Mixed-Use Property with
New
For Sale
$700,000
831 Michigan Ave, Sheboygan, WI 53081
Two commercial suites and two residential apartments provide a flexible mixed-use configuration in downtown Sheboygan.
Property Size7,122 SF
Price / SF$98.29
Days on Market2
Property Features for 831 Michigan Ave
General Information
Standard status
Active
Size
7,122 SF
Additional Details
Multifamily Units
2
Building Details
Year Built
1940
Buildings
1
Listing Agency:
Shorewest, Realtors
Listed By:
Nolan J. Appleton · License #94-110895
(920) 621-1499
Source:
Moving2greenbay
Added: Sep 12
Last Checked: Sep 12 at 2:50PM
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 Shorewest, Realtors
Investment Insights
Based on property information with market context.
This mixed-use property combines commercial and residential space within a 7,122-square-foot building constructed in 1940. The main floor contains two commercial suites, including an open-concept space suited to spa, salon, or wellness operations, along with an insurance office. Two residential apartments occupy the upper level, each measuring approximately 1,000 square feet and offering spacious layouts.
Located at 831 Michigan Ave in downtown Sheboygan, the property is surrounded by local businesses, restaurants, and entertainment venues. The combination of commercial suites and upper-level apartments creates a clearly defined live-work configuration within an established downtown setting.
Located at 831 Michigan Ave in downtown Sheboygan, the property is surrounded by local businesses, restaurants, and entertainment venues. The combination of commercial suites and upper-level apartments creates a clearly defined live-work configuration within an established downtown setting.
Key Highlights
- 7,122‑square‑foot mixed‑use building constructed in 1940
- Two commercial suites occupy the main level
- Two upper‑level apartments, each approximately 1,000 square feet
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
$55,793
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
7.97%
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%
$1,115,860
$1.1M
Cap Rate 7%
$797,043
$797.0K
Cap Rate 9%
$619,922
$619.9K
Market Conditions
NOI Build-Up for 7,122 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
$105.1K $14.76/SF
− Vacancy
−$3.7K −$0.52/SF
EGI
$101.4K $14.24/SF
− OpEx
−$45.6K −$6.41/SF
NOI
$55.8K $7.83/SF
Area
Sheboygan County, WI
Vacancy
3.50%
Lease Rate
$14.76 /SF/Yr
Expense Ratio
45.00%
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%
$1,115,860
Cap Rate 7%
$797,043
Cap Rate 9%
$619,922
Alternative Uses
Best Use
Retail
$1.12M
$983.3K – $1.31M
NOI $78,664 @ 7.0% cap · market cap 11.24%
Second Best
Apartment 5plus
$797.0K
$697.4K – $929.9K
NOI $55,793 @ 7.0% cap · market cap 7.97%
Theoretical Best
Office A
$1.55M
$1.36M – $1.81M
NOI $108,652 @ 7.0% cap · market cap 15.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,418
Businesses Nearby
38k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 57%
Shops & Services 29%
Home Improvements & Furnishings 13%
Starbucks
Dining
10,757 visits/mo
0.5 miles
Burger King
Dining
6,567 visits/mo
0.4 miles
Martens Trilling True Value of Sheboygan
Home Improvements & Furnishings
5,143 visits/mo
0.0 miles
BP
Shops & Services
4,522 visits/mo
0.2 miles
AutoZone
Shops & Services
3,074 visits/mo
0.4 miles
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail 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 - Two commercial suites and two residential apartments provide a flexible mixed-use configuration in downtown Sheboygan.
Where is this mixed-use property located?
The property is located at 831 Michigan Ave Sheboygan, WI.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 7,122‑square‑foot mixed‑use building constructed in 1940; Two commercial suites occupy the main level; Two upper‑level apartments, each approximately 1,000 square feet
