Building Details

Building Size 2,300 SF

Tenancy Multi

Listing Agency: Altus Commercial Real Estate - Madison

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

Source: Altuscommercialrealestate

Added: Jul 27 Changed: Aug 23 Last Checked: Sep 5 at 4:33AM

Report an Issue

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 - Madison

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 = 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

$32,898

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

8.25%

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%

$657,960 $658.0K

Cap Rate 7%

$469,971 $470.0K

Cap Rate 9%

$365,533 $365.5K

Market Conditions

NOI Build-Up for 2,300 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

$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 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%

$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.

Property Analytics

Property Profile

Current Use

Storefront properties

Suggested Use

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

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

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this storefront properties located? What is the asking price? Find similar properties What are key features of this property?

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