Mixed-Use Property with
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 Market49
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
Changed: Oct 25
Last Checked: Oct 7 at 3:35PM
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
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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 / Yr
$55,793
Cap Rate
7.97%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
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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
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Market
Vacancy Rate% for Retail in Midwest region
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
