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    Grocery Store & Retail Opportunity Title is generated by Realmo AI

    132 W Water Street, Shullsburg, WI 53586

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    For Sale
    $499,000

    Grocery,Retail - Shullsburg, WI

    Added:
    Mar 16, 2026
    Days on Market:
    80
    Last Refresh:
    Jun 3 at 10:06 am

    Property Features for 132 W Water Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    commercial
    Security features
    Security System
    Interior features
    3 phase electric, Display window, Security system
    Standard status
    Active
    APN
    281-0257-0000

    Taxes and HOA fees

    Tax Year
    2025
    Tax Annual Amount
    3090

    Utilities

    Utilities
    Electricity Available
    Heating system
    Forced Air
    Cooling system
    Central Air

    Building Details

    Year built
    1920
    Floors in Building
    1
    Number of units
    1
    Building materials
    Brick
    Roof type
    Membrane, Rubber
    Architectural style
    Other

    We can help!

    Listing Contact
    Larry Teasdale

    Listing agent Larry Teasdale

    Listing office Teasdale Realty & Auction Serv, LLC 6660 County Road E, Shullsburg, WI

    Listing date Mar 16, 2026

    MLS# 2017660 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Thriving grocery store business opportunity
    • Includes equipment and inventory
    • Located in downtown Shullsburg
    • Security system installed
    • Central air conditioning
    • Brick construction

    Overview

    This offering combines a grocery store business with included equipment and inventory, creating a straightforward path for an owner-operator. The property is structured as a split ownership arrangement: one half is owned by the Oddfellows and has been rented for years by the grocery store, while the other half—built in 1920—is being sold as part of this opportunity.

    Located in downtown Shullsburg, this is a retail-focused asset on W Water Street, presenting an ownership chance in a central local setting. The existing grocery operation provides continuity, with the rental history supporting the practical, ongoing use of the store space.

    For buyers seeking to step into a working grocery business rather than starting from scratch, this setup may be especially appealing. The sale includes the assets needed to operate now, and the shared-ownership structure provides a clear framework around how the store’s space is currently utilized. Consider this property as a potential match for a motivated entrepreneur looking for a turnkey grocery business with an established presence and a portion of a 1920 building included in the purchase.
    Property Profile Location Intelligence

    Current Use by Public Records

    Grocery and convenience stores

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shullsburg
    County
    Lafayette
    State
    Wisconsin
    Longitude
    -90.232189
    Latitude
    42.572124

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    FAQs

    What type of property is this?
    Grocery and convenience store - Own a downtown grocery store business, including equipment and inventory, with shared-ownership structure and a historic 1920 building.
    Where is this grocery and convenience store located?
    The property is located at 132 W Water Street Shullsburg, WI.
    What is the asking price?
    The asking price for this property is $499,000.
    What are key features of this property?
    This property features: Thriving grocery store business opportunity; Includes equipment and inventory; Located in downtown Shullsburg
    (608) 965-3558
    We can help!
    Listing Contact
    Larry Teasdale
    Real Estate License ID: 58045-90
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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