New Flex Space with Road
For Sale
$309,900
421 North Star Rd, Holmen, WI 54636
Open commercial condo with in-unit heat, a bathroom, and flexible interior configuration.
Property Size1,650 SF
Price / SF$187.82
Days on Market30
Property Features for 421 North Star Rd
General Information
Standard status
Active
Size
1,650 SF
Additional Details
Road Access
Yes
Building Details
Year Built
2026
Listing Agency:
Gerrard-Hoeschler, REALTORS
(608) 769-4441
Listed By:
Hunter Clark · License #96416-94
Source:
Nikolicgroup
Added: Aug 2
Changed: Aug 30
Last Checked: Aug 30 at 6:55PM
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 Gerrard-Hoeschler, REALTORS
Investment Insights
Based on property information with market context.
Built in 2026, this 1,650-square-foot commercial condominium provides an open interior layout with dedicated in-unit heat and a bathroom. The flexible configuration supports office, retail, or professional uses as described for the property, allowing the space to serve several commercial formats.
The unit is located at 421 North Star Rd in Holmen, Wisconsin, with road frontage providing direct access and exposure from the roadway. Its commercial condo format combines a defined ownership opportunity with a practical, adaptable interior for an owner-user or business operation.
The unit is located at 421 North Star Rd in Holmen, Wisconsin, with road frontage providing direct access and exposure from the roadway. Its commercial condo format combines a defined ownership opportunity with a practical, adaptable interior for an owner-user or business operation.
Key Highlights
- 1,650 SF commercial condominium
- Built in 2026
- Open interior layout with flexible configuration
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
$19,151
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
6.18%
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%
$383,020
$383.0K
Cap Rate 7%
$273,586
$273.6K
Cap Rate 9%
$212,789
$212.8K
Market Conditions
NOI Build-Up for 1,650 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
$31.7K $19.20/SF
− Vacancy
−$2.2K −$1.34/SF
EGI
$29.5K $17.86/SF
− OpEx
−$10.3K −$6.25/SF
NOI
$19.2K $11.61/SF
Area
La Crosse County, WI
Vacancy
7.00%
Lease Rate
$19.20 /SF/Yr
Expense Ratio
35.00%
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%
$383,020
Cap Rate 7%
$273,586
Cap Rate 9%
$212,789
Alternative Uses
Best Use
Flex RnD
$273.6K
$239.4K – $319.2K
NOI $19,151 @ 7.0% cap · market cap 6.18%
Second Best
Office B
$248.2K
$217.2K – $289.6K
NOI $17,375 @ 7.0% cap · market cap 5.61%
Theoretical Best
Specialty Retail
$360.9K
$315.8K – $421.0K
NOI $25,260 @ 7.0% cap · market cap 8.15%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
361
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54636, WI
16,338
Population
6,517
Households
2.5
Avg Household Size
39
Median Age
35%
College-Educated
97%
High-School Grad
83.0 sq mi
ZIP Area
197
Density / Sq Mi
$91,156
Median Household Income
$47,699
Median Earnings
$1,145
Median Rent
$290,600
Median Home Value
Market
Vacancy Rate% for Office 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?
Flex space - Open commercial condo with in-unit heat, a bathroom, and flexible interior configuration.
Where is this flex space located?
The property is located at 421 North Star Rd Holmen, WI.
What is the asking price?
The asking price for this property is $309,900.
What are key features of this property?
This property features: 1,650 SF commercial condominium; Built in 2026; Open interior layout with flexible configuration
