High-Bay Flex
For Sale
$450,000
8100 HWY 45, Three Lakes, WI 54562
CommercialSale, Three Lakes, WI
Property Size4,000 SF
Lot Size3.89 Acres
Price / SF$112.50
Days on Market11
Property Features for 8100 HWY 45
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
2
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bathroom 2, Bedroom 1, Bathroom 1, Bedroom 2
Interior features
Storage
Directions
Hwy 45 north to #8100
Standard status
Active
APN
03601-0278-001A
Lot size
3.89 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT SE NW 3.87CA/3.89SA SM B4154
Tax Annual Amount
2459
Legal Description
PT SE NW 3.87CA/3.89SA SM B4154
Utilities
Sewer type
Holding Tank, Mound Septic
Heating system
Natural Gas, Radiant, Hot Water(Heating)
Cooling system
Window Unit(s)
Water source
Well
Building Details
Year built
2017
Floors in Building
1
Flooring type
Concrete, Tile
Building materials
Frame, MetalSiding
Roof type
Metal
Additional Structures
Storage
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
TARA & DAN STEPHENS TEAM · License #54990 - 90
(715) 499-1288
Added: Sep 17
Changed: Sep 26
Last Checked: Sep 27 at 12:06PM
MLS# 219732
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.
Built in 2017, this 4,000-square-foot flex property combines a 50-by-80-foot shop with a 16-by-40-foot office. The shop has 16-foot ceilings, three 14-foot overhead doors, radiant in-floor heat, and recently upgraded high-bay LED lighting. A kitchenette, washer and dryer, shop sink, and mechanical room add functional support space. The office includes tiled floors, one full bathroom, one half bathroom, heating, air conditioning, two exterior entrances, and two connections to the shop.
The building sits on 3.89 acres along US 45 between Three Lakes and Eagle River. Water is supplied by a well, and the property has two septic systems: a mound system serving the bathrooms and a holding tank for water use in the storage area.
The building sits on 3.89 acres along US 45 between Three Lakes and Eagle River. Water is supplied by a well, and the property has two septic systems: a mound system serving the bathrooms and a holding tank for water use in the storage area.
Key Highlights
- 4,000‑square‑foot building constructed in 2017
- 3.89‑acre site on US 45 between Three Lakes and Eagle River
- 50‑by‑80‑foot shop with 16‑foot ceilings and three 14‑foot overhead doors
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
$16,575
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
3.68%
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%
$331,500
$331.5K
Cap Rate 7%
$236,786
$236.8K
Cap Rate 9%
$184,167
$184.2K
Market Conditions
NOI Build-Up for 4,000 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
$27.4K $6.84/SF
− Vacancy
−$1.9K −$0.47/SF
EGI
$25.5K $6.37/SF
− OpEx
−$8.9K −$2.23/SF
NOI
$16.6K $4.14/SF
Area
Oneida County, WI
Vacancy
6.80%
Lease Rate
$6.84 /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%
$331,500
Cap Rate 7%
$236,786
Cap Rate 9%
$184,167
Alternative Uses
Best Use
Industrial
$1.87M
$1.64M – $2.18M
NOI $131,053 @ 7.0% cap · market cap 29.12%
Second Best
Flex RnD
$236.8K
$207.2K – $276.3K
NOI $16,575 @ 7.0% cap · market cap 3.68%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
16 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
11
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54562, WI
2,093
Population
2,878
Households
0.7
Avg Household Size
57
Median Age
39%
College-Educated
98%
High-School Grad
144.4 sq mi
ZIP Area
14
Density / Sq Mi
$67,875
Median Household Income
$34,722
Median Earnings
$964
Median Rent
$291,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - A separate office component and an expansive shop area support flexible commercial operations.
Where is this flex space located?
The property is located at 8100 HWY 45 Three Lakes, 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: 4,000‑square‑foot building constructed in 2017; 3.89‑acre site on US 45 between Three Lakes and Eagle River; 50‑by‑80‑foot shop with 16‑foot ceilings and three 14‑foot overhead doors
