Wagon Wheel Mixed-Use
For Sale
$339,900
2756 23 1/2 Street, Rice Lake, WI 54868
COMMERCIAL - Rice Lake, WI
Property Size4,172 SF
Lot Size0.97 Acres
Price / SF$81.47
Days on Market93
Property Features for 2756 23 1/2 Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Accessibility
Accessible Approach with Ramp
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
From the North side of Rice Lake: Travel East on WI-48. Turn left onto 22nd St. Turn Right onto 26th Ave. Left onto 23 1/2 St. From Hwy 53 N: Right onto 26th Ave. Left on 23 1/2 St. Signs on property.
Standard status
Active
APN
032-4044-14-000
Size
4,172 SF
Lot size
0.97 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Part of Lot 10 & all of Lot 11, Keesey's First Addition and Outlot 3 Burr Chester Park, Village of Brill
Tax Annual Amount
2549
Legal Description
Part of Lot 10 & all of Lot 11, Keesey's First Addition and Outlot 3 Burr Chester Park, Village of Brill
Utilities
Sewer type
Septic Tank
Heating system
Forced Air
Cooling system
Central Air
Water source
Well
Building Details
Year built
1930
Building materials
VinylSiding, WoodSiding
Listing Agency:
Keller Williams Realty Diversified
(715) 514-4265
Listed By:
Joshua Amys · License #85884-94
(715) 642-0567
Added: May 11
Changed: Aug 4
Last Checked: Aug 11 at 6:06AM
MLS# 1600365
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.
The Wagon Wheel is a mixed-use property combining a bar and restaurant with a two-bedroom apartment on the second floor. The building contains 4,172 square feet on a 0.967-acre site and dates to 1930. Existing features include forced-air heating, central air conditioning, a ramped accessible approach, a basement, vinyl and wood siding, well water, and a septic tank system.
The property is located at 2756 23 1/2 Street in Rice Lake, Wisconsin, near the Tuscobia Trail and routes used for ATV and snowmobile recreation. Two additional parcels are situated across the street, with potential for parking or other future improvements as described in the property information.
The property is located at 2756 23 1/2 Street in Rice Lake, Wisconsin, near the Tuscobia Trail and routes used for ATV and snowmobile recreation. Two additional parcels are situated across the street, with potential for parking or other future improvements as described in the property information.
Key Highlights
- 4,172‑square‑foot mixed‑use property on 0.967 acres
- Bar and restaurant occupy the main level
- Two‑bedroom rental apartment on the second story
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
$17,355
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
5.11%
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%
$347,100
$347.1K
Cap Rate 7%
$247,929
$247.9K
Cap Rate 9%
$192,833
$192.8K
Market Conditions
NOI Build-Up for 4,172 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
$33.0K $7.92/SF
− Vacancy
−$1.5K −$0.36/SF
EGI
$31.6K $7.56/SF
− OpEx
−$14.2K −$3.40/SF
NOI
$17.4K $4.16/SF
Area
Barron County, WI
Vacancy
4.50%
Lease Rate
$7.92 /SF/Yr
Expense Ratio
45.00%
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%
$347,100
Cap Rate 7%
$247,929
Cap Rate 9%
$192,833
Alternative Uses
Best Use
Mixed Use
$822.5K
$719.7K – $959.6K
NOI $57,574 @ 7.0% cap · market cap 16.94%
Second Best
Specialty Retail
$522.5K
$457.2K – $609.5K
NOI $36,572 @ 7.0% cap · market cap 10.76%
Theoretical Best
Warehouse
$3.35M
$2.93M – $3.91M
NOI $234,646 @ 7.0% cap · market cap 69.03%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Turnkey business
Opportunity
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
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?
Mixed-use property - Bar and restaurant operations occupy the main level, with a second-story apartment and essential building systems in place.
Where is this mixed-use property located?
The property is located at 2756 23 1/2 Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $339,900.
What are key features of this property?
This property features: 4,172‑square‑foot mixed‑use property on 0.967 acres; Bar and restaurant occupy the main level; Two‑bedroom rental apartment on the second story
