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For Sale

$379,900

1 Main Street Rice Lake, WI 54868

4,009 sqft · 0.06 acres · Built 1900

Listed Apr 24, 2026

About 1 Main Street

Excellent mixed-use investment opportunity in the heart of downtown Rice Lake with prominent corner-lot visibility along the recently revitalized Main Street corridor.

The main level offers a well-maintained salon/studio space with great natural light, customer flow, and street presence.

The lower level, accessible by both interior stairs and separate exterior walkout, provides additional flexible square footage with multiple service rooms/offices, lobby/reception area, and two bathrooms—ideal for various business uses and operations! The upper level features a 3-bed, 1-bath apartment with a functional layout and views overlooking downtown, offering strong rental value or live-work potential.

Tenants occupy on month-to-month leases: main + lower level at $1,400/month (tenant pays utilities), upper apartment at $1,200/month (tenant pays utilities).

Central A/C and forced air on main level; upper unit baseboard heat.

Property is tenant-occupied—scheduled showings only.

Please do not disrupt business operations.

Property Details

Lot Dimensions: 112 x 25 x
Possession: Subject To Tenant Rights
Zoning: Commercial
Heating: Baseboard, Forced Air
Cooling: Central Air, Other, See Remarks
Water: Public
Sewer: Public Sewer
Foundation: Stone
Construction: Stucco
School District: Rice Lake Area
County: Barron
Township: City of Rice Lake
Directions: SW Corner of Main Street and E Messenger Street Downtown Rice Lake.
Parcel Number: 276-1023-02-000
Legal Description: PLAT 1-1 N 24 FT 4 INCHES OF LOT 1 ALSO 1 FT OF GOVT LOT 3 ADJOINING ON N SIDE THRF ADDITION B CITY OF RICE LAKE

Price & Listing History

Aug 2009 · Listed

$399,500

Lot 1 S Main Street
Aug 2015 · Sold · 2198 days on market

$376,000

Price reduced $399,500 → $350,000 before sale
Dec 2020 · Listed

$89,900

-76.1% above last sale $376,000 in 2015 ($286,100 over 5.3 years · -23.7% per year)
Jan 2021 · Sold · 56 days on market

$93,000

-22.6% per year from prior sale 5.4 years earlier
Dec 2025 · Listed

$379,900

+308.5% above last sale $93,000 in 2021 (+$286,900 over 4.8 years · +33.7% per year)
Currently active · 150 days on market

Annualized appreciation: -22.6% per year from 2015 to 2021 (5.4 years — $376,000 → $93,000)

Prior price and listing information from sources believed to be reliable, but no guarantees of accuracy and data has not been confirmed. Please confirm with county official documents.

Flood Zone

Not in a Special Flood Hazard Area · FEMA Zone X

AREA OF MINIMAL FLOOD HAZARD

Federally-backed mortgages do not require flood insurance for properties in this zone.

Source: FEMA National Flood Hazard Layer. Flood maps are updated periodically (typically every 5–10 years per area) and may not reflect current ground conditions or recent improvements. For mortgage purposes, your lender may obtain an official Flood Determination from a licensed firm. Always verify before making decisions.