Mixed-Use Building with
For Sale
$225,000
154 Leonard Street S, West Salem, WI 54669
CommercialSale, West Salem, WI
Property Size1,650 SF
Lot Size0.09 Acres
Price / SF$136.36
Days on Market50
Property Features for 154 Leonard Street S
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial, Residential
Rooms
Basement
Interior features
Storage
Elementary school district
West Salem
Middle school district
West Salem
High school district
West Salem
Directions
From Onalaska take WI-16 East into West Salem. Turn right onto Garland St. W. and then right onto Leonard St. N. Property will be on right.
Standard status
Active
APN
16-00133-000
Size
1,650 SF
Lot size
0.09 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
1749
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
basement storage
Building Details
Year built
1912
Building materials
Brick, Stucco, WoodSiding
Additional Structures
Storage
Listing Agency:
RE/MAX Results~Eau Claire · RE/MAX International
(715) 831-1488
Listed By:
Tammy Simmons · License #88377-94
(715) 299-6992
Added: Jul 14
Changed: Aug 28
Last Checked: Sep 1 at 12:06AM
MLS# 1603285
Copyright © 2026 REALTORS® Association of Northwestern Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,650-square-foot mixed-use building combines a commercial area currently used as a Reiki studio with a one-bedroom apartment at the rear. A conditional use permit from the Village of West Salem transfers to the next owner and allows the property to remain in commercial or business use, while the living component can also be retained. The building includes a full basement with interior and exterior access for storage, along with forced-air heating, central air, public water, and public sewer.
Constructed in 1912, the property has brick, stucco, and wood siding. Improvements include a furnace installed in 2021, new flooring, updated lighting in the living room, refreshed shower and bath fixtures, and interior and exterior paint. Parking for 4–6 cars is available behind the building on the 0.09-acre parcel.
Constructed in 1912, the property has brick, stucco, and wood siding. Improvements include a furnace installed in 2021, new flooring, updated lighting in the living room, refreshed shower and bath fixtures, and interior and exterior paint. Parking for 4–6 cars is available behind the building on the 0.09-acre parcel.
Key Highlights
- 1,650‑square‑foot mixed‑use building with a one‑bedroom apartment
- Transferable conditional use permit from the Village of West Salem
- Full basement with interior and exterior access for 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
$17,375
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
7.72%
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%
$347,500
$347.5K
Cap Rate 7%
$248,214
$248.2K
Cap Rate 9%
$193,056
$193.1K
Market Conditions
NOI Build-Up for 1,650 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
$29.7K $18.00/SF
− Vacancy
−$6.5K −$3.96/SF
EGI
$23.2K $14.04/SF
− OpEx
−$5.8K −$3.51/SF
NOI
$17.4K $10.53/SF
Area
La Crosse County, WI
Vacancy
22.00%
Lease Rate
$18.00 /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%
$347,500
Cap Rate 7%
$248,214
Cap Rate 9%
$193,056
Alternative Uses
Best Use
Office B
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 7.72%
Second Best
Retail
$237.1K
$207.5K – $276.6K
NOI $16,597 @ 7.0% cap · market cap 7.38%
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.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
271
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial building with a rear one-bedroom apartment, transferable conditional use permit, basement storage, and parking behind the property.
Where is this mixed-use property located?
The property is located at 154 Leonard Street 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 mixed‑use building with a one‑bedroom apartment; Transferable conditional use permit from the Village of West Salem; Full basement with interior and exterior access for storage
