Heated Flex Space with Garage
For Sale
$450,000
521 Knapp St, Chetek, WI 54728
Versatile commercial and industrial building with office, shop, distribution, and storage capabilities.
Property Size11,214 SF
Price / SF$40.13
Days on Market37
Property Features for 521 Knapp St
General Information
Standard status
Active
Size
11,214 SF
Building Details
Year Built
1991
Listing Agency:
Re/Max 4 Seasons, LLC
(715) 635-6500
Listed By:
Jake Anderson · License #75122-94
Source:
Homcentric
Added: Jul 25
Changed: Aug 29
Last Checked: Aug 29 at 7:06PM
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 Re/Max 4 Seasons, LLC
Investment Insights
Based on property information with market context.
This 11,214-square-foot flex property, built in 1991, combines heated commercial and industrial space with a practical mix of work and administrative areas. The building includes two finished offices, six overhead garage doors, compressed air, 3-phase power, and a mechanical exhaust hood. Heating extends throughout the facility, supporting a range of operational requirements.
Zoned for both commercial and industrial use, the property is positioned in downtown Chetek, minutes from Highway 53. Eau Claire is approximately 45 minutes away, while the Twin Cities are less than two hours by drive. The layout can accommodate manufacturing, service operations, warehousing, storage, and distribution. An owner-user may also lease excess office or shop area for additional income.
Zoned for both commercial and industrial use, the property is positioned in downtown Chetek, minutes from Highway 53. Eau Claire is approximately 45 minutes away, while the Twin Cities are less than two hours by drive. The layout can accommodate manufacturing, service operations, warehousing, storage, and distribution. An owner-user may also lease excess office or shop area for additional income.
Key Highlights
- 11,214 square feet of heated commercial and industrial space
- Six overhead garage doors support shop, storage, and distribution functions
- Two finished office spaces included within the building
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
$40,673
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
9.04%
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%
$813,460
$813.5K
Cap Rate 7%
$581,043
$581.0K
Cap Rate 9%
$451,922
$451.9K
Market Conditions
NOI Build-Up for 11,214 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
$67.3K $6.00/SF
− Vacancy
−$4.7K −$0.42/SF
EGI
$62.6K $5.58/SF
− OpEx
−$21.9K −$1.95/SF
NOI
$40.7K $3.63/SF
Area
Barron County, WI
Vacancy
7.00%
Lease Rate
$6.00 /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%
$813,460
Cap Rate 7%
$581,043
Cap Rate 9%
$451,922
Alternative Uses
Best Use
Warehouse
$9.01M
$7.88M – $10.51M
NOI $630,710 @ 7.0% cap · market cap 140.16%
Second Best
Industrial
$7.42M
$6.49M – $8.66M
NOI $519,408 @ 7.0% cap · market cap 115.42%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
300
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54728, WI
6,166
Population
3,491
Households
1.8
Avg Household Size
50
Median Age
22%
College-Educated
96%
High-School Grad
125.6 sq mi
ZIP Area
49
Density / Sq Mi
$71,538
Median Household Income
$40,310
Median Earnings
$897
Median Rent
$214,200
Median Home Value
Market
Vacancy Rate% for Industrial 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 - Versatile commercial and industrial building with office, shop, distribution, and storage capabilities.
Where is this flex space located?
The property is located at 521 Knapp St Chetek, WI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: 11,214 square feet of heated commercial and industrial space; Six overhead garage doors support shop, storage, and distribution functions; Two finished office spaces included within the building
