382.8K
Cap Rate 7%
$273,400
$273.4K
Cap Rate 9%
$212,644
$212.6K
Market Conditions
NOI Build-Up for 2,181 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
$32.7K $15.00/SF
− Vacancy
−$7.2K −$3.30/SF
EGI
$25.5K $11.70/SF
− OpEx
−$6.4K −$2.93/SF
NOI
$19.1K $8.78/SF
Area
Walworth County, WI
Vacancy
22.00%
Lease Rate
$15.00 /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%
$382,760
Cap Rate 7%
$273,400
Cap Rate 9%
$212,644
Alternative Uses
Best Use
Office B
$273.4K
$239.2K – $319.0K
NOI $19,138 @ 7.0% cap · market cap 7.66%
Second Best
Retail
$260.0K
$227.5K – $303.4K
NOI $18,203 @ 7.0% cap · market cap 7.29%
Theoretical Best
Specialty Retail
$420.9K
$368.3K – $491.1K
NOI $29,463 @ 7.0% cap · market cap 11.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
551
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53121, WI
19,222
Population
8,397
Households
2.3
Avg Household Size
42
Median Age
33%
College-Educated
94%
High-School Grad
114.4 sq mi
ZIP Area
168
Density / Sq Mi
$83,635
Median Household Income
$45,112
Median Earnings
$1,031
Median Rent
$287,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Storefront property - Commercial space includes two bathrooms and a flexible second level for retail or office use.
Where is this storefront property located?
The property is located at 9 S Wisconsin St Elkhorn, WI.
What is the asking price?
The asking price for this property is $249,700.
What are key features of this property?
This property features: Versatile 2,000 SF commercial space in downtown Elkhorn; Includes two bathrooms; Flexible second level for additional retail or office use
