Building Details

Year built 1951

Architectural style Other

Listing Agency: RE/MAX Lakeside-South · RE/MAX International k***@lakesiderealtors.com Show Phone

Listed By: Jose Santiago · License #42104 Show Phone

Added: Aug 3 Changed: Aug 19 Last Checked: Sep 20 at 5:06PM

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MLS# 1974395

Copyright © 2026 Metro 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 9490-square-foot flex property, built in 1951, brings together office space, flex areas, warehouse space, garages, and on-site parking within one commercial facility. The property is zoned M-2 and supports a range of commercial or industrial uses as described in the listing information.

Located at 2200 Miller Park Way in West Milwaukee, the property sits along a high-traffic commercial corridor with access to major highways, downtown Milwaukee, nearby retail, and surrounding business centers. Its combination of office and industrial-oriented areas provides a varied physical layout for businesses requiring more than conventional office space.

Key Highlights

• 9490 square feet of office, flex, warehouse, and garage space
• 0.45‑acre property at 2200 Miller Park Way, West Milwaukee, WI 53219
• M‑2 zoning

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

$41,918

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

5.37%

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%

$838,360 $838.4K

Cap Rate 7%

$598,829 $598.8K

Cap Rate 9%

$465,756 $465.8K

Market Conditions

NOI Build-Up for 9,490 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

$51.9K $5.47/SF

− Vacancy

−$2.6K −$0.27/SF

EGI

$49.3K $5.20/SF

− OpEx

−$7.4K −$0.78/SF

NOI

$41.9K $4.42/SF

Area

ZIP 53219

Vacancy

5.00%

Lease Rate

$5.47 /SF/Yr

Expense Ratio

15.00%

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%

$838,360

Cap Rate 7%

$598,829

Cap Rate 9%

$465,756

Alternative Uses

Best Use

Office B

$1.55M

$1.36M – $1.81M (±1% cap)

NOI $108,513 @ 7.0% cap · market cap 13.91%

Second Best

Flex RnD

$1.29M

$1.12M – $1.50M (±1% cap)

NOI $89,974 @ 7.0% cap · market cap 11.54%

Theoretical Best

Office A

$2.28M

$2.00M – $2.66M (±1% cap)

NOI $159,637 @ 7.0% cap · market cap 20.47%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

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Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Dental Office Spa & Massage Center Restaurant Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

480

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53219, WI

34,925

Population

15,661

Households

2.2

Avg Household Size

38

Median Age

26%

College-Educated

90%

High-School Grad

5.0 sq mi

ZIP Area

6,985

Density / Sq Mi

$70,998

Median Household Income

$43,223

Median Earnings

$971

Median Rent

$190,300

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties What are key features of this property?

Similar For Sale Nearby

Flex Space with Warehouse and Offices

2200 Miller Park Way, West Milwaukee, WI 53219

$780,000

9,490 SF

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Four-Unit Apartment Building

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$399,900

0.16 Acres

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Frequently Asked Questions

What type of property is this?

Flex space - M-2-zoned facility combines office, garage, and warehouse areas with on-site parking.

Where is this flex space located?

The property is located at 2200 Miller Park Way West Milwaukee, WI.

What is the asking price?

The asking price for this property is $780,000.

What are key features of this property?

This property features: 9490 square feet of office, flex, warehouse, and garage space; 0.45‑acre property at 2200 Miller Park Way, West Milwaukee, WI 53219; M‑2 zoning