Mixed-Use Building with Detached
For Sale
$499,900
1791 SUPERIOR ST, Three Lakes, WI 54562
CommercialSale, Three Lakes, WI
Property Size3,362 SF
Lot Size0.21 Acres
Price / SF$148.69
Days on Market133
Property Features for 1791 SUPERIOR ST
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
5
Bathrooms
6
Full bathrooms
3
Half bathrooms
3
Rooms
Bedroom 3, Bedroom 4, Bathroom 1, Bathroom 5, Bathroom 6, Bathroom 2, Bedroom 1, Bedroom 5, Bathroom 4, Bathroom 3, Bedroom 2
Lot features
Level
Directions
Follow Hwy 32/45 to Downtown Three Lakes which is also called Superior St.
Standard status
Active
APN
TL-2500
Lot size
0.21 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
VILLAGE OF THREE LAKES LOT 6 BLK 7 SM L1349
Tax Annual Amount
4586
Legal Description
VILLAGE OF THREE LAKES LOT 6 BLK 7 SM L1349
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
2
Number of units
5
Flooring type
Laminate, Carpet, Wood
Building materials
Brick, Frame
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
JEREMY OBERLANDER · License #86995-94
(715) 891-5992
Added: Apr 9
Changed: Aug 19
Last Checked: Aug 19 at 10:06PM
MLS# 216398
Copyright © 2026 Greater Northwoods MLS. 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 mixed-use building combines income-producing commercial and residential space. The main floor offers 3,362 SF of versatile commercial area suitable for retail or office use. Upstairs, there are three residential units, including two two-bedroom apartments and one one-bedroom apartment, adding additional rental income streams. The property includes a detached garage measuring 24' x 55', which can support additional uses.
Built with brick and frame construction, the building is served by public water and public sewer. Heating is forced air with natural gas, and cooling is provided by central air.
The site is 0.2066 acres and is configured to support multiple tenants, with five income-generating tenants described for the property.
Built with brick and frame construction, the building is served by public water and public sewer. Heating is forced air with natural gas, and cooling is provided by central air.
The site is 0.2066 acres and is configured to support multiple tenants, with five income-generating tenants described for the property.
Key Highlights
- 3,362 SF main‑floor commercial space for retail or office use
- Three residential units: two 2‑bedroom apartments and one 1‑bedroom apartment
- Five income‑generating tenants
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
$30,257
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
6.05%
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%
$605,140
$605.1K
Cap Rate 7%
$432,243
$432.2K
Cap Rate 9%
$336,189
$336.2K
Market Conditions
NOI Build-Up for 3,362 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
$44.4K $13.20/SF
− Vacancy
−$1.2K −$0.34/SF
EGI
$43.2K $12.86/SF
− OpEx
−$13.0K −$3.86/SF
NOI
$30.3K $9.00/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$13.20 /SF/Yr
Expense Ratio
30.00%
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%
$605,140
Cap Rate 7%
$432,243
Cap Rate 9%
$336,189
Alternative Uses
Best Use
Retail
$432.2K
$378.2K – $504.3K
NOI $30,257 @ 7.0% cap · market cap 6.05%
Second Best
Mixed Use
$354.0K
$309.8K – $413.0K
NOI $24,781 @ 7.0% cap · market cap 4.96%
Theoretical Best
Industrial
$1.57M
$1.38M – $1.84M
NOI $110,150 @ 7.0% cap · market cap 22.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
163
Businesses Nearby
Explore this area
Business Placement
Demographics for 54562, WI
2,093
Population
2,878
Households
0.7
Avg Household Size
57
Median Age
39%
College-Educated
98%
High-School Grad
144.4 sq mi
ZIP Area
14
Density / Sq Mi
$67,875
Median Household Income
$34,722
Median Earnings
$964
Median Rent
$291,800
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property with main-floor commercial space, three residential units, and a detached 24' x 55' garage.
Where is this mixed-use property located?
The property is located at 1791 SUPERIOR ST Three Lakes, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 3,362 SF main‑floor commercial space for retail or office use; Three residential units: two 2‑bedroom apartments and one 1‑bedroom apartment; Five income‑generating tenants
