Commercial Flex Building with
For Sale
$595,000
234 Leonard St N, West Salem, WI 54669
COMMERCIAL - West Salem, WI
Property Size3,561 SF
Lot Size0.34 Acres
Price / SF$167.09
Days on Market69
Property Features for 234 Leonard St N
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
From Hwy. 16, turn right onto Garland St, property is at the intersection of Garland and Leonard Sts.
Standard status
Active
APN
016000030000
Size
3,561 SF
Lot size
0.34 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
7689
Building Details
Year built
1980
Architectural style
Other
Listing Agency:
RE/MAX Results · RE/MAX International
(608) 781-7629
Listed By:
Jessica Sands · License #92735-94
(608) 451-2354
Added: Jun 9
Changed: Aug 4
Last Checked: Aug 16 at 8:06AM
MLS# 1966409
Copyright © 2026 Metro MLS. 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 commercial flex building offers an open interior layout designed for a variety of business uses. The property includes 2 bathrooms and multiple interior areas that can support office, retail, or production-style configurations. A standout feature is an oversized glass garage door that opens directly to a fenced outdoor patio, providing an indoor/outdoor connection.
Located at 234 Leonard St N in West Salem, WI, the building sits on a 0.34-acre lot and includes 15 on-site parking spaces. The property is zoned Commercial, supporting flexible commercial activity within the space.
Located at 234 Leonard St N in West Salem, WI, the building sits on a 0.34-acre lot and includes 15 on-site parking spaces. The property is zoned Commercial, supporting flexible commercial activity within the space.
Key Highlights
- 3,500+ sq. ft. commercial building built in 1980
- 15 on‑site parking spaces for customers, clients, and staff
- Open layout with 2 bathrooms and flexible interior areas for office, retail, dining, production, or studio use
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
$41,330
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
6.95%
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%
$826,600
$826.6K
Cap Rate 7%
$590,429
$590.4K
Cap Rate 9%
$459,222
$459.2K
Market Conditions
NOI Build-Up for 3,561 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
$68.4K $19.20/SF
− Vacancy
−$4.8K −$1.34/SF
EGI
$63.6K $17.86/SF
− OpEx
−$22.3K −$6.25/SF
NOI
$41.3K $11.61/SF
Area
La Crosse County, WI
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$826,600
Cap Rate 7%
$590,429
Cap Rate 9%
$459,222
Alternative Uses
Best Use
Flex RnD
$590.4K
$516.6K – $688.8K
NOI $41,330 @ 7.0% cap · market cap 6.95%
Second Best
Retail
$511.7K
$447.8K – $597.0K
NOI $35,820 @ 7.0% cap · market cap 6.02%
Theoretical Best
Specialty Retail
$778.8K
$681.4K – $908.6K
NOI $54,515 @ 7.0% cap · market cap 9.16%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54669, WI
8,094
Population
3,246
Households
2.5
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
51.6 sq mi
ZIP Area
157
Density / Sq Mi
$100,214
Median Household Income
$47,884
Median Earnings
$1,156
Median Rent
$288,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Big Boar Barbecue and Catering — 510 Commerce St, West Salem, WI 54669
Frequently Asked Questions
What type of property is this?
Flex space - Open-layout commercial building with two restrooms, oversized glass garage door, fenced outdoor area, and 15 parking spaces.
Where is this flex space located?
The property is located at 234 Leonard St N West Salem, WI.
What is the asking price?
The asking price for this property is $595,000.
What are key features of this property?
This property features: 3,500+ sq. ft. commercial building built in 1980; 15 on‑site parking spaces for customers, clients, and staff; Open layout with 2 bathrooms and flexible interior areas for office, retail, dining, production, or studio use
