Freestanding Retail Space with Anchor
For Sale
$2,000,000
3810 Calumet Ave, Manitowoc, WI 54220
Y, Manitowoc, WI
Property Size4,875 SF
Lot Size0.78 Acres
Price / SF$410.26
Days on Market791
Property Features for 3810 Calumet Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Directions
From I-43 at Exit #149 take Calumet Ave south to the site.
Standard status
Active
APN
382012311
Size
4,875 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
3695
Building Details
Year built
2024
Architectural style
Other
Listing Agency:
Park Regency Real Estate LLC
(920) 682-0307
Listed By:
George Krause Jr · License #5172190
(920) 905-0550
Added: Jul 1, 2024
Changed: Aug 19
Last Checked: Aug 30 at 8:06PM
MLS# 1881963
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 freestanding retail property contains 4,875 square feet across three commercial spaces, each measuring 1,500 square feet or more. Completed in 2024, the building is designed around Papa Johns as the anchor occupant, with two additional spaces available for lease. The configuration provides a compact multi-space retail setting within one building.
The property occupies 0.78 acres in Manitowoc, Wisconsin, and includes parking for approximately 20+ cars. C-1 zoning supports its commercial retail positioning. The combination of a recent construction date, established anchor presence, multiple spaces, and on-site parking creates a straightforward format for retail leasing or ownership.
The property occupies 0.78 acres in Manitowoc, Wisconsin, and includes parking for approximately 20+ cars. C-1 zoning supports its commercial retail positioning. The combination of a recent construction date, established anchor presence, multiple spaces, and on-site parking creates a straightforward format for retail leasing or ownership.
Key Highlights
- Papa Johns serves as the anchor tenant
- 4,875 SF freestanding retail property completed in 2024
- Three total spaces, each measuring 1,500 sq ft +
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
$63,019
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
3.15%
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%
$1,260,380
$1.3M
Cap Rate 7%
$900,271
$900.3K
Cap Rate 9%
$700,211
$700.2K
Market Conditions
NOI Build-Up for 4,875 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
$92.4K $18.96/SF
− Vacancy
−$2.4K −$0.49/SF
EGI
$90.0K $18.47/SF
− OpEx
−$27.0K −$5.54/SF
NOI
$63.0K $12.93/SF
Area
Manitowoc County, WI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$1,260,380
Cap Rate 7%
$900,271
Cap Rate 9%
$700,211
Alternative Uses
Best Use
Retail
$900.3K
$787.7K – $1.05M
NOI $63,019 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$934.8K – $1.25M
NOI $74,785 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
273k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 27%
Dining 20%
Groceries 16%
Shops & Services 16%
Walmart
Superstores
74,732 visits/mo
0.4 miles
Pick 'n Save
Groceries
26,097 visits/mo
0.4 miles
McDonald's
Dining
24,800 visits/mo
0.2 miles
Aldi
Groceries
17,701 visits/mo
0.4 miles
Harbor Freight Tools
Home Improvements & Furnishings
13,436 visits/mo
0.3 miles
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Newly constructed commercial property includes two additional spaces available for lease.
Where is this retail space located?
The property is located at 3810 Calumet Ave Manitowoc, WI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Papa Johns serves as the anchor tenant; 4,875 SF freestanding retail property completed in 2024; Three total spaces, each measuring 1,500 sq ft +
