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    1816 Washington St Two Rivers, WI 54241

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    1816 Washington St Two Rivers, WI 54241

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    • Retail properties & Spaces
    • 50,880 SF
    • 0.41 lot acres
    For Sale
    $595,000
    View Listing →
    Multi-Level Retail Building in Two Rivers For Sale
    $595,000
    50,800 SF

    Multi-Level Retail Building in Two Rivers

    Substantial retail building in downtown Two Rivers, TIF eligible.

    1816 Washington St, Two Rivers, WI 54241
    View Listing
    Property ID
    US92-2411355
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Two Rivers Christian Center Thrift Store / Discount Store

    Property Details for 1816 Washington St

    Year built
    1922
    Lot size
    0.41 lot acres
    Property size
    50,880 SF
    Zone code
    B1
    Property type
    Retail properties & Spaces
    APN
    53-000-050-010.03
    APU
    5300005001003

    Description

    This substantial three-story retail building, located in Two Rivers, Wisconsin's vibrant downtown business district, presents a unique redevelopment opportunity. The 33,600 square foot building, situated on a 0.41-acre lot (APN: 0000500103), is currently 50% occupied by a Christian Thrift Store. Originally constructed in 1922 as the Rivioli Theatre, it later served as Evans Department Store after a 1960 renovation. The building features a freight elevator servicing all four levels (including basement), a sprinkler system, and is zoned B-1 Business. The main floor and basement each offer 17,280 square feet of retail space, while the second and third floors provide 8,160 square feet each, previously used for storage. The asking price is $647,000 ($19.26/sq ft). This TIF-eligible property offers significant potential for investors and developers. Note that tenants' fixtures, equipment, and inventory are excluded from the sale. The building's rich history and central location make it an attractive investment.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,915,000
      Market price range: $1.92M - $4.89M
      AI Estimate
      $1,605,000
      Market price range: $1.61M - $4.61M

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Two Rivers
    County
    Manitowoc
    State
    Wisconsin
    Longitude
    -87.5687
    Latitude
    44.1504
    CBSA code
    31820
    CBSA name
    MANITOWOC, WI MICROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $9,024
    $54,600
    $256,400
    $311,000
    -
    $0.00
    $0.00
    $493,500

    Comparable in this City

    • Value Estimation by Request
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    • Value Estimation by Request
      6,796 SF

      1706 11th St

      NURSERY, GREENHOUSE, FLORIST • 6,796 SF
      1706 11th St, Two Rivers, WI 54241-3503
      View Details
    • Value Estimation by Request
      4,760 SF

      1810 Washington St

      DEPARTMENT STORE • 4,760 SF
      1810 Washington St, Two Rivers, WI 54241-2642
      View Details
    • Value Estimation by Request
      16,872 SF

      3000 Frst Ave

      NURSERY, GREENHOUSE, FLORIST • 16,872 SF
      3000 Frst Ave, Two Rivers, WI 54241-1927
      View Details
    • Value Estimation
      $1,085,000
      37,792 SF

      1623 Washington St

      DEPARTMENT STORE • 37,792 SF
      1623 Washington St, Two Rivers, WI 54241-3021
      View Details
    • Value Estimation by Request
      3,180 SF

      3312 Lincoln Ave

      BAR, TAVERN • 3,180 SF
      3312 Lincoln Ave, Two Rivers, WI 54241-1824
      View Details

    Similar Nearby for Sale

    • New
      $595,000
      50,800 SF

      Multi-Level Retail Building in Two Rivers

      Substantial retail building in downtown Two Rivers, TIF eligible.
      1816 Washington St, Two Rivers, WI 54241
      View Details
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      54.86 acres in Two Rivers, WI, for development/recreation.
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    • $550,000
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      Two Rivers Vacant Land Opportunity

      2-acre vacant lot in Two Rivers, Wisconsin.
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      63.99 Acres Developable Land Parcels

      63.99 acres of land near Point Beach State Forest.
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    Similar Nearby for Lease

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      6,053 SF

      Prime Two Rivers Retail Space

      High-visibility retail space, ample parking.
      1803 Washington St, Two Rivers, WI 54241
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      Two Rivers Industrial Center

      318,783 SF multi-tenant manufacturing & distribution center on 27 acres.
      606 Parkway Blvd, Two Rivers, WI 54241
      View Details
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    Two Rivers, WI 54241
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    1816 Washington St, Two Rivers, WI, 54241

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