Mixed-Use Building with
For Sale
$225,000
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 Size1,650 SF
Price / SF$136.36
Days on Market91
Property Features for 154 Leonard St S
General Information
Standard status
Active
Size
1,650 SF
Building Details
Year Built
1912
Listing Agency:
RE/MAX Results
Listed By:
Tammy Simmons · License #88377-94
(715) 299-6992
Source:
Nikolicgroup
Added: Jul 16
Changed: Oct 9
Last Checked: Oct 7 at 3:28PM
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 / Yr
$16,597
Cap Rate
7.38%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$331,940
$331.9K
Cap Rate 7%
$237,100
$237.1K
Cap Rate 9%
$184,411
$184.4K
Market Conditions
NOI Build-Up for 1,650 SF
Gross rent
$24.8K $15.00/SF
− Vacancy
−$1.0K −$0.63/SF
EGI
$23.7K $14.37/SF
− OpEx
−$7.1K −$4.31/SF
NOI
$16.6K $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 Rate 5%
$331,940
Cap Rate 7%
$237,100
Cap Rate 9%
$184,411
Alternative Uses
Best Use
Retail
$237.1K
$207.5K – $276.6K
NOI $16,597 @ 7.0% cap · market cap 7.38%
Second Best
Mixed Use
$211.4K
$185.0K – $246.7K
NOI $14,801 @ 7.0% cap · market cap 6.58%
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.
How Realmo checks its estimates
Property Analytics
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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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Midwest region
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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 $225,000.
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
