Retail Space with Grass
For Sale
$399,900
8528 HWY 51, Minocqua, WI 54548
COMMERCIAL - Minocqua, WI
Property Size2,600 SF
Lot Size0.20 Acres
Price / SF$153.81
Days on Market175
Property Features for 8528 HWY 51
General Information
Property type
Commercial Sale
Property subtype
Retail
Bathrooms
1
Half bathrooms
1
Rooms
Bathroom 1
Interior features
Storage
Exterior features
HandicapAccessible
Accessibility
Accessible Approach with Ramp
Lot features
Level, Views
View
Water
Directions
From downtown Minocqua: Take US HWY 51 north to property on the right.
Standard status
Active
APN
01601-2179-0040
Lot size
0.20 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
PT G.L. 6 .22CA/.22SA SM B1785 EXC HWY V577-368 EXC TRANS PROJ PLAT #1174-10-21-4.06 PCL 206 (DOC #723243)
Tax Annual Amount
1799
Legal Description
PT G.L. 6 .22CA/.22SA SM B1785 EXC HWY V577-368 EXC TRANS PROJ PLAT #1174-10-21-4.06 PCL 206 (DOC #723243)
Utilities
Sewer type
Public Sewer
Heating system
Forced Air, Natural Gas
Cooling system
Central Air
Water source
Public
Building Details
Year built
1970
Floors in Building
1
Flooring type
Mixed
Building materials
Frame, Stucco
Additional Structures
Storage
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
CHRISTOPHER NOR · License #95646 - 94
(847) 571-4348
Added: Feb 23
Changed: Aug 4
Last Checked: Aug 17 at 7:06AM
MLS# 215883
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.
A flexible retail space housed in a frame and stucco building built in 1970, totaling about 2,600 square feet. The layout includes a large display window, a comfortably sized kitchen, bathroom, office, and a massive open retail space, plus storage.
The property is located at 8528 HWY 51 in Minocqua and is described as offering high visibility from four lanes of traffic and the nearby Minocqua lake. It sits within Minocqua’s historic Boardwalk Shops. A grass courtyard of approximately 2,000 square feet is located off the highway within the grounds.
The building is equipped with natural gas forced air heat and central air cooling. Public water and public sewer services are available. Handicap accessibility includes an accessible approach with a ramp, and the property provides 6–7 private parking spots for guests.
The property is located at 8528 HWY 51 in Minocqua and is described as offering high visibility from four lanes of traffic and the nearby Minocqua lake. It sits within Minocqua’s historic Boardwalk Shops. A grass courtyard of approximately 2,000 square feet is located off the highway within the grounds.
The building is equipped with natural gas forced air heat and central air cooling. Public water and public sewer services are available. Handicap accessibility includes an accessible approach with a ramp, and the property provides 6–7 private parking spots for guests.
Key Highlights
- High visibility from four lanes of traffic on HWY 51
- About 2,600 SF retail building with open sales area, kitchen, and office
- Approximately 2,000 SF grass courtyard off the highway within the grounds
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
$23,399
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
5.85%
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%
$467,980
$468.0K
Cap Rate 7%
$334,271
$334.3K
Cap Rate 9%
$259,989
$260.0K
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
$34.3K $13.20/SF
− Vacancy
−$892 −$0.34/SF
EGI
$33.4K $12.86/SF
− OpEx
−$10.0K −$3.86/SF
NOI
$23.4K $9.00/SF
Area
Oneida County, WI
Vacancy
2.60%
Lease Rate
$13.20 /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%
$467,980
Cap Rate 7%
$334,271
Cap Rate 9%
$259,989
Alternative Uses
Best Use
Retail
$334.3K
$292.5K – $390.0K
NOI $23,399 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
36
Businesses Nearby
Explore this area
Business Placement
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 - Ground-floor retail building with central air, handicap accessible entry, and an outdoor grass 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: High visibility from four lanes of traffic on HWY 51; About 2,600 SF retail building with open sales area, kitchen, and office; Approximately 2,000 SF grass courtyard off the highway within the grounds
