Mixed-Use Property with
431 S Main Street, Rice Lake, WI 54868
For Sale
$499,000
CommercialSale, Rice Lake, WI
Property Size3,508 SF
Lot Size0.20 Acres
Price / SF$142.25
Days on Market70
Property Features for 431 S Main Street
General Information
Property type
Property subtype
Zoning description
Rooms
Elementary school district
Middle school district
High school district
Directions
Standard status
APN
Size
Lot size
Site & Location
Corner Location
Mixed-Use Components
Taxes and HOA fees
Tax Year
Tax Description
Tax Annual Amount
Legal Description
Utilities
Sewer type
Heating system
Cooling system
Water source
Building Details
Building materials
Listing Agency:
Real Estate Solutions
(715) 719-0555
Listed By:
Casey Watters · License WI 52542-90
(715) 434-7904
Added: Sep 4
Changed: Nov 10
Last Checked: Nov 12 at 8:06AM
MLS# 1604656
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.
At 431 S Main Street in Rice Lake, this 3,508-square-foot mixed-use property contains four commercial spaces and three two-bedroom, one-bath apartments. The existing configuration provides seven rentable spaces. A detached two-car garage is also included on the 0.2-acre parcel.
The property occupies a corner along Main Street. Public water and sewer serve the site.
The property occupies a corner along Main Street. Public water and sewer serve the site.
Key Highlights
- Four commercial spaces and three two‑bedroom, one‑bath apartments
- Seven rentable spaces in total
- 3,508 square feet on a 0.2‑acre parcel
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$14,593
Cap Rate
2.92%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$291,860
$291.9K
Cap Rate 7%
$208,471
$208.5K
Cap Rate 9%
$162,144
$162.1K
Market Conditions
NOI Build-Up for 3,508 SF
Gross rent
$27.8K $7.92/SF
− Vacancy
−$1.3K −$0.36/SF
EGI
$26.5K $7.56/SF
− OpEx
−$11.9K −$3.40/SF
NOI
$14.6K $4.16/SF
Area
Barron County, WI
Vacancy
4.50%
Lease Rate
$7.92 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$291,860
Cap Rate 7%
$208,471
Cap Rate 9%
$162,144
Alternative Uses
Best Use
Mixed Use
$691.6K
$605.1K – $806.8K
NOI $48,410 @ 7.0% cap · market cap 9.70%
Second Best
Apartment 5plus
$208.5K
$182.4K – $243.2K
NOI $14,593 @ 7.0% cap · market cap 2.92%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
3
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
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
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Four commercial suites and three apartments combine storefront and residential space in one property.
Where is this mixed-use property located?
The property is located at 431 S Main Street Rice Lake, WI.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Four commercial spaces and three two‑bedroom, one‑bath apartments; Seven rentable spaces in total; 3,508 square feet on a 0.2‑acre parcel
