Restaurant Building with
For Sale
Under Contract
$174,900
407 S Main Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size2,400 SF
Lot Size0.11 Acres
Price / SF$72.88
Days on Market520
Property Features for 407 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Exterior features
RoofSign
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
LOCATED ON SOUTH MAIN STREET OF RICE LAKE. (PROPERTY ON THE EAST SIDE OF THE STREET. (407)
Standard status
Active Under Contract
APN
276-5004-96-000
Size
2,400 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
LENGTHLY
Tax Annual Amount
5754
Legal Description
LENGTHLY
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
Walk-in cooler
Additional downstairs storage
Building Details
Year built
1946
Building materials
Brick, CementSiding
Listing Agency:
Team Realty
Listed By:
Layne Grover · License #28584-90
(715) 234-1991
Added: Jun 2, 2025
Changed: Oct 14
Last Checked: Nov 3 at 1:06AM
MLS# 1592202
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.
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Investment Insights
Based on property information with market context.
This 2,400-square-foot restaurant property occupies a 0.105-acre lot and includes a complete kitchen, walk-in cooler, and basement storage. The building was constructed in 1946 and has forced-air heating, central air conditioning, public water, and public sewer service.
The property is on S Main Street in Rice Lake, across from Marketplace Foods and down the street from Casa Mexicana Grill and Cantina. Its dining area can accommodate more than 50 customers.
The property is on S Main Street in Rice Lake, across from Marketplace Foods and down the street from Casa Mexicana Grill and Cantina. Its dining area can accommodate more than 50 customers.
Key Highlights
- 2,400‑square‑foot restaurant building on a 0.105‑acre lot
- Dining capacity for more than 50 customers
- Complete kitchen, walk‑in cooler, and basement storage
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$9,677
Cap Rate
5.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$193,540
$193.5K
Cap Rate 7%
$138,243
$138.2K
Cap Rate 9%
$107,522
$107.5K
Market Conditions
NOI Build-Up for 2,400 SF
Gross rent
$14.4K $6.00/SF
− Vacancy
−$576 −$0.24/SF
EGI
$13.8K $5.76/SF
− OpEx
−$4.1K −$1.73/SF
NOI
$9.7K $4.03/SF
Area
Barron County, WI
Vacancy
4.00%
Lease Rate
$6.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$193,540
Cap Rate 7%
$138,243
Cap Rate 9%
$107,522
Alternative Uses
Best Use
Specialty Retail
$300.5K
$263.0K – $350.6K
NOI $21,038 @ 7.0% cap · market cap 12.03%
Second Best
Retail
$138.2K
$121.0K – $161.3K
NOI $9,677 @ 7.0% cap · market cap 5.53%
Theoretical Best
Warehouse
$1.93M
$1.69M – $2.25M
NOI $134,983 @ 7.0% cap · market cap 77.18%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Under-served
Demand for This Use
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Frequently Asked Questions
What type of property is this?
Conventional restaurant - The property includes a complete kitchen, a walk-in cooler, and additional basement storage.
Where is this conventional restaurant located?
The property is located at 407 S Main Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $174,900.
What are key features of this property?
This property features: 2,400‑square‑foot restaurant building on a 0.105‑acre lot; Dining capacity for more than 50 customers; Complete kitchen, walk‑in cooler, and basement storage
