Main Street Office
For Sale
$349,900
1822 S Main St, Rice Lake, WI 54868
Multiple office rooms, a reception area, restroom, and partial basement support practical business use.
Property Size1,340 SF
Lot Size0.68 Acres
Price / SF$261.12
Days on Market33
Property Features for 1822 S Main St
General Information
Standard status
Active
Size
1,340 SF
Lot size
0.68 Acres
Additional Details
Gross Income
$3,600
Road Access
Yes
Building Details
Year Built
1948
Buildings
1
Listing Agency:
Real Estate Solutions
(866) 619-7904
Listed By:
Casey Watters · License #5254290
Source:
Homcentric
Added: Jul 28
Changed: Aug 29
Last Checked: Aug 29 at 12:38PM
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 Real Estate Solutions
Investment Insights
Based on property information with market context.
Built in 1948, this 1,340-square-foot office building at 1822 S Main St includes a reception area, restroom, and multiple office rooms. A partial basement provides additional storage space for business records, supplies, or equipment. Recent roof and siding updates add to the building’s current physical improvements.
The property occupies 0.68 acres along Main Street in Rice Lake, Wisconsin. The site includes parking and additional land area, while the building’s office layout offers flexibility for a range of professional operations. A sign rental within the parking area provides an existing income component, without relying on the property’s office space for that use.
The property occupies 0.68 acres along Main Street in Rice Lake, Wisconsin. The site includes parking and additional land area, while the building’s office layout offers flexibility for a range of professional operations. A sign rental within the parking area provides an existing income component, without relying on the property’s office space for that use.
Key Highlights
- 1,340‑square‑foot office building constructed in 1948
- 0.68‑acre property along Main Street
- Reception area, restroom, and multiple office rooms
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
$13,828
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
3.95%
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%
$276,560
$276.6K
Cap Rate 7%
$197,543
$197.5K
Cap Rate 9%
$153,644
$153.6K
Market Conditions
NOI Build-Up for 1,340 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
$23.6K $17.64/SF
− Vacancy
−$5.2K −$3.88/SF
EGI
$18.4K $13.76/SF
− OpEx
−$4.6K −$3.44/SF
NOI
$13.8K $10.32/SF
Area
Barron County, WI
Vacancy
22.00%
Lease Rate
$17.64 /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%
$276,560
Cap Rate 7%
$197,543
Cap Rate 9%
$153,644
Alternative Uses
Best Use
Office B
$197.5K
$172.9K – $230.5K
NOI $13,828 @ 7.0% cap · market cap 3.95%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$1.08M
$942.1K – $1.26M
NOI $75,366 @ 7.0% cap · market cap 21.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
321
Businesses Nearby
Explore this area
Business Placement
Demographics for 54868, WI
15,785
Population
7,640
Households
2.1
Avg Household Size
44
Median Age
25%
College-Educated
94%
High-School Grad
212.0 sq mi
ZIP Area
74
Density / Sq Mi
$64,567
Median Household Income
$40,474
Median Earnings
$850
Median Rent
$199,300
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?
Office building - Multiple office rooms, a reception area, restroom, and partial basement support practical business use.
Where is this office building located?
The property is located at 1822 S Main St Rice Lake, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: 1,340‑square‑foot office building constructed in 1948; 0.68‑acre property along Main Street; Reception area, restroom, and multiple office rooms
