Office Building with Attached Heated
For Sale
$449,000
3611 HWY 47, Rhinelander, WI 54501
COMMERCIAL - Rhinelander, WI
Property Size3,000 SF
Lot Size5.47 Acres
Price / SF$149.67
Days on Market51
Property Features for 3611 HWY 47
General Information
Property type
Commercial Sale
Property subtype
Office
Bathrooms
2
Half bathrooms
2
Rooms
Bathroom 2, Bathroom 1
Directions
From Eagle River office, take Hwy 70W to Hwy 17 South to Hwy 8. Go West on Hwy 8 to Hwy 47 North to property on left.
Standard status
Active
APN
CR-6-A
Lot size
5.47 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT NW NW & PT NE NE S2 SM B1438 5.47A
Tax Annual Amount
4629
Legal Description
PT NW NW & PT NE NE S2 SM B1438 5.47A
Utilities
Heating system
Natural Gas
Water source
Well
Building Details
Flooring type
Tile, Concrete, Carpet
Building materials
MetalSiding, Steel
Roof type
Metal
Listing Agency:
CENTURY 21 BURKETT & ASSOC. · Century 21 Real Estate
(715) 479-3090
Listed By:
AARON NOWAK · License #111729 - 94
(715) 479-3090
Added: Jun 22
Changed: Aug 4
Last Checked: Aug 11 at 10:06AM
MLS# 218010
Copyright © 2026 Greater Northwoods 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 office building offers a functional interior layout with 11 private offices, a welcoming reception area, and a conference room with kitchenette. The building includes 2 bathrooms and a mechanical room with direct access to the attached heated 50' x 50' garage, creating convenient workflow for day-to-day operations. Flooring includes tile, carpet, and concrete, and the property is heated with natural gas.
Set on approximately 5.47 acres, the building is located just minutes from Rhinelander on highly visible Hwy 47. Construction features include metal siding and steel, with a metal roof. The property is served by a well for water.
With ample space both inside and out, the configuration is designed to support professional office use as well as service-oriented operations that benefit from an attached heated garage.
Set on approximately 5.47 acres, the building is located just minutes from Rhinelander on highly visible Hwy 47. Construction features include metal siding and steel, with a metal roof. The property is served by a well for water.
With ample space both inside and out, the configuration is designed to support professional office use as well as service-oriented operations that benefit from an attached heated garage.
Key Highlights
- 3,000 sq. ft. office building on approximately 5.47 acres
- 11 private offices plus reception area
- Conference room with kitchenette
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
$25,650
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
5.71%
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%
$513,000
$513.0K
Cap Rate 7%
$366,429
$366.4K
Cap Rate 9%
$285,000
$285.0K
Market Conditions
NOI Build-Up for 3,000 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
$45.0K $15.00/SF
− Vacancy
−$10.8K −$3.60/SF
EGI
$34.2K $11.40/SF
− OpEx
−$8.6K −$2.85/SF
NOI
$25.7K $8.55/SF
Area
Oneida County, WI
Vacancy
24.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$513,000
Cap Rate 7%
$366,429
Cap Rate 9%
$285,000
Alternative Uses
Best Use
Industrial
$1.40M
$1.23M – $1.64M
NOI $98,290 @ 7.0% cap · market cap 21.89%
Second Best
Office B
$366.4K
$320.6K – $427.5K
NOI $25,650 @ 7.0% cap · market cap 5.71%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
92
Businesses Nearby
Explore this area
Business Placement
Demographics for 54501, WI
20,591
Population
12,754
Households
1.6
Avg Household Size
48
Median Age
26%
College-Educated
96%
High-School Grad
366.3 sq mi
ZIP Area
56
Density / Sq Mi
$68,602
Median Household Income
$37,578
Median Earnings
$831
Median Rent
$194,900
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?
Office building - Office building with reception area, conference room with kitchenette, and an attached heated garage.
Where is this office building located?
The property is located at 3611 HWY 47 Rhinelander, WI.
What is the asking price?
The asking price for this property is $449,000.
What are key features of this property?
This property features: 3,000 sq. ft. office building on approximately 5.47 acres; 11 private offices plus reception area; Conference room with kitchenette
