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    Corner Office & Retail Building Title is generated by Realmo AI

    613 W Water Street, Shullsburg, WI 53586

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    For Sale
    $289,900

    Office,Retail - Shullsburg, WI

    Added:
    Aug 18, 2025
    Days on Market:
    290
    Last Refresh:
    Jun 3 at 11:06 am

    Property Features for 613 W Water Street

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Zoning
    commercial
    Standard status
    Active
    APN
    281-0474-0000

    Taxes and HOA fees

    Tax Year
    2020
    Tax Annual Amount
    2211

    Utilities

    Heating system
    Forced Air

    Building Details

    Year built
    1990
    Floors in Building
    1
    Number of units
    1
    Roof type
    Metal
    Architectural style
    Other

    We can help!

    Listing Contact
    Gary Tibbits

    Listing agent Gary Tibbits

    Listing office All American Real Estate, LLC PO Box 190, Mineral Point, WI

    Listing date Aug 18, 2025

    MLS# 1909444 Listing URL

    Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Large parking lot added since last listing.
    • Corner lot location at the beginning of Shullsburg's Water Street Business District.
    • Commercial or Residential use zoning.
    • Half bath and kitchenette on the main floor.
    • Shower, washer, and dryer in the lower level.
    • Proximity to grocery store, post office, fire station, schools, churches, and coffee shops.

    Overview

    This corner office and retail property includes a large parking lot area added since the last listing. Inside, the main floor offers a half bath and kitchenette area, while the lower level includes a shower and washer and dryer. The building is set up for flexible day-to-day operations with practical amenities already in place.

    Located at the corner of County O and Highway 11 in Shullsburg, the property sits at the beginning of the Water Street Business District. State Highway signage is included, which supports visibility for commercial users. The area includes nearby community destinations, with the grocery store, post office, fire station, schools, churches, and coffee shops all just a few blocks away.

    With zoning described as commercial and public remarks indicating commercial or residential use, the layout can appeal to an owner-operator or tenant seeking options beyond a single-purpose setup. The parking emphasis and two-level arrangement with bathroom, kitchenette, and laundry facilities may be particularly useful for office use, service-oriented retail, or other mixed occupancy concepts where convenience and in-building amenities matter.
    Property Profile Location Intelligence

    Current Use by Public Records

    Blue Door Too ... Barber Shop

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Hair Salon Nail Salon Building Supply Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Shullsburg
    County
    Lafayette
    State
    Wisconsin
    Longitude
    -90.236623
    Latitude
    42.575663

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    FAQs

    What type of property is this?
    Office units - Corner commercial property with state highway signage and updated parking, plus indoor utility amenities across two levels.
    Where is this office units located?
    The property is located at 613 W Water Street Shullsburg, WI.
    What is the asking price?
    The asking price for this property is $289,900.
    What are key features of this property?
    This property features: Large parking lot added since last listing.; Corner lot location at the beginning of Shullsburg's Water Street Business District.; Commercial or Residential use zoning.
    (608) 574-2907
    We can help!
    Listing Contact
    Gary Tibbits
    Real Estate License ID: 4088890
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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