Retail Space with
For Sale
$399,900
8528 Hwy 51, Minocqua, WI 54548
Flexible commercial layout with display frontage, kitchen, office, bathroom, open retail area, and an outdoor courtyard.
Property Size2,600 SF
Price / SF$153.81
Days on Market188
Property Features for 8528 Hwy 51
General Information
Standard status
Active
Size
2,600 SF
Total Parking Spaces
7
Property subtype
Commercial
Additional Details
Equipment Included
No
Taxes and HOA fees
Annual Taxes
$1,799
Amenities
grass courtyard
Building Details
Building Size
2,600 SF
Year Built
1970
Buildings
1
Listing Agency:
Redman Realty Group, LLC
(847) 571-4348
Listed By:
Christopher Nor · License #95646 - 94
(847) 571-4348
Source:
Northwoodswi
Added: Feb 23
Changed: Aug 29
Last Checked: Aug 29 at 11:46PM
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 Redman Realty Group, LLC
Investment Insights
Based on property information with market context.
This real-estate-only offering is a near 2,600-square-foot commercial building with an open retail area supported by a display window, kitchen, bathroom, and office. The existing configuration provides a practical foundation for retail, food service, or another customer-oriented commercial use, subject to applicable requirements.
Located within Minocqua’s historic Boardwalk Shops at 8528 Hwy 51, the property has visibility from four lanes of traffic and sits near Minocqua Lake. A roughly 2,000-square-foot grass courtyard is positioned away from the highway within the grounds, offering additional outdoor space. The property also includes 6-7 private parking spots and benefits from seasonal summer foot traffic. Built in 1970.
Located within Minocqua’s historic Boardwalk Shops at 8528 Hwy 51, the property has visibility from four lanes of traffic and sits near Minocqua Lake. A roughly 2,000-square-foot grass courtyard is positioned away from the highway within the grounds, offering additional outdoor space. The property also includes 6-7 private parking spots and benefits from seasonal summer foot traffic. Built in 1970.
Key Highlights
- Near 2,600‑square‑foot commercial building
- Approximately 2,000‑square‑foot grass courtyard set back from the highway
- Visibility from four lanes of traffic near Minocqua Lake
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
$34,187
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
8.55%
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%
$683,740
$683.7K
Cap Rate 7%
$488,386
$488.4K
Cap Rate 9%
$379,856
$379.9K
Market Conditions
NOI Build-Up for 2,600 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
$46.8K $18.00/SF
− Vacancy
−$1.2K −$0.47/SF
EGI
$45.6K $17.53/SF
− OpEx
−$11.4K −$4.38/SF
NOI
$34.2K $13.15/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
25.00%
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%
$683,740
Cap Rate 7%
$488,386
Cap Rate 9%
$379,856
Alternative Uses
Best Use
Specialty Retail
$488.4K
$427.3K – $569.8K
NOI $34,187 @ 7.0% cap · market cap 8.55%
Second Best
Retail
$334.3K
$292.5K – $390.0K
NOI $23,399 @ 7.0% cap · market cap 5.85%
Theoretical Best
Industrial
$1.22M
$1.06M – $1.42M
NOI $85,185 @ 7.0% cap · market cap 21.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
364
Businesses Nearby
33k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 44%
Shops & Services 18%
Hotels & Casinos 16%
Dining 14%
Save More Marketplace
Groceries
14,539 visits/mo
0.0 miles
Dollar Tree
Shops & Services
5,908 visits/mo
0.1 miles
Arby's
Dining
4,722 visits/mo
0.4 miles
Best Western Plus Concord Inn
Hotels & Casinos
4,204 visits/mo
0.4 miles
Verizon
Electronics
1,605 visits/mo
0.1 miles
Demographics for 54548, WI
5,406
Population
5,096
Households
1.1
Avg Household Size
56
Median Age
36%
College-Educated
96%
High-School Grad
99.0 sq mi
ZIP Area
55
Density / Sq Mi
$69,784
Median Household Income
$42,378
Median Earnings
$935
Median Rent
$307,700
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?
Retail space - Flexible commercial layout with display frontage, kitchen, office, bathroom, open retail area, and an outdoor courtyard.
Where is this retail space located?
The property is located at 8528 Hwy 51 Minocqua, WI.
What is the asking price?
The asking price for this property is $399,900.
What are key features of this property?
This property features: Near 2,600‑square‑foot commercial building; Approximately 2,000‑square‑foot grass courtyard set back from the highway; Visibility from four lanes of traffic near Minocqua Lake
