Live-Work Property with
For Sale
$339,900
1604 Main St, Union Grove, WI 53182
C2-zoned property with municipal water and sewer in Union Grove’s Downtown Main Street District.
Property Size1,068 SF
Lot Size2.00 Acres
Days on Market35
Property Features for 1604 Main St
General Information
Standard status
Active
Size
1,068 SF
Total Parking Spaces
2
Lot size
2.00 Acres
Property subtype
Commercial
Zoning
C2
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$4,071
Building Details
Building Size
1,068 SF
Year Built
1929
Listing Agency:
American Realty, LTD
(414) 350-6666
Listed By:
Alice Johnston
(414) 350-6666
Source:
Therealtycompanyllc
Added: Jul 8
Changed: Aug 11
Last Checked: Aug 11 at 7:33AM
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 American Realty, LTD
Investment Insights
Based on property information with market context.
This live-work property combines a residential interior with a C2 commercial zoning designation on approximately 2 acres. The home includes 3 bedrooms, 2 full baths, natural woodwork, and a natural fireplace. An extra-deep 2-car garage and a separate shed add storage and workspace. Built in 1929, the property offers a distinctive existing structure for integrated living and business use.
Located at 1604 Main St in Union Grove’s Downtown Main Street District, the site has municipal water and sewer. Its Main Street setting places the property within the district identified in the source information, while the C2 zoning and live-work classification define its commercial positioning.
Located at 1604 Main St in Union Grove’s Downtown Main Street District, the site has municipal water and sewer. Its Main Street setting places the property within the district identified in the source information, while the C2 zoning and live-work classification define its commercial positioning.
Key Highlights
- Live‑work space on approximately 2 acres
- C2 zoning in Union Grove’s Downtown Main Street District
- 3‑bedroom, 2‑full‑bath residence built in 1929
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
$13,793
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
4.06%
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%
$275,860
$275.9K
Cap Rate 7%
$197,043
$197.0K
Cap Rate 9%
$153,256
$153.3K
Market Conditions
NOI Build-Up for 1,068 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
$22.4K $21.00/SF
− Vacancy
−$4.0K −$3.78/SF
EGI
$18.4K $17.22/SF
− OpEx
−$4.6K −$4.31/SF
NOI
$13.8K $12.92/SF
Area
Racine County, WI
Vacancy
18.00%
Lease Rate
$21.00 /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%
$275,860
Cap Rate 7%
$197,043
Cap Rate 9%
$153,256
Alternative Uses
Best Use
Office B
$197.0K
$172.4K – $229.9K
NOI $13,793 @ 7.0% cap · market cap 4.06%
Second Best
Mixed Use
$157.9K
$138.2K – $184.2K
NOI $11,054 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$256.8K
$224.7K – $299.6K
NOI $17,978 @ 7.0% cap · market cap 5.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
215
Businesses Nearby
Explore this area
Business Placement
Demographics for 53182, WI
9,422
Population
3,471
Households
2.7
Avg Household Size
44
Median Age
27%
College-Educated
92%
High-School Grad
55.3 sq mi
ZIP Area
170
Density / Sq Mi
$93,175
Median Household Income
$53,210
Median Earnings
$1,067
Median Rent
$305,700
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?
Live-work space - C2-zoned property with municipal water and sewer in Union Grove’s Downtown Main Street District.
Where is this live-work space located?
The property is located at 1604 Main St Union Grove, WI.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: Live‑work space on approximately 2 acres; C2 zoning in Union Grove’s Downtown Main Street District; 3‑bedroom, 2‑full‑bath residence built in 1929
