Flex Space with
For Sale
$470,000
701 Washington St, Rhinelander, WI 54501
B3 General Use property combines office, shop, training, garage, and residential components in one adaptable building.
Property Size5,000 SF
Price / SF$94
Days on Market75
Property Features for 701 Washington St
General Information
Standard status
Active
Size
5,000 SF
Zoning
B3 General Use
Warehouse & Industrial
Clear Height
12.3 ft
Drive-In Doors
3
Taxes and HOA fees
Annual Taxes
$3,279
Building Details
Buildings
1
Stories
2
Building Size
5,000 SF
Listing Agency:
FIRST WEBER - RHINELANDER
(715) 365-3074
Listed By:
LINDA MOORE
(715) 365-3074
Source:
Exprealty
Added: Jun 17
Changed: Aug 29
Last Checked: Aug 29 at 9:53PM
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 FIRST WEBER - RHINELANDER
Investment Insights
Based on property information with market context.
This 5,000-square-foot flex property combines commercial workspace with residential units. The main level includes offices, a reception area, restrooms, an open room suited to classroom or training functions, and garage/shop space. Ceiling height reaches 12 feet 4 inches, with two overhead doors measuring 18 feet by 11 feet and equipped with openers, plus an additional garage with a 10-foot by 10-foot door.
The upper level contains two newer apartments, including one one-bedroom unit and one two-bedroom unit. A coin-operated laundry area is also located on the second floor. The property is zoned B3 General Use, supporting its mixed commercial and residential configuration.
The upper level contains two newer apartments, including one one-bedroom unit and one two-bedroom unit. A coin-operated laundry area is also located on the second floor. The property is zoned B3 General Use, supporting its mixed commercial and residential configuration.
Key Highlights
- 5,000 SQ FT building with commercial and residential components
- B3 General Use zoning
- Two newer apartments: one 1 Bedroom and one 2 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
$42,750
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
9.10%
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%
$855,000
$855.0K
Cap Rate 7%
$610,714
$610.7K
Cap Rate 9%
$475,000
$475.0K
Market Conditions
NOI Build-Up for 5,000 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
$75.0K $15.00/SF
− Vacancy
−$18.0K −$3.60/SF
EGI
$57.0K $11.40/SF
− OpEx
−$14.3K −$2.85/SF
NOI
$42.8K $8.55/SF
Area
Oneida County, WI
Vacancy
24.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$855,000
Cap Rate 7%
$610,714
Cap Rate 9%
$475,000
Alternative Uses
Best Use
Industrial
$2.34M
$2.05M – $2.73M
NOI $163,816 @ 7.0% cap · market cap 34.85%
Second Best
Office B
$610.7K
$534.4K – $712.5K
NOI $42,750 @ 7.0% cap · market cap 9.10%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12 ft
Clear height
3
Drive-in doors
Location Intelligence
Trade Area within ½ mile
236
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54501, WI
20,591
Population
12,754
Households
1.6
Avg Household Size
48
Median Age
26%
College-Educated
96%
High-School Grad
366.3 sq mi
ZIP Area
56
Density / Sq Mi
$68,602
Median Household Income
$37,578
Median Earnings
$831
Median Rent
$194,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - B3 General Use property combines office, shop, training, garage, and residential components in one adaptable building.
Where is this flex space located?
The property is located at 701 Washington St Rhinelander, WI.
What is the asking price?
The asking price for this property is $470,000.
What are key features of this property?
This property features: 5,000 SQ FT building with commercial and residential components; B3 General Use zoning; Two newer apartments: one 1 Bedroom and one 2 Bedroom
