Mixed-Use Building with
For Sale
$259,000
154 Leonard St S, West Salem, WI 54669
Downtown commercial property with flexible business and residential configuration, transferable conditional use approval, and rear parking.
Property Size1,260 SF
Price / SF$205.56
Days on Market46
Property Features for 154 Leonard St S
General Information
Standard status
Active
Size
1,260 SF
Property subtype
Commercial
Building Details
Year Built
1912
Listing Agency:
RE/MAX Results
(715) 299-6992
Listed By:
Tammy Simmons · License #l88377
Source:
Housesthatshine
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 11:25AM
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 1,260-square-foot mixed-use building combines an active Reiki studio with a one-bedroom apartment at the rear. The property includes a full basement with access from both inside and outside, providing additional storage space. Rear parking accommodates 4–6 cars.
A conditional use permit from the Village of West Salem transfers to the next owner and allows the building to be used for commercial or business purposes, while the residential component can remain in place. Prior uses included accounting and dental clinic operations. Improvements include a furnace installed in 2021, new flooring, updated lighting in the living room, replacement shower and bath fixtures, and interior and exterior paint.
A conditional use permit from the Village of West Salem transfers to the next owner and allows the building to be used for commercial or business purposes, while the residential component can remain in place. Prior uses included accounting and dental clinic operations. Improvements include a furnace installed in 2021, new flooring, updated lighting in the living room, replacement shower and bath fixtures, and interior and exterior paint.
Key Highlights
- 1,260‑square‑foot mixed‑use building with a Reiki studio and one‑bedroom apartment
- Transferable conditional use permit from the Village of West Salem
- Full basement with interior and exterior access
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
$12,674
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
4.89%
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%
$253,480
$253.5K
Cap Rate 7%
$181,057
$181.1K
Cap Rate 9%
$140,822
$140.8K
Market Conditions
NOI Build-Up for 1,260 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
$18.9K $15.00/SF
− Vacancy
−$794 −$0.63/SF
EGI
$18.1K $14.37/SF
− OpEx
−$5.4K −$4.31/SF
NOI
$12.7K $10.06/SF
Area
La Crosse County, WI
Vacancy
4.20%
Lease Rate
$15.00 /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%
$253,480
Cap Rate 7%
$181,057
Cap Rate 9%
$140,822
Alternative Uses
Best Use
Retail
$181.1K
$158.4K – $211.2K
NOI $12,674 @ 7.0% cap · market cap 4.89%
Second Best
Mixed Use
$161.5K
$141.3K – $188.4K
NOI $11,302 @ 7.0% cap · market cap 4.36%
Theoretical Best
Specialty Retail
$275.6K
$241.1K – $321.5K
NOI $19,289 @ 7.0% cap · market cap 7.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
49k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 98%
Hotels & Casinos 2%
Kwik Trip
Shops & Services
39,722 visits/mo
0.3 miles
Shell
Shops & Services
8,185 visits/mo
0.5 miles
Americinn Hotel & Suites Of West Salem
Hotels & Casinos
1,135 visits/mo
0.4 miles
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
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Downtown commercial property with flexible business and residential configuration, transferable conditional use approval, and rear parking.
Where is this mixed-use property located?
The property is located at 154 Leonard St S West Salem, WI.
What is the asking price?
The asking price for this property is $259,000.
What are key features of this property?
This property features: 1,260‑square‑foot mixed‑use building with a Reiki studio and one‑bedroom apartment; Transferable conditional use permit from the Village of West Salem; Full basement with interior and exterior access
