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    Apple River Buildable Waterfront Land Title is generated by Realmo AI

    2223 124th Street, New Richmond, WI 54017

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    Claim this Listing
    New
    For Sale
    $269,900

    Vacant Land - New Richmond, WI

    Lot size:
    2.00 Acres
    Added:
    May 28, 2026
    Days on Market:
    2
    Last Refresh:
    May 29 at 4:06 pm

    Property Features for 2223 124th Street

    General Information

    Property type
    Land
    Property subtype
    Other
    Parking features
    Garage
    Standard status
    Active
    Lot size
    2.00 Acres

    Taxes and HOA fees

    Tax Annual Amount
    0

    Utilities

    Water front features
    Wfriver, Waterfront
    Water front
    1

    Building Details

    Architectural style
    Other

    We can help!

    Listing Contact
    Eric Ristey

    Listing agent Eric Ristey

    Listing office Thousand Lakes Realty Inc. 212 Carson St., Rice Lake, WI

    Listing date May 28, 2026

    MLS# 11792934 Listing URL

    Copyright © 2026 My State MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • 211 feet of private frontage on the Apple River, offering direct access for recreation and relaxation.
    • 2+ acres of surveyed, buildable land, soil tested and ready for development.
    • Power and internet are available at the paved road, simplifying the building process.
    • Located in a desirable outdoor recreation area, minutes from New Richmond and with easy access to the Twin Cities.
    • Features a mix of open meadow, mature hardwoods, and a walking trail to the river, plus a fire pit area.
    • Proximity to other recreational areas like Willow River State Park and the St. Croix River corridor.

    Overview

    This 2+ acre riverfront property features 211 feet of private frontage on the Apple River, located just north of New Richmond, Wisconsin. The surveyed and soil-tested land is suitable for building a full-time home, weekend cabin, vacation retreat, or long-term investment property. Power and internet are available at the property entrance on the paved road. The land includes a meadow, mature hardwoods, and a walking trail to the river's edge, with a fire pit area along the shoreline. The Apple River is known for recreational opportunities and scenic beauty, including kayaking, tubing, canoeing, and fishing. Willow River State Park is nearby, offering waterfalls, hiking trails, swimming areas, and picnic locations. The St. Croix River Corridor, a short drive away, provides boating, fishing, and river towns. New Richmond offers restaurants, grocery stores, golf courses, and medical facilities. Hudson, Stillwater, and the Twin Cities metro area are easily accessible. This property offers privacy, mature trees, utility access, and direct river frontage.
    Property Profile Location Intelligence

    Current Use by Public Records

    Waterfront Land

    Suggested Use

    Restaurant Real Estate Agency Big Box & Wholesale Store Auto Parts Store Kitchen & Bath Showroom Storage Facility HVAC Service Bar & Pub Plumbing Service

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    New Richmond
    County
    St. Croix
    State
    Wisconsin
    Longitude
    -92.56223
    Latitude
    45.18318

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    FAQs

    What type of property is this?
    Waterfront Land - 2+ acre surveyed land with 211' Apple River frontage.
    Where is this waterfront land located?
    The property is located at 2223 124th Street New Richmond, WI.
    What is the asking price?
    The asking price for this property is $269,900.
    What are key features of this property?
    This property features: 211 feet of private frontage on the Apple River, offering direct access for recreation and relaxation.; 2+ acres of surveyed, buildable land, soil tested and ready for development.; Power and internet are available at the paved road, simplifying the building process.
    (608) 386-8907
    We can help!
    Listing Contact
    Eric Ristey
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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