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    Restored Phillips Fire Station Title is generated by Realmo AI

    146 BALSAM ST, Phillips, WI 54555

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    Claim this Listing
    For Sale
    Under Contract
    $220,000

    COMMERCIAL - Phillips, WI

    Type:Retail
    Lot size:
    0.27 Acres
    Added:
    Apr 23, 2025
    Days on Market:
    397
    Last Refresh:
    May 24 at 12:06 am

    Property Features for 146 BALSAM ST

    General Information

    Property type
    Commercial Sale
    Property subtype
    Retail
    Bedrooms
    1
    Bathrooms
    2
    Rooms
    Bedroom 1, Bathroom 2, Bathroom 1
    Parking features
    Parking Lot
    Interior features
    Storage
    Standard status
    Active Under Contract
    APN
    272-100204000
    Lot size
    0.27 Acres

    Taxes and HOA fees

    Tax Year
    2024
    Tax Description
    PHILLIPS PRT OF LOTS 4, 5 & 6 BLOCK 2 LOT 1 CSM #1038 VOL 5 PG 307 EXCPT TPP 1610-44-21-4.09
    Tax Annual Amount
    1890

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Forced Air
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1926
    Floors in Building
    2
    Flooring type
    Wood
    Building materials
    Brick, Frame
    Roof type
    Rubber
    Additional Structures
    Storage

    We can help!

    Listing Contact
    JAMIE LUND

    Listing agent JAMIE LUND License #94486 - 94

    Listing office RE/MAX NEW HORIZONS REALTY LLC 716 S Lake Ave, Phillips, WI

    Listing date Apr 23, 2025

    MLS# 211542 Listing URL

    Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Restored 1926 Phillips Fire Station: A unique historic building offering classic charm.
    • Flexible Residential/Commercial Use: Explore opportunities for living, retail, office, or studio.
    • Prime Downtown Location: Situated in the heart of downtown Phillips with lake views.
    • Spacious Living Quarters: Includes a 1‑bedroom, 1‑bath living space with a bonus room and half bath.
    • Vintage Character: Features original wood floors, doors, and trim.
    • New Sidewalk and Blacktop (2025): Updated exterior with ample green space.

    Overview

    The original Phillips Fire Station, constructed in 1926 and located in downtown Phillips, has been restored. The building blends classic architectural elements with modern updates, presenting an opportunity for residential and commercial use. The upstairs features a 1-bedroom, 1-bath living space, along with a bonus room and a half bath across the hallway. The building retains vintage character, including original wood floors, doors, and trim. The main floor includes high ceilings, large display windows, and an open retail layout. Currently housing 'The 5 Senses', the space can continue as a commercial storefront or be converted into additional living quarters, office space, or a boutique studio. The L-shaped lot provides green space. The sidewalk and black top are new and scheduled for completion in 2025. Lake views and the downtown location enhance the property's appeal. The property is located on Balsam Street in Phillips, WI.
    Property Profile Location Intelligence

    Current Use by Public Records

    Storefront properties

    Suggested Use

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

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

    Location Insight

    • Map
    • Local Demand
    City
    Phillips
    County
    Price
    State
    Wisconsin
    Longitude
    -90.3988196
    Latitude
    45.6907299

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    FAQs

    What type of property is this?
    Mixed-use property - Historic building with residential and commercial potential in downtown Phillips.
    Where is this mixed-use property located?
    The property is located at 146 BALSAM ST Phillips, WI.
    What is the asking price?
    The asking price for this property is $220,000.
    What are key features of this property?
    This property features: Restored 1926 Phillips Fire Station: A unique historic building offering classic charm.; Flexible Residential/Commercial Use: Explore opportunities for living, retail, office, or studio.; Prime Downtown Location: Situated in the heart of downtown Phillips with lake views.
    (715) 820-0890
    We can help!
    Listing Contact
    JAMIE LUND
    Real Estate License ID: 94486 - 94
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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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