Mixed-Use Property with
New
For Sale
$1,125,000
804 N Main Street, Lake Mills, WI 53551
COMMERCIAL - Lake Mills, WI
Property Size10,565 SF
Lot Size2.60 Acres
Price / SF$106.48
Days on Market5
Property Features for 804 N Main Street
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Security features
Security Lighting
Interior features
Truck dr(s) 15ft or lower, Loading Ramp, Freight elevator, Private Restrooms, 440+ volt, Reception area, Display window, Inside storage, Outside storage, Security lighting, Private office(s)
Accessibility
Accessible Approach with Ramp, Accessible Elevator Installed
Lot features
Business district, Near Major Highway, Residential area
Directions
.
Subdivision
LAKE MILLS - C
Standard status
Active
APN
246-0713-1223-023
Size
10,565 SF
Lot size
2.60 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
12834
Building Details
Year built
1985
Number of units
1
Additional Structures
Storage
Listing Agency:
EXIT Realty HGM
(608) 563-2272
Listed By:
Jill Sweeney · License #8707694
(920) 342-0224
Added: Aug 6
Changed: Aug 10
Last Checked: Aug 10 at 9:06PM
MLS# 2005897
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.
Investment Insights
Based on property information with market context.
This mixed-use commercial property combines a 10,565-square-foot building with 2.6 acres of land at 804 N Main Street in Lake Mills. Built in 1985, the property includes reception and private office areas, display windows, private restrooms, interior and exterior storage, security lighting, a loading ramp, freight elevator, and truck doors rated 15ft or lower. The building also has 440+ volt service and accessibility improvements, including an approach ramp and installed elevator.
The property is positioned on Main Street near downtown Lake Mills, with access to major routes and surrounding established neighborhoods and local businesses. Commercial zoning supports potential retail, office, service, or mixed-use redevelopment applications. The combination of substantial land area, existing commercial improvements, loading infrastructure, and multiple interior features provides a flexible physical setup for a range of business or redevelopment plans.
The property is positioned on Main Street near downtown Lake Mills, with access to major routes and surrounding established neighborhoods and local businesses. Commercial zoning supports potential retail, office, service, or mixed-use redevelopment applications. The combination of substantial land area, existing commercial improvements, loading infrastructure, and multiple interior features provides a flexible physical setup for a range of business or redevelopment plans.
Key Highlights
- 10,565‑square‑foot building on 2.6 acres
- Commercial zoning with retail, office, service, and mixed‑use potential
- Loading ramp, freight elevator, and truck dr(s) 15ft or lower
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
$102,022
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
9.07%
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%
$2,040,440
$2.0M
Cap Rate 7%
$1,457,457
$1.5M
Cap Rate 9%
$1,133,578
$1.1M
Market Conditions
NOI Build-Up for 10,565 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
$152.1K $14.40/SF
− Vacancy
−$6.4K −$0.60/SF
EGI
$145.7K $13.80/SF
− OpEx
−$43.7K −$4.14/SF
NOI
$102.0K $9.66/SF
Area
Jefferson County, WI
Vacancy
4.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
30.00%
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%
$2,040,440
Cap Rate 7%
$1,457,457
Cap Rate 9%
$1,133,578
Alternative Uses
Best Use
Office B
$1.96M
$1.71M – $2.28M
NOI $136,922 @ 7.0% cap · market cap 12.17%
Second Best
Retail
$1.46M
$1.28M – $1.70M
NOI $102,022 @ 7.0% cap · market cap 9.07%
Theoretical Best
Office A
$2.48M
$2.17M – $2.89M
NOI $173,587 @ 7.0% cap · market cap 15.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
180
Businesses Nearby
Explore this area
Business Placement
Demographics for 53551, WI
8,920
Population
4,048
Households
2.2
Avg Household Size
41
Median Age
45%
College-Educated
96%
High-School Grad
39.6 sq mi
ZIP Area
225
Density / Sq Mi
$89,841
Median Household Income
$53,503
Median Earnings
$1,089
Median Rent
$322,700
Median Home Value
Market
Vacancy Rate% for Office 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?
Mixed-use property - Commercially zoned property offers building, land, loading infrastructure, and potential retail, office, service, or mixed-use applications.
Where is this mixed-use property located?
The property is located at 804 N Main Street Lake Mills, WI.
What is the asking price?
The asking price for this property is $1,125,000.
What are key features of this property?
This property features: 10,565‑square‑foot building on 2.6 acres; Commercial zoning with retail, office, service, and mixed‑use potential; Loading ramp, freight elevator, and truck dr(s) 15ft or lower
