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    Former Nursing Home and Clinic Title is generated by Realmo AI

    232 E Springer Avenue, Elmwood, WI 54740

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    For Sale
    $895,000

    COMMERCIAL - Elmwood, WI

    Property size:
    28,549 SF
    Lot size:
    2.36 Acres
    Price / SF:
    $31/SF
    Added:
    Feb 16, 2024
    Days on Market:
    825
    Last Refresh:
    May 21 at 6:06 am

    Property Features for 232 E Springer Avenue

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Accessibility
    Accessible Approach with Ramp
    Standard status
    Active
    APN
    122010390500
    Size
    28,549 SF
    Lot size
    2.36 Acres

    Taxes and HOA fees

    Tax Year
    2023

    Utilities

    Sewer type
    Public Sewer
    Heating system
    Hot Water(Heating), Forced Air
    Cooling system
    Ductless, Central Air
    Water source
    Public

    Building Details

    Year built
    1973
    Building materials
    Brick

    We can help!

    Listing Contact
    Brandi Gregory

    Listing agent Brandi Gregory License #82301-94

    Listing office Keller Williams Realty Diversified 4330 Golf Terrace, #103, Eau Claire, WI

    Listing date Feb 16, 2024

    MLS# 1578658

    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.

    HighLights

    • Spacious 28,000+ sqft brick building suitable for assisted living or redevelopment.
    • Existing layout includes 33 resident rooms, common areas, and a former commercial kitchen.
    • Equipped with a prior medical clinic space featuring exam rooms, lab, and X‑Ray room.
    • New furnace system installed within the past couple of years.
    • Ample paved parking with approximately 37 spaces.
    • Includes an additional building with an unfinished basement for storage.

    Overview

    This spacious commercial building, formerly a nursing home and medical clinic, offers over 28,000 sqft of space. The brick building is suited for assisted living or other care facilities and could be renovated into housing. The current layout includes a front vestibule entry, reception area, private office, and a common area living room. There are five wings configured as 33 resident rooms, along with several common spaces and a back area that previously served as a commercial kitchen. The former medical clinic space features a waiting room, reception area, two public restrooms, a lab, a staff restroom, an X-Ray room, five exam rooms, one procedure room, and two offices. An additional building with an unfinished basement was previously used for storage. A new furnace system has been installed in the past couple of years. The property includes approximately 37 paved parking spaces and is located in Elmwood, WI. The lot size is 2.36 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Assisted living facilities

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store Auto Parts Store Department Store

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

    Location Insight

    • Map
    • Local Demand
    City
    Elmwood
    County
    Pierce
    State
    Wisconsin
    Longitude
    -92.144264
    Latitude
    44.781869

    Nearby Similar for Sale

    • $895,000
      28,549 SF

      Former Nursing Home and Clinic

      Spacious commercial building suitable for assisted living or redevelopment.
      232 E Springer Avenue, Elmwood, WI 54740
      View Details
    • $895,000
      28,549 SF

      Versatile Commercial Building with Clinic

      Spacious 28,000+ sqft building suitable for various commercial uses.
      232 Springer Ave, Elmwood, WI 54740
      View Details

    FAQs

    What type of property is this?
    Assisted living facility - 28,000+ sqft commercial building, formerly a nursing home and clinic.
    Where is this assisted living facility located?
    The property is located at 232 E Springer Avenue Elmwood, WI.
    What is the asking price?
    The asking price for this property is $895,000.
    What are key features of this property?
    This property features: Spacious 28,000+ sqft brick building suitable for assisted living or redevelopment.; Existing layout includes 33 resident rooms, common areas, and a former commercial kitchen.; Equipped with a prior medical clinic space featuring exam rooms, lab, and X‑Ray room.
    (715) 598-3500
    We can help!
    Listing Contact
    Brandi Gregory
    Real Estate License ID: 82301-94
    Learn More
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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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