Historic Downtown Mixed-Use
For Sale
$200,000
146 S Main, Lodi, WI 53555
Historic building built in 1881 with forced air heating, central air, and a full basement with exterior access.
Property Size1,495 SF
Price / SF$133.78
Days on Market191
Property Features for 146 S Main
General Information
Standard status
Active
Size
1,495 SF
Property subtype
Commercial
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Building Details
Year Built
1881
Listing Agency:
Spencer Real Estate Group
Listed By:
Spencer Schumacher · License #5801790
(608) 841-2221
Source:
Madisonareahomelistings
Added: Mar 1
Changed: Sep 8
Last Checked: Sep 8 at 7:08AM
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 Spencer Real Estate Group
Investment Insights
Based on property information with market context.
Built in 1881, this historic downtown building offers a versatile layout suitable for retail, office, or service-based uses. The property includes forced air heating and central air, along with municipal utilities. A full basement with exterior access provides additional storage capability.
Located in the heart of downtown Lodi near the intersection of Hwy 60 & 113, the building benefits from visibility and convenient access to surrounding areas, including Madison. On-site and nearby public parking are available for customers and employees.
The building features a stained glass window created for the owner of the Lodi Enterprise newspaper, depicting the First Amendment with the letters spelling out Lodi.
Located in the heart of downtown Lodi near the intersection of Hwy 60 & 113, the building benefits from visibility and convenient access to surrounding areas, including Madison. On-site and nearby public parking are available for customers and employees.
The building features a stained glass window created for the owner of the Lodi Enterprise newspaper, depicting the First Amendment with the letters spelling out Lodi.
Key Highlights
- Historic building built in 1881 located in downtown Lodi near the intersection of Hwy 60 & 113
- Forced air heating plus central air
- Full basement with exterior access for additional storage
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
$17,751
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
8.88%
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%
$355,020
$355.0K
Cap Rate 7%
$253,586
$253.6K
Cap Rate 9%
$197,233
$197.2K
Market Conditions
NOI Build-Up for 1,495 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
$30.0K $20.04/SF
− Vacancy
−$6.3K −$4.21/SF
EGI
$23.7K $15.83/SF
− OpEx
−$5.9K −$3.96/SF
NOI
$17.8K $11.87/SF
Area
Columbia County, WI
Vacancy
21.00%
Lease Rate
$20.04 /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%
$355,020
Cap Rate 7%
$253,586
Cap Rate 9%
$197,233
Alternative Uses
Best Use
Office B
$253.6K
$221.9K – $295.9K
NOI $17,751 @ 7.0% cap · market cap 8.88%
Second Best
Retail
$218.3K
$191.0K – $254.7K
NOI $15,282 @ 7.0% cap · market cap 7.64%
Theoretical Best
Office A
$335.9K
$293.9K – $391.9K
NOI $23,511 @ 7.0% cap · market cap 11.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
280
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53555, WI
8,529
Population
4,523
Households
1.9
Avg Household Size
46
Median Age
39%
College-Educated
99%
High-School Grad
75.7 sq mi
ZIP Area
113
Density / Sq Mi
$110,926
Median Household Income
$57,643
Median Earnings
$1,247
Median Rent
$359,800
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Historic building built in 1881 with forced air heating, central air, and a full basement with exterior access.
Where is this storefront property located?
The property is located at 146 S Main Lodi, WI.
What is the asking price?
The asking price for this property is $200,000.
What are key features of this property?
This property features: Historic building built in 1881 located in downtown Lodi near the intersection of Hwy 60 & 113; Forced air heating plus central air; Full basement with exterior access for additional storage
