Building Details

Year Built 1980

Year Renovated 2000

Buildings 1

Building Size 13,581 SF

Tenancy Multi

Listing Agency: Team Trillium j***@trilliumcommercial.com Show Phone

Listed By: James Fedie · License #8276194 Show Phone

Source: Exprealty

Added: Apr 15 Changed: Aug 29 Last Checked: May 28 at 7:10AM

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Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Team Trillium

Investment Insights

Based on property information with market context.

This 13,581-square-foot flex property combines approximately 30% office area with 70% warehouse space. The building was renovated in 2000 and includes exterior signage without a basement, supporting straightforward day-to-day operations and maintenance. Its layout accommodates three separate tenant areas measuring 7,417 SF, 4,264 SF, and 1,900 SF.

The 0.75-acre property is located at 1003 Vernon St. in Altoona, Wisconsin, and carries Commercial zoning. Occupancy is 100%, with three leases extending through 12/31/2027. The mix of office and warehouse space, along with multiple occupied areas, provides a diversified flex property configuration.

Key Highlights

• 13,581 SF flex building with approximately 30% office and 70% warehouse space
• 100% occupied by three tenants with leases through 12/31/2027
• Tenant areas include 7,417 SF, 4,264 SF, and 1,900 SF

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

$80,339

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

7.47%

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%

$1,606,780 $1.6M

Cap Rate 7%

$1,147,700 $1.1M

Cap Rate 9%

$892,656 $892.7K

Market Conditions

NOI Build-Up for 13,581 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

$128.7K $9.48/SF

− Vacancy

−$5.1K −$0.38/SF

EGI

$123.6K $9.10/SF

− OpEx

−$43.3K −$3.19/SF

NOI

$80.3K $5.92/SF

Area

Eau Claire County, WI

Vacancy

4.00%

Lease Rate

$9.48 /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%

$1,606,780

Cap Rate 7%

$1,147,700

Cap Rate 9%

$892,656

Alternative Uses

Best Use

Industrial

$15.33M

$13.41M – $17.88M (±1% cap)

NOI $1,072,926 @ 7.0% cap · market cap 99.81%

Second Best

Office B

$2.70M

$2.37M – $3.15M (±1% cap)

NOI $189,210 @ 7.0% cap · market cap 17.60%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Olson Solar Energy General Contractor

Suggested Use

Top Pick Grocery & Convenience Store Plumbing Service Dental Office Bakery Kitchen & Bath Showroom Locksmith

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

100%

Occupancy

Multi-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

959

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 54720, WI

8,580

Population

3,979

Households

2.2

Avg Household Size

39

Median Age

41%

College-Educated

97%

High-School Grad

4.7 sq mi

ZIP Area

1,826

Density / Sq Mi

$81,101

Median Household Income

$45,307

Median Earnings

$1,156

Median Rent

$223,300

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?

Ask Rey about this property ...

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Frequently Asked Questions

What type of property is this?

Flex space - Fully occupied commercial property combines office and warehouse areas under leases through 12/31/2027.

Where is this flex space located?

The property is located at 1003 Vernon St Altoona, WI.

What is the asking price?

The asking price for this property is $1,075,000.

What are key features of this property?

This property features: 13,581 SF flex building with approximately 30% office and 70% warehouse space; 100% occupied by three tenants with leases through 12/31/2027; Tenant areas include 7,417 SF, 4,264 SF, and 1,900 SF