Freestanding Office Building with
For Sale
$438,000
7502 HWY 51, Minocqua, WI 54548
COMMERCIAL - Minocqua, WI
Property Size4,200 SF
Lot Size0.80 Acres
Price / SF$104.29
Days on Market47
Property Features for 7502 HWY 51
General Information
Property type
Commercial Sale
Property subtype
Other
Bathrooms
2
Half bathrooms
2
Rooms
Bathroom 1, Bathroom 2
Parking features
Driveway, Paved or Surfaced
Exterior features
Landscaping
Lot features
Rural Lot, Wooded
Directions
From Minocqua: South on Hwy 51 to frontage road and building on left, just South of MotoMart
Standard status
Active
APN
MI-4274 & MI-4275
Lot size
0.80 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PLAT OF SPRUCEWOOD DIV 2, LOTS 4 and 5, BLK 4
Tax Annual Amount
2970
Legal Description
PLAT OF SPRUCEWOOD DIV 2, LOTS 4 and 5, BLK 4
Utilities
Heating system
Forced Air, Propane (Heating), Electric (Heating)
Cooling system
Central Air
Water source
Well
Amenities
grand entry
wood burning fieldstone fireplace
reception area
overhead delivery door
sidewalks
Building Details
Year built
1983
Floors in Building
1
Number of units
2
Flooring type
Carpet, Mixed, Tile
Building materials
Frame, Stone, WoodSiding
Roof type
Shingle, Composition
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
ADAM REDMAN · License #56355 - 90
(715) 892-7325
Added: Jun 26
Changed: Aug 4
Last Checked: Aug 11 at 8:06AM
MLS# 218110
Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Freestanding office building originally constructed in 1983 as The Christmas Chalet. The property includes a highly visible, 4,200+ sq ft building with a grand entry that features a wood burning fieldstone fireplace (potential gas hook up) and a reception area. The entry leads to two wings, with approximately 2,000 sq ft in each, and the overall building is arranged in three individually metered sections, offering flexibility for operating multiple businesses or offices.
The property sits on two tax parcels totaling 0.8 acres with 200' of frontage on US Hwy 51. The corridor averages 9,400 vehicles daily. An overhead delivery door is located at the back of the building, with an ample gravel parking area and sidewalks for pedestrian access. Utilities include a well for water; heating is forced air with propane and electric options, and the building is served by central air.
Framed with stone and wood siding, the interior includes mixed flooring with tile and carpet, supporting a range of office configurations.
The property sits on two tax parcels totaling 0.8 acres with 200' of frontage on US Hwy 51. The corridor averages 9,400 vehicles daily. An overhead delivery door is located at the back of the building, with an ample gravel parking area and sidewalks for pedestrian access. Utilities include a well for water; heating is forced air with propane and electric options, and the building is served by central air.
Framed with stone and wood siding, the interior includes mixed flooring with tile and carpet, supporting a range of office configurations.
Key Highlights
- 4,200+ sq ft office building with grand entry wood burning fieldstone fireplace
- Approximately 2,000 sq ft in each wing; three individually metered sections
- 0.8 acres across two tax parcels with 200' of US Hwy 51 frontage
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
$35,910
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
8.20%
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%
$718,200
$718.2K
Cap Rate 7%
$513,000
$513.0K
Cap Rate 9%
$399,000
$399.0K
Market Conditions
NOI Build-Up for 4,200 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
$63.0K $15.00/SF
− Vacancy
−$15.1K −$3.60/SF
EGI
$47.9K $11.40/SF
− OpEx
−$12.0K −$2.85/SF
NOI
$35.9K $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%
$718,200
Cap Rate 7%
$513,000
Cap Rate 9%
$399,000
Alternative Uses
Best Use
Office B
$513.0K
$448.9K – $598.5K
NOI $35,910 @ 7.0% cap · market cap 8.20%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$1.97M
$1.72M – $2.29M
NOI $137,606 @ 7.0% cap · market cap 31.42%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
Demographics for 54548, WI
5,406
Population
5,096
Households
1.1
Avg Household Size
56
Median Age
36%
College-Educated
96%
High-School Grad
99.0 sq mi
ZIP Area
55
Density / Sq Mi
$69,784
Median Household Income
$42,378
Median Earnings
$935
Median Rent
$307,700
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?
Office building - Individually metered office wings with central air and a grand entry featuring a wood burning fieldstone fireplace.
Where is this office building located?
The property is located at 7502 HWY 51 Minocqua, WI.
What is the asking price?
The asking price for this property is $438,000.
What are key features of this property?
This property features: 4,200+ sq ft office building with grand entry wood burning fieldstone fireplace; Approximately 2,000 sq ft in each wing; three individually metered sections; 0.8 acres across two tax parcels with 200' of US Hwy 51 frontage
