Mixed-Use Commercial
154 Leonard Street S S, West Salem, WI 54669
For Sale
New
$225,000
A transferable conditional use permit allows commercial use throughout the building or continued residential space.
Property Size1,650 SF
Price / SF$136.36
Days on Market2
Property Features for 154 Leonard Street S S
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Zoning
Additional Details
Currently Operating
Building Details
Building Size
Year Built
Buildings
Listing Agency:
Re/Max Results
(715) 831-1488
Listed By:
Tammy Simmons · License WI 88377-94
(715) 299-6992
Source:
Howardandwilliams
Added: Nov 10
Changed: Nov 11
Last Checked: Nov 11 at 4:25PM
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
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Investment Insights
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Built in 1912, this 1,650-square-foot mixed-use building currently contains a Reiki studio and a one-bedroom apartment. A full basement has both interior and exterior access. Interior and exterior paint, flooring, living-area lighting, bath and shower fixtures, and the furnace have been updated; the furnace was replaced in 2021.
The property is zoned Commercial and has a conditional use permit from the Village of West Salem that transfers to the next owner. The permit allows commercial or business use of the entire building, or the residential space may remain. The building previously housed accounting and dental clinic uses. Parking for 4–6 cars is available behind the building.
The property is zoned Commercial and has a conditional use permit from the Village of West Salem that transfers to the next owner. The permit allows commercial or business use of the entire building, or the residential space may remain. The building previously housed accounting and dental clinic uses. Parking for 4–6 cars is available behind the building.
Key Highlights
- 1,650‑square‑foot building with a one‑bedroom apartment and studio space
- Transferable conditional use permit allows commercial use throughout or retention of residential space
- Full basement with access from inside the building and outdoors
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,801
Cap Rate
6.58%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$296,020
$296.0K
Cap Rate 7%
$211,443
$211.4K
Cap Rate 9%
$164,456
$164.5K
Market Conditions
NOI Build-Up for 1,650 SF
Gross rent
$25.7K $15.60/SF
− Vacancy
−$2.1K −$1.25/SF
EGI
$23.7K $14.35/SF
− OpEx
−$8.9K −$5.38/SF
NOI
$14.8K $8.97/SF
Area
La Crosse County, WI
Vacancy
8.00%
Lease Rate
$15.60 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$296,020
Cap Rate 7%
$211,443
Cap Rate 9%
$164,456
Alternative Uses
Best Use
Mixed Use
$211.4K
$185.0K – $246.7K
NOI $14,801 @ 7.0% cap · market cap 6.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$360.9K
$315.8K – $421.0K
NOI $25,260 @ 7.0% cap · market cap 11.23%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
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Business Placement
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
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Frequently Asked Questions
What type of property is this?
Mixed-use property - A transferable conditional use permit allows commercial use throughout the building or continued residential space.
Where is this mixed-use property located?
The property is located at 154 Leonard Street S S West Salem, WI.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: 1,650‑square‑foot building with a one‑bedroom apartment and studio space; Transferable conditional use permit allows commercial use throughout or retention of residential space; Full basement with access from inside the building and outdoors
