Mixed-Use Property with
For Sale
$1,150,000
423 Main St, La Crosse, WI 54601
Street-level retail and upper-floor apartments are fully leased.
Property Size9,000 SF
Price / SF$127.78
Days on Market85
Property Features for 423 Main St
General Information
Standard status
Active
Size
9,000 SF
Property subtype
Commercial
Building Details
Year Built
1881
Listing Agency:
United Country Midwest Lifestyle Properties LLC
(608) 797-7230
Listed By:
Joshua Genz josh@midwestlifestyleproperties.com · License #7629694
Source:
Homesinwisconsin
Added: Jun 6
Changed: Aug 29
Last Checked: Aug 25 at 6:49AM
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 United Country Midwest Lifestyle Properties LLC
Investment Insights
Based on property information with market context.
This mixed-use property package combines the buildings at 423/425 and 427 Main St, totaling 9,000 square feet. The improvements date to the late nineteenth century and include multiple storefronts at street level, along with kitchen space and upper-floor residential units.
The apartment component includes two two-bedroom units, one studio, and one one-bedroom unit. Exposed brick adds character to the residential interiors, and the apartments and storefronts are leased to long-term occupants. The property sits in downtown La Crosse near dining, events, and the central business area.
The apartment component includes two two-bedroom units, one studio, and one one-bedroom unit. Exposed brick adds character to the residential interiors, and the apartments and storefronts are leased to long-term occupants. The property sits in downtown La Crosse near dining, events, and the central business area.
Key Highlights
- 9,000‑square‑foot mixed‑use property package at 423/425 and 427 Main St
- Multiple street‑level storefronts with kitchen space
- Four apartments: two two‑bedroom, one studio, and one one‑bedroom
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
$90,531
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
7.87%
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%
$1,810,620
$1.8M
Cap Rate 7%
$1,293,300
$1.3M
Cap Rate 9%
$1,005,900
$1.0M
Market Conditions
NOI Build-Up for 9,000 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
$135.0K $15.00/SF
− Vacancy
−$5.7K −$0.63/SF
EGI
$129.3K $14.37/SF
− OpEx
−$38.8K −$4.31/SF
NOI
$90.5K $10.06/SF
Area
La Crosse County, WI
Vacancy
4.20%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
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%
$1,810,620
Cap Rate 7%
$1,293,300
Cap Rate 9%
$1,005,900
Alternative Uses
Best Use
Retail
$1.29M
$1.13M – $1.51M
NOI $90,531 @ 7.0% cap · market cap 7.87%
Second Best
Mixed Use
$1.15M
$1.01M – $1.35M
NOI $80,730 @ 7.0% cap · market cap 7.02%
Theoretical Best
Specialty Retail
$1.97M
$1.72M – $2.30M
NOI $137,781 @ 7.0% cap · market cap 11.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2,520
Businesses Nearby
Explore this area
Business Placement
Demographics for 54601, WI
51,090
Population
22,652
Households
2.3
Avg Household Size
32
Median Age
40%
College-Educated
96%
High-School Grad
75.4 sq mi
ZIP Area
678
Density / Sq Mi
$60,078
Median Household Income
$31,143
Median Earnings
$998
Median Rent
$220,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Street-level retail and upper-floor apartments are fully leased.
Where is this mixed-use property located?
The property is located at 423 Main St La Crosse, WI.
What is the asking price?
The asking price for this property is $1,150,000.
What are key features of this property?
This property features: 9,000‑square‑foot mixed‑use property package at 423/425 and 427 Main St; Multiple street‑level storefronts with kitchen space; Four apartments: two two‑bedroom, one studio, and one one‑bedroom
