0 Land Development New Richmond, WI 54017

This exceptional 0.53-acre commercial property, situated on the Willow River and just north of downtown New Richmond, Wisconsin, presents a rare development opportunity. Zoned Z6 Central Business District, this cleared lot is ready for immediate construction. City approvals are in place for a proposed four-story, 22-unit multifamily development. The property boasts 8,050 square feet of potential buildable area and includes one parking space. The asking price is $449,900, representing a price per unit of $21,205 and a 5.75% cap rate based on a Net Operating Income (NOI) of $292,638. The property's APN is 261-1014-70-000 and is located at the address of Land Development, New Richmond, WI 54017, in St. Croix County. This is a turnkey opportunity for investors seeking a high-return, centrally located project in a thriving Wisconsin community. The property's riverfront location and proximity to downtown offer significant advantages for future residents and businesses. Don't miss this chance to acquire a fully approved development site in a desirable location.