300 4th St 2 Unit Apartment Building $249,000 ($124,500/Unit) Algoma, WI 54201

The historic Netto Palazzo building offers a distinctive redevelopment and investment opportunity in downtown Algoma, Wisconsin. Originally constructed in 1890, this four-story brick commercial building encompasses approximately 15,000 square feet and combines existing residential income with significant future repositioning potential. Situated on a prominent corner lot near the Ahnapee River and Lake Michigan, the property benefits from visibility, accessibility, and proximity to Algoma's downtown business district and waterfront amenities.
A standout feature of the property is the approximately 3,000-square-foot penthouse occupying the upper level, featuring panoramic 360-degree views of the city, river, and Lake Michigan. The penthouse includes a sauna and a perimeter observation walkway, creating a unique residential environment rarely found in the local market. Current rental income is generated by the penthouse apartment and an additional studio apartment, providing immediate cash flow while future improvements or redevelopment plans are evaluated.
The building includes a full basement, multiple upper floors, warehouse space, loading dock access, truck door functionality, display windows, storage areas, and existing restroom facilities. General Commercial zoning supports a variety of potential commercial, residential, mixed-use, office, retail, or adaptive reuse concepts, subject to municipal approvals. Whether pursued as an income-producing asset, residential conversion project, mixed-use redevelopment, or owner-user opportunity, the Netto Palazzo building presents substantial scale, historic character, and long-term upside within Algoma's waterfront community.