Freestanding Office Building with Central
For Sale
$349,900
1822 S Main Street, Rice Lake, WI 54868
COMMERCIAL - Rice Lake, WI
Property Size1,340 SF
Lot Size0.68 Acres
Price / SF$261.12
Days on Market142
Property Features for 1822 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
Main Street across from McDonalds.
Standard status
Active
APN
276500682000
Size
1,340 SF
Lot size
0.68 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
lengthy
Tax Annual Amount
4846
Legal Description
lengthy
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
reception area
partial basement
Building Details
Year built
1948
Building materials
VinylSiding
Listing Agency:
Real Estate Solutions
(715) 719-0555
Listed By:
Casey Watters · License #52542-90
(715) 434-7904
Added: Mar 25
Changed: Aug 4
Last Checked: Aug 13 at 8:06AM
MLS# 1599471
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 freestanding office building offers a flexible interior layout with a welcoming reception area, a restroom, and multiple office spaces that can be tailored to different business operations. A partial basement provides additional storage space. The building features forced-air heating and central air, and is constructed with vinyl siding. Built in 1948, the property also includes updates to the roof and siding, designed to help reduce near-term maintenance.
Located at 1822 S Main Street in Rice Lake, the building sits on a 0.68-acre lot. Public water and public sewer are available, supporting everyday operations and simplifying tenant utility needs. The property includes on-site parking, with room on the lot for future expansion.
Recent exterior improvements and a move-in ready interior configuration make this a practical option for office users looking for an established site with usable storage space in a straightforward floor plan.
Located at 1822 S Main Street in Rice Lake, the building sits on a 0.68-acre lot. Public water and public sewer are available, supporting everyday operations and simplifying tenant utility needs. The property includes on-site parking, with room on the lot for future expansion.
Recent exterior improvements and a move-in ready interior configuration make this a practical option for office users looking for an established site with usable storage space in a straightforward floor plan.
Key Highlights
- 0.68‑acre lot with on‑site parking
- 1,340 SF office building layout with reception area, restroom, and multiple offices
- Forced‑air heating with central air
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
588
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Office building with reception area, multiple offices, restroom, partial basement, and forced-air heating with central air.
Where is this office building located?
The property is located at 1822 S Main Street 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: 0.68‑acre lot with on‑site parking; 1,340 SF office building layout with reception area, restroom, and multiple offices; Forced‑air heating with central air
