Mixed-Use Income
For Sale
$499,000
431 S Main Street, Rice Lake, WI 54868
CommercialSale, Rice Lake, WI
Property Size3,508 SF
Lot Size0.20 Acres
Price / SF$142.25
Days on Market56
Property Features for 431 S Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning description
Commercial
Rooms
Basement
Elementary school district
Rice Lake Area
Middle school district
Rice Lake Area
High school district
Rice Lake Area
Directions
Head North on S Main Street in Rice Lake, on the corner of Allen and S Main Street, you will see the property on the right hand side.
Standard status
Active
APN
276500487000
Size
3,508 SF
Lot size
0.20 Acres
Site & Location
Corner Location
Yes
Mixed-Use Components
retail, office, residential
Additional Details
Tenant in Place
Yes
Taxes and HOA fees
Tax Year
2025
Tax Description
OL 152-6 PRT OUTLOT 152 SHOWN AS LOT 1 CSM 14/65 #1992 DOC 471365 EX LOT 1 CSM 15/132 #2201 DOC 484791 (LC VENDOR: DANIEL K ORGAN DOC 900310)
Tax Annual Amount
5662
Legal Description
OL 152-6 PRT OUTLOT 152 SHOWN AS LOT 1 CSM 14/65 #1992 DOC 471365 EX LOT 1 CSM 15/132 #2201 DOC 484791 (LC VENDOR: DANIEL K ORGAN DOC 900310)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Window Unit(s), Ductless, Central Air
Water source
Public
Building Details
Building materials
VinylSiding
Buildings
2
Listing Agency:
Real Estate Solutions
(715) 719-0555
Listed By:
Casey Watters · License #52542-90
(715) 434-7904
Added: Sep 4
Changed: Oct 25
Last Checked: Oct 29 at 11:06PM
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.
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
This 3,508-square-foot mixed-use property includes four leased commercial spaces configured for storefront or office use and three rented apartments. Each apartment contains two bedrooms and one bathroom, creating seven separate income streams across the commercial and residential components. A detached two-car garage provides additional parking or storage capacity. The building has vinyl siding, forced-air heating, and a combination of window-unit, ductless, and central air conditioning. Public water and public sewer serve the property, and basement space is included.
The property occupies a 0.2-acre corner parcel at 431 S Main Street in Rice Lake, Wisconsin. Its position on a main street provides frontage from multiple directions, while the established commercial and residential configuration supports a diversified occupancy profile. The property is offered for sale.
The property occupies a 0.2-acre corner parcel at 431 S Main Street in Rice Lake, Wisconsin. Its position on a main street provides frontage from multiple directions, while the established commercial and residential configuration supports a diversified occupancy profile. The property is offered for sale.
Key Highlights
- 3,508‑square‑foot mixed‑use property on a 0.2‑acre parcel
- Seven income streams: four commercial spaces and three residential apartments
- Three apartments, each with two bedrooms and one bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$36,200
Cap Rate
7.25%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,000
$724.0K
Cap Rate 7%
$517,143
$517.1K
Cap Rate 9%
$402,222
$402.2K
Market Conditions
NOI Build-Up for 3,508 SF
Gross rent
$61.9K $17.64/SF
− Vacancy
−$13.6K −$3.88/SF
EGI
$48.3K $13.76/SF
− OpEx
−$12.1K −$3.44/SF
NOI
$36.2K $10.32/SF
Area
Barron County, WI
Vacancy
22.00%
Lease Rate
$17.64 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$724,000
Cap Rate 7%
$517,143
Cap Rate 9%
$402,222
Alternative Uses
Best Use
Mixed Use
$691.6K
$605.1K – $806.8K
NOI $48,410 @ 7.0% cap · market cap 9.70%
Second Best
Office B
$517.1K
$452.5K – $603.3K
NOI $36,200 @ 7.0% cap · market cap 7.25%
Theoretical Best
Warehouse
$2.82M
$2.47M – $3.29M
NOI $197,301 @ 7.0% cap · market cap 39.54%
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
100%
Occupancy
Multi-tenant
Tenancy
Yes
Paved road access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Mixed-use property - Corner property combines leased commercial space with occupied residential apartments and a detached garage.
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: 3,508‑square‑foot mixed‑use property on a 0.2‑acre parcel; Seven income streams: four commercial spaces and three residential apartments; Three apartments, each with two bedrooms and one bathroom
