Mixed-Use Building with
For Sale
$350,000
26 East Main Street, Evansville, WI 53536
B-2-zoned live-work property with display windows, residential space, and a two-car garage in downtown Evansville.
Property Size2,700 SF
Price / SF$129.63
Days on Market486
Property Features for 26 East Main Street
General Information
Standard status
Active
Size
2,700 SF
Total Parking Spaces
2
Property subtype
Business/Comm / Apartment building
Zoning
B-2
Property Condition
Severity
Repairs Needed
Evidence
Interior could use some updates & a little TLC.
Additional Details
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,604
Amenities
large display windows
maple flooring
office
laundry
2 car garage
Slab/None
Alley
Sellers personal property.
1 stove, 1 refrigerator, 1 washer, 1 dryer, garage opener
Radiant, Central air, Window AC
Vinyl, Aluminum
Building Details
Year Built
1880
Buildings
1
Stories
2
Listing Agency:
Century 21 Affiliated
(608) 692-6542
Listed By:
Chris Helgesen · License #45162-90
(608) 692-6542
Source:
Compass
Added: May 2, 2025
Changed: Aug 29
Last Checked: Aug 29 at 7:45PM
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 Century 21 Affiliated
Investment Insights
Based on property information with market context.
This mixed-use property provides over 2,700 square feet across two floors, with a layout that combines commercial and residential functions. The first floor includes large display windows, maple flooring, an office, laundry, a half bath, a small bedroom, and a kitchen with access to the two-car garage. The second floor contains a two- to three-bedroom apartment with a spacious living room, kitchen, and laundry area.
Located on East Main Street in downtown Evansville, the building has supported a range of prior uses, including beauty salons, retail shops, a craft store, and an antique store. Several windows have been replaced, the roof was installed in 8/2025, and the east-side exterior received new vinyl siding in 9/2025. Interior updates may be needed, and utilities are not separated. The property was built in 1880 and includes radiant heat, central air, window AC, and selected appliances.
Located on East Main Street in downtown Evansville, the building has supported a range of prior uses, including beauty salons, retail shops, a craft store, and an antique store. Several windows have been replaced, the roof was installed in 8/2025, and the east-side exterior received new vinyl siding in 9/2025. Interior updates may be needed, and utilities are not separated. The property was built in 1880 and includes radiant heat, central air, window AC, and selected appliances.
Key Highlights
- Over 2700 sq. ft. across first‑floor commercial and second‑floor residential areas
- B‑2 zoning with live‑work configuration
- First floor features large display windows, maple flooring, office, kitchen, laundry, and a half bath
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
$18,630
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
5.32%
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%
$372,600
$372.6K
Cap Rate 7%
$266,143
$266.1K
Cap Rate 9%
$207,000
$207.0K
Market Conditions
NOI Build-Up for 2,700 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
$32.4K $12.00/SF
− Vacancy
−$2.6K −$0.96/SF
EGI
$29.8K $11.04/SF
− OpEx
−$11.2K −$4.14/SF
NOI
$18.6K $6.90/SF
Area
Rock County, WI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$372,600
Cap Rate 7%
$266,143
Cap Rate 9%
$207,000
Alternative Uses
Best Use
Office B
$507.3K
$443.9K – $591.9K
NOI $35,514 @ 7.0% cap · market cap 10.15%
Second Best
Retail
$465.6K
$407.4K – $543.2K
NOI $32,591 @ 7.0% cap · market cap 9.31%
Theoretical Best
Office A
$648.8K
$567.7K – $757.0K
NOI $45,418 @ 7.0% cap · market cap 12.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
354
Businesses Nearby
Explore this area
Business Placement
Demographics for 53536, WI
9,051
Population
4,092
Households
2.2
Avg Household Size
40
Median Age
33%
College-Educated
96%
High-School Grad
88.9 sq mi
ZIP Area
102
Density / Sq Mi
$83,944
Median Household Income
$54,046
Median Earnings
$927
Median Rent
$274,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - B-2-zoned live-work property with display windows, residential space, and a two-car garage in downtown Evansville.
Where is this mixed-use property located?
The property is located at 26 East Main Street Evansville, WI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: Over 2700 sq. ft. across first‑floor commercial and second‑floor residential areas; B‑2 zoning with live‑work configuration; First floor features large display windows, maple flooring, office, kitchen, laundry, and a half bath
