Turnkey Bait Shop and Ice
For Sale
$550,000
815 S Washington Street, Janesville, WI 53548
Turnkey retail space with a bait shop setup, fully equipped ice cream service area, and an exterior-access expansion room.
Property Size1,816 SF
Price / SF$302.86
Days on Market150
Property Features for 815 S Washington Street
General Information
Standard status
Active
Size
1,816 SF
Property subtype
General Commercial
Additional Details
Business Included
Yes
Fenced Yard
Yes
Taxes and HOA fees
Annual Taxes
$2,057
Amenities
Central Air
3
B3
On Site.
Building Details
Year Built
1999
Listing Agency:
Keller Williams Realty Signature
(608) 295-1172
Listed By:
Dawn Radke · License #86037
(608) 295-1172
Source:
Xome
Added: Mar 28
Changed: Aug 23
Last Checked: Aug 24 at 4:41AM
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 Keller Williams Realty Signature
Investment Insights
Based on property information with market context.
This turnkey retail opportunity includes a fully functioning bait shop retail area with minnow tanks and a wide selection setup for fishing gear, bait, and supplies. An additional fully equipped ice cream shop area features a soft serve machine, hot dog roller, and a convenient service window.
The spacious main retail area is designed for product display and includes an additional area with exterior access. That separate area also has an overhead garage door, bathrooms, and a small kitchen with a sink, offering practical flexibility for continued operations or added uses.
Outside, the property includes a fenced-in side yard that was previously used as a large garden, adding outdoor space adjacent to the building.
The spacious main retail area is designed for product display and includes an additional area with exterior access. That separate area also has an overhead garage door, bathrooms, and a small kitchen with a sink, offering practical flexibility for continued operations or added uses.
Outside, the property includes a fenced-in side yard that was previously used as a large garden, adding outdoor space adjacent to the building.
Key Highlights
- Retail building built in 1999 with a bait shop setup and fully equipped ice cream service area.
- Bait shop retail area includes minnow tanks and a wide selection of fishing gear, bait, and supplies.
- Ice cream service area is equipped with a soft serve machine, hot dog roller, and a convenient service window.
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
$21,921
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
3.99%
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%
$438,420
$438.4K
Cap Rate 7%
$313,157
$313.2K
Cap Rate 9%
$243,567
$243.6K
Market Conditions
NOI Build-Up for 1,816 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
$32.7K $18.00/SF
− Vacancy
−$1.4K −$0.76/SF
EGI
$31.3K $17.24/SF
− OpEx
−$9.4K −$5.17/SF
NOI
$21.9K $12.07/SF
Area
Rock County, WI
Vacancy
4.20%
Lease Rate
$18.00 /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%
$438,420
Cap Rate 7%
$313,157
Cap Rate 9%
$243,567
Alternative Uses
Best Use
Retail
$313.2K
$274.0K – $365.4K
NOI $21,921 @ 7.0% cap · market cap 3.99%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$436.4K
$381.9K – $509.1K
NOI $30,548 @ 7.0% cap · market cap 5.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
884
Businesses Nearby
6k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 100%
Mobil
Shops & Services
3,905 visits/mo
0.3 miles
BP
Shops & Services
2,431 visits/mo
0.2 miles
Demographics for 53548, WI
19,233
Population
8,894
Households
2.2
Avg Household Size
40
Median Age
27%
College-Educated
94%
High-School Grad
75.0 sq mi
ZIP Area
256
Density / Sq Mi
$74,696
Median Household Income
$41,508
Median Earnings
$999
Median Rent
$226,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Storefront property - Turnkey retail space with a bait shop setup, fully equipped ice cream service area, and an exterior-access expansion room.
Where is this storefront property located?
The property is located at 815 S Washington Street Janesville, WI.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: Retail building built in 1999 with a bait shop setup and fully equipped ice cream service area.; Bait shop retail area includes minnow tanks and a wide selection of fishing gear, bait, and supplies.; Ice cream service area is equipped with a soft serve machine, hot dog roller, and a convenient service window.
