Renovated 57-Room Best Western
For Sale
Contact for pricing
2835 S Main St, Rice Lake, WI 54868
Guest rooms and suites received a comprehensive renovation completed across 2024 and 2025.
Property Size24,544 SF
Price / SF$177.23
Days on Market157
Property Features for 2835 S Main St
General Information
Standard status
Active
Size
24,544 SF
Property subtype
Hospitality
Zoning
Commercial (NEC)
Additional Details
Highway Access
Yes
Building Details
Year Built
1981
Year Renovated
2025
Stories
2
Listing Agency:
BPG Hotels
Listed By:
Sean Matura · License #95513 - 94
Source:
Crexi
Added: Mar 27
Changed: Aug 30
Last Checked: Aug 30 at 1:47AM
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 BPG Hotels
Investment Insights
Based on property information with market context.
Best Western Inn is a 24,544-square-foot hotel with 57 guest rooms and suites. Originally built in 1981, the property underwent renovation work completed during 2024-2025, providing an updated lodging asset within an established commercial setting. The property is zoned Commercial (NEC).
Located at 2835 S Main St in Rice Lake, Wisconsin, the hotel is accessible from US Highway 53 via Exit 140. Its location serves travelers visiting the Rice Lake area, including business and leisure guests connected to the broader Barron County market.
Located at 2835 S Main St in Rice Lake, Wisconsin, the hotel is accessible from US Highway 53 via Exit 140. Its location serves travelers visiting the Rice Lake area, including business and leisure guests connected to the broader Barron County market.
Key Highlights
- 57 guest rooms and suites
- 24,544‑square‑foot hotel property
- Renovation completed during 2024‑2025
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
$155,640
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
3.58%
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%
$3,112,800
$3.1M
Cap Rate 7%
$2,223,429
$2.2M
Cap Rate 9%
$1,729,333
$1.7M
Market Conditions
NOI Build-Up for 24,544 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
$368.2K $15.00/SF
− Vacancy
−$40.5K −$1.65/SF
EGI
$327.7K $13.35/SF
− OpEx
−$172.0K −$7.01/SF
NOI
$155.6K $6.34/SF
Area
Barron County, WI
Vacancy
11.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
52.50%
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%
$3,112,800
Cap Rate 7%
$2,223,429
Cap Rate 9%
$1,729,333
Alternative Uses
Best Use
Hotel Hospitality
$2.22M
$1.95M – $2.59M
NOI $155,640 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$19.72M
$17.26M – $23.01M
NOI $1,380,431 @ 7.0% cap · market cap 31.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
293
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Hotel - Guest rooms and suites received a comprehensive renovation completed across 2024 and 2025.
Where is this hotel located?
The property is located at 2835 S Main St Rice Lake, WI.
What is the asking price?
The asking price for this property is $4,350,000.
What are key features of this property?
This property features: 57 guest rooms and suites; 24,544‑square‑foot hotel property; Renovation completed during 2024‑2025
