Remodeled Stand-Alone
For Sale
$1,100,000
2023 Cenex Dr, Rice Lake, WI 54868
Newly remodeled stand-alone restaurant with move-in-ready interior and exposure at a major highway intersection.
Property Size5,616 SF
Price / SF$195.87
Days on Market49
Property Features for 2023 Cenex Dr
General Information
Standard status
Active
Size
5,616 SF
Site & Location
Traffic Count
10,000 vehicles/day
Highway Access
Yes
Building Details
Year Built
1999
Listing Agency:
Team Trillium
Listed By:
James Fedie · License #8276194
(715) 552-1818
Source:
Homcentric
Added: Jul 27
Changed: Sep 8
Last Checked: Sep 12 at 12:00PM
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 Team Trillium
Investment Insights
Based on property information with market context.
This newly remodeled, stand-alone restaurant is presented as a move-in-ready option with an interior that has been updated for immediate occupancy. The property is designed for restaurant use and offers practical onsite configuration for day-to-day operations, supported by its prominent commercial presence.
The location at the intersection of Highway 53 and 48 in Rice Lake, WI, provides strong visibility and convenient access for customers and employees. Public remarks note exceptional exposure supported by daily traffic counts over 10,000, along with opportunities for signage. Offered for sale at 2023 Cenex Dr, the asset is positioned to support an operator seeking a highly accessible, retail-front style restaurant environment in a growing commercial market.
The location at the intersection of Highway 53 and 48 in Rice Lake, WI, provides strong visibility and convenient access for customers and employees. Public remarks note exceptional exposure supported by daily traffic counts over 10,000, along with opportunities for signage. Offered for sale at 2023 Cenex Dr, the asset is positioned to support an operator seeking a highly accessible, retail-front style restaurant environment in a growing commercial market.
Key Highlights
- Newly remodeled, stand‑alone restaurant with move‑in‑ready interior
- Located at the intersection of Highway 53 and Highway 48 in Rice Lake, WI
- Strong daily traffic exposure with traffic counts over 10,000 daily
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
$49,230
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
4.48%
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%
$984,600
$984.6K
Cap Rate 7%
$703,286
$703.3K
Cap Rate 9%
$547,000
$547.0K
Market Conditions
NOI Build-Up for 5,616 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
$67.4K $12.00/SF
− Vacancy
−$1.8K −$0.31/SF
EGI
$65.6K $11.69/SF
− OpEx
−$16.4K −$2.92/SF
NOI
$49.2K $8.77/SF
Area
Barron County, WI
Vacancy
2.60%
Lease Rate
$12.00 /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%
$984,600
Cap Rate 7%
$703,286
Cap Rate 9%
$547,000
Alternative Uses
Best Use
Specialty Retail
$703.3K
$615.4K – $820.5K
NOI $49,230 @ 7.0% cap · market cap 4.48%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$4.51M
$3.95M – $5.26M
NOI $315,861 @ 7.0% cap · market cap 28.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10,000 VPD
Traffic count
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Well-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Newly remodeled stand-alone restaurant with move-in-ready interior and exposure at a major highway intersection.
Where is this conventional restaurant located?
The property is located at 2023 Cenex Dr Rice Lake, WI.
What is the asking price?
The asking price for this property is $1,100,000.
What are key features of this property?
This property features: Newly remodeled, stand‑alone restaurant with move‑in‑ready interior; Located at the intersection of Highway 53 and Highway 48 in Rice Lake, WI; Strong daily traffic exposure with traffic counts over 10,000 daily
