Flex Space with
For Sale
$3,450,000
4454 MILL Road, Denmark, WI 54208
Commercial Sale, DENMARK, WI
Property Size28,000 SF
Lot Size15.00 Acres
Price / SF$123.21
Days on Market283
Property Features for 4454 MILL Road
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Community Business Dis B1
Parking
50
Elementary school district
Denmark
Middle school district
Denmark
High school district
Denmark
Directions
From I-43 (just West of Denmark) turn Southwest on Highway 96, 2.5 miles to County NN, turn South on NN 4 miles, turn right 0.9 miles on Mill Road.
Standard status
Active
APN
277-2
Lot size
15.00 Acres
Taxes and HOA fees
Tax Year
2024
Tax Description
All of Tax Parcel # 277-2 and a small part of M-277. This Listing and Listed price include the Residential Home Listing # 50318437 on the same parcel.
Tax Annual Amount
11554
Legal Description
All of Tax Parcel # 277-2 and a small part of M-277. This Listing and Listed price include the Residential Home Listing # 50318437 on the same parcel.
Utilities
Heating system
Radiant, Space Heater, Other (Heating)
Water source
Well, Private
Building Details
Year built
1994
Floors in Building
1
Number of units
2
Building materials
Aluminum Siding, Metal Siding, Steel Frame, Vinyl Siding
Listing Agency:
4% Realty
(920) 639-2828
Listed By:
William G. Seims · License #90-47376
(920) 639-2828
Added: Nov 12, 2025
Changed: Aug 21
Last Checked: Aug 22 at 6:06PM
MLS# 50318494
Copyright © 2026 Realtor Association of Northeast Wisconsin. 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 flex-space property includes approximately 28,000 square feet arranged for office functions, warehousing, storage, and other business uses. The building was constructed in 1994 and features a steel frame with aluminum, metal, and vinyl siding. Heating includes space heaters and radiant systems, while water is supplied by a private well.
The property encompasses 15 acres in Denmark, Wisconsin, with the commercial building located at 4454 Mill Road. Community Business Dis B1 zoning supports the stated commercial setting. The facility is currently leased on a short-term basis. The transaction also includes the residential home at 4432 Mill Road and associated parcel interests identified in the property information.
The property encompasses 15 acres in Denmark, Wisconsin, with the commercial building located at 4454 Mill Road. Community Business Dis B1 zoning supports the stated commercial setting. The facility is currently leased on a short-term basis. The transaction also includes the residential home at 4432 Mill Road and associated parcel interests identified in the property information.
Key Highlights
- Approximately 28,000 square feet of office and warehouse space
- 15‑acre property in Denmark, WI
- Community Business Dis B1 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
$243,210
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
7.05%
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%
$4,864,200
$4.9M
Cap Rate 7%
$3,474,429
$3.5M
Cap Rate 9%
$2,702,333
$2.7M
Market Conditions
NOI Build-Up for 28,000 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
$403.2K $14.40/SF
− Vacancy
−$29.0K −$1.04/SF
EGI
$374.2K $13.36/SF
− OpEx
−$131.0K −$4.68/SF
NOI
$243.2K $8.69/SF
Area
Brown County, WI
Vacancy
7.20%
Lease Rate
$14.40 /SF/Yr
Expense Ratio
35.00%
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%
$4,864,200
Cap Rate 7%
$3,474,429
Cap Rate 9%
$2,702,333
Alternative Uses
Best Use
Warehouse
$23.41M
$20.49M – $27.32M
NOI $1,638,947 @ 7.0% cap · market cap 47.51%
Second Best
Industrial
$19.28M
$16.87M – $22.50M
NOI $1,349,721 @ 7.0% cap · market cap 39.12%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54208, WI
6,363
Population
2,343
Households
2.7
Avg Household Size
41
Median Age
24%
College-Educated
95%
High-School Grad
99.3 sq mi
ZIP Area
64
Density / Sq Mi
$90,956
Median Household Income
$47,324
Median Earnings
$745
Median Rent
$245,300
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Commercial facility combining office areas, warehouse space, and business-use capacity under Community Business Dis B1 zoning.
Where is this flex space located?
The property is located at 4454 MILL Road Denmark, WI.
What is the asking price?
The asking price for this property is $3,450,000.
What are key features of this property?
This property features: Approximately 28,000 square feet of office and warehouse space; 15‑acre property in Denmark, WI; Community Business Dis B1 zoning
