Downtown Corner Mixed-Use
400-406 PELHAM ST S Rhinelander, WI 54501
For Sale
$449,900
COMMERCIAL - Rhinelander, WI
Property Size5,800 SF
Lot Size0.53 Acres
Price / SF$77.57
Days on Market289
Property Features for 400-406 PELHAM ST S
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
13
Bathrooms
9
Rooms
Bedroom 13, Bedroom 3, Bathroom 3, Bathroom 2, Bedroom 7, Bedroom 6, Bathroom 1, Bathroom 6, Bathroom 7, Bathroom 5, Bedroom 8, Bathroom 9, Bedroom 2, Bedroom 11, Bedroom 4, Bedroom 5, Bedroom 10, Bedroom 9, Bedroom 12, Bathroom 4, Bathroom 8, Bedroom 1
Parking features
Special Needs, Driveway
Exterior features
HandicapAccessible
Accessibility
Accessible Approach with Ramp
Standard status
Active
Lot size
0.53 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
1ST ADDN; LTS 4&5 BLK 11 PT C/NW ROW & PCL 2 CSM V5 P1253 EXC DOC 753498 INCL OL 1 & NE66' OL 2 CSM V19-4288 ALL DESC DOC 786194 INC 402-06 S PELHAM ST
Tax Annual Amount
7271
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Floors in Building
2
Number of units
9
Flooring type
Mixed
Building materials
Frame
Roof type
Rubber
Listing Agency:
NORWISREALTY.COM LLC
(715) 282-7130
Listed By:
SCOTT FREIMUTH · License #49270 - 90
(715) 282-7130
Added: Oct 14, 2025
Changed: Jul 28
Last Checked: Jul 29 at 2:06AM
MLS# 214715
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 downtown mixed-use building combines retail and office space on the main level with residential living on the upper level. The main floor includes approximately 5,800 square feet of retail and office space, along with an additional 852-square-foot residential unit with 2 bedrooms and 1 bathroom. Upstairs, there are four 2-bedroom, 1-bath apartments plus one efficiency apartment, totaling approximately 3,300 square feet of residential space.
The property sits on a highly visible corner lot in downtown Rhinelander. It offers private off-street paved parking and is served by city water and sewer services. All units are currently leased. Showings are by appointment only.
For investors or owner-operators seeking a single asset that supports both commercial and residential income streams, this building offers a diversified mix of tenants within one structure. Real estate only is being offered, and any business operations are not included. The well-known Kids Korner Pizza business is also available for purchase separately, with additional details referenced in MLS #217967.
The property sits on a highly visible corner lot in downtown Rhinelander. It offers private off-street paved parking and is served by city water and sewer services. All units are currently leased. Showings are by appointment only.
For investors or owner-operators seeking a single asset that supports both commercial and residential income streams, this building offers a diversified mix of tenants within one structure. Real estate only is being offered, and any business operations are not included. The well-known Kids Korner Pizza business is also available for purchase separately, with additional details referenced in MLS #217967.
Key Highlights
- Main floor offers approx. 5,800 sq ft of retail/office space plus an approx. 852 sq ft 2‑bedroom, 1‑bath residential unit
- Upper floor includes four 2‑bedroom, 1‑bath apartments plus an efficiency apartment with approx. 3,300 sq ft of residential space
- Corner lot in the heart of Rhinelander, WI with off‑street private paved parking
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $69.6k | $12.00 |
| − Vacancy | −$11.8k | −$2.04 |
| EGI | $57.8k | $9.96 |
| − OpEx | −$26.0k | −$4.48 |
| NOI | $31.8k | $5.48 |
5,800 SF · lease $12.00/SF/yr · vacancy 17.00% · expense 45.00%
Alternative Uses
Best Use
Retail
$745.7K
$652.5K – $870.0K
NOI $52,199 @ 7.0% cap · market cap 11.60%
Second Best
Mixed Use
$610.7K
$534.4K – $712.5K
NOI $42,752 @ 7.0% cap · market cap 9.50%
Theoretical Best
Industrial
$2.71M
$2.38M – $3.17M
NOI $190,027 @ 7.0% cap · market cap 42.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use corner property with leased retail/office and residential units plus off-street paved parking.
Where is this mixed-use property located?
The property is located at 400-406 PELHAM ST S Rhinelander, WI.
What is the asking price?
The asking price for this property is $449,900.
What are key features of this property?
This property features: Main floor offers approx. 5,800 sq ft of retail/office space plus an approx. 852 sq ft 2‑bedroom, 1‑bath residential unit; Upper floor includes four 2‑bedroom, 1‑bath apartments plus an efficiency apartment with approx. 3,300 sq ft of residential space; Corner lot in the heart of Rhinelander, WI with off‑street private paved parking
