Storefront Building With
For Sale
$550,000
230 S MAIN Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size4,406 SF
Lot Size0.63 Acres
Price / SF$124.83
Days on Market1477
Property Features for 230 S MAIN Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
MAIN ST-RICE LAKE. SOUTH OF THE DAIRY QUEEN
Subdivision
33 - Rice Lake Schl/City
Standard status
Active
APN
276-5004-62-000 & 63
Size
4,406 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
OL-149-2 PRT 149 AS DESC IN D'S 133 PG 248 OUTLOTS. CITY OF RICE LAKE
Tax Annual Amount
5687
Legal Description
OL-149-2 PRT 149 AS DESC IN D'S 133 PG 248 OUTLOTS. CITY OF RICE LAKE
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Building Details
Building materials
Brick, CementSiding
Listing Agency:
Team Realty
(715) 234-1991
Listed By:
Layne Grover · License #28584-90
(715) 234-1991
Added: Aug 15, 2022
Changed: Aug 19
Last Checked: Aug 30 at 12:06PM
MLS# 1567743
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 storefront property provides 4,406 square feet of commercial space, including retail areas and an attached 400-square-foot warehouse or storage area. The building is constructed with brick and cement siding and includes forced-air heating and central air conditioning. Immediate occupancy is available.
The sale includes two lots totaling 0.625 acres along S Main Street in Rice Lake. Off-street parking is available on the property, while public water and public sewer serve the site. The combination of retail space, attached storage, and additional land supports a range of established or owner-operated commercial uses described for the property.
The sale includes two lots totaling 0.625 acres along S Main Street in Rice Lake. Off-street parking is available on the property, while public water and public sewer serve the site. The combination of retail space, attached storage, and additional land supports a range of established or owner-operated commercial uses described for the property.
Key Highlights
- 4,406 square feet of retail and attached warehouse/storage space
- Attached 400‑square‑foot warehouse or storage area
- Sale includes two lots totaling 0.625 acres
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
$17,765
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
3.23%
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%
$355,300
$355.3K
Cap Rate 7%
$253,786
$253.8K
Cap Rate 9%
$197,389
$197.4K
Market Conditions
NOI Build-Up for 4,406 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
$26.4K $6.00/SF
− Vacancy
−$1.1K −$0.24/SF
EGI
$25.4K $5.76/SF
− OpEx
−$7.6K −$1.73/SF
NOI
$17.8K $4.03/SF
Area
Barron County, WI
Vacancy
4.00%
Lease Rate
$6.00 /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%
$355,300
Cap Rate 7%
$253,786
Cap Rate 9%
$197,389
Alternative Uses
Best Use
Retail
$253.8K
$222.1K – $296.1K
NOI $17,765 @ 7.0% cap · market cap 3.23%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$3.54M
$3.10M – $4.13M
NOI $247,807 @ 7.0% cap · market cap 45.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
555
Businesses Nearby
Under-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
Market
Vacancy Rate% for Retail 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?
Storefront property - Retail-oriented commercial space includes attached storage, off-street parking, and immediate occupancy.
Where is this storefront property located?
The property is located at 230 S MAIN Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 4,406 square feet of retail and attached warehouse/storage space; Attached 400‑square‑foot warehouse or storage area; Sale includes two lots totaling 0.625 acres
