Mixed-Use Property with
For Sale
$299,900
8621 HWY 51, Minocqua, WI 54548
CommercialSale, Minocqua, WI
Property Size3,000 SF
Lot Size0.27 Acres
Price / SF$99.97
Days on Market92
Property Features for 8621 HWY 51
General Information
Property type
Commercial Sale
Property subtype
Other
Bedrooms
3
Bathrooms
2
Full bathrooms
1
Half bathrooms
1
Rooms
Bedroom 3, Bathroom 2, Bedroom 1, Bedroom 2, Bathroom 1
Parking features
Driveway, Paved or Surfaced
Interior features
Storage
Lot features
Level
Directions
From Downtown Minocqua: Hwy 51 North for 0.7 miles to "Downforce Motorsports Superformance" on West side of Hwy, across from Arby's and next to Mobil Station/Minocqua Tire & Auto.
Standard status
Active
APN
MI-2178-10
Lot size
0.27 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Doc 834206/299640 PT G.L. 5 UNRCD MINOC-WOOD PLAT
Tax Annual Amount
1621
Legal Description
Doc 834206/299640 PT G.L. 5 UNRCD MINOC-WOOD PLAT
Utilities
Sewer type
Public Sewer
Heating system
Natural Gas
Cooling system
Window Unit(s), Central Air
Water source
Public
Building Details
Floors in Building
1
Number of units
2
Flooring type
Concrete
Building materials
Frame, LogSiding, WoodSiding
Roof type
Shingle, Composition
Additional Structures
Storage
Listing Agency:
REDMAN REALTY GROUP, LLC
(715) 358-0450
Listed By:
ADAM REDMAN · License #56355 - 90
(715) 892-7325
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 3 at 12:06PM
MLS# 217604
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.
This mixed-use property combines a commercial addition with a residential component in a nearly 3,000-square-foot building. The newer section provides an office, half bath, reception area, and nearly 2,000 square feet of showroom space. The original portion includes three bedrooms, one full bath, a kitchen, laundry area, and living room, with its own exterior entrance. Storage, concrete flooring, natural gas heating, window units, central air, public water, and public sewer are included.
The property occupies 0.273 acres at 8621 Hwy 51 in Minocqua, Wisconsin. It has 225 feet of frontage along US Hwy 51 and 170 feet along Island Cove Rd, with a reported traffic count of over 18,200 average cars per day. Paved parking and a driveway are available, with additional rear parking leading to a deliver door. The source describes the layout as suitable for rental investment, service provider, retail, office, and food and beverage uses.
The property occupies 0.273 acres at 8621 Hwy 51 in Minocqua, Wisconsin. It has 225 feet of frontage along US Hwy 51 and 170 feet along Island Cove Rd, with a reported traffic count of over 18,200 average cars per day. Paved parking and a driveway are available, with additional rear parking leading to a deliver door. The source describes the layout as suitable for rental investment, service provider, retail, office, and food and beverage uses.
Key Highlights
- Nearly 3,000 sq ft mixed‑use building on 0.273 acres
- 225' of Hwy 51 frontage and 170' frontage on Island Cove Rd
- Reported traffic count of over 18,200 average cars / day per WI‑DOT
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
$26,999
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
9.00%
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%
$539,980
$540.0K
Cap Rate 7%
$385,700
$385.7K
Cap Rate 9%
$299,989
$300.0K
Market Conditions
NOI Build-Up for 3,000 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
$39.6K $13.20/SF
− Vacancy
−$1.0K −$0.34/SF
EGI
$38.6K $12.86/SF
− OpEx
−$11.6K −$3.86/SF
NOI
$27.0K $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%
$539,980
Cap Rate 7%
$385,700
Cap Rate 9%
$299,989
Alternative Uses
Best Use
Retail
$385.7K
$337.5K – $450.0K
NOI $26,999 @ 7.0% cap · market cap 9.00%
Second Best
Office B
$366.4K
$320.6K – $427.5K
NOI $25,650 @ 7.0% cap · market cap 8.55%
Theoretical Best
Industrial
$1.40M
$1.23M – $1.64M
NOI $98,290 @ 7.0% cap · market cap 32.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
18,200 VPD
Traffic count
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
223
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 Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Commercial and residential configuration includes offices, reception space, and a separate living area.
Where is this mixed-use property located?
The property is located at 8621 HWY 51 Minocqua, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Nearly 3,000 sq ft mixed‑use building on 0.273 acres; 225' of Hwy 51 frontage and 170' frontage on Island Cove Rd; Reported traffic count of over 18,200 average cars / day per WI‑DOT
