Building Details

Tenancy Single

Listing Agency: Epique Realty w***@epiquerealty.com Show Phone

Listed By: Michelle Frederick · License #5695990 Show Phone

Source: Exprealty

Added: May 6 Changed: Sep 18 Last Checked: Sep 19 at 3:59PM

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Investment Insights

Based on property information with market context.

This medical office property offers over 3,100 square feet with a layout that includes 2 private offices, a reception area, and a spacious waiting room. The space also contains 8 exam rooms, a breakroom and kitchen, 3 bathrooms, and additional areas currently used for lab and billing functions. The property is currently operating as a doctor's office.

Located at 103-7137 236th Avenue in Paddock Lake, the property includes parking for staff and clients. Its existing medical configuration can also support professional or general office use, subject to applicable requirements.

Key Highlights

• Over 3,100 square feet of office space
• 8 exam rooms and 2 private offices
• Reception area and spacious waiting room

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

$39,011

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

9.18%

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%

$780,220 $780.2K

Cap Rate 7%

$557,300 $557.3K

Cap Rate 9%

$433,456 $433.5K

Market Conditions

NOI Build-Up for 3,100 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

$65.1K $21.00/SF

− Vacancy

−$13.1K −$4.22/SF

EGI

$52.0K $16.78/SF

− OpEx

−$13.0K −$4.19/SF

NOI

$39.0K $12.58/SF

Area

Kenosha County, WI

Vacancy

20.10%

Lease Rate

$21.00 /SF/Yr

Expense Ratio

25.00%

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%

$780,220

Cap Rate 7%

$557,300

Cap Rate 9%

$433,456

Alternative Uses

Best Use

Office B

$557.3K

$487.6K – $650.2K (±1% cap)

NOI $39,011 @ 7.0% cap · market cap 9.18%

Second Best

Healthcare Medical

$535.0K

$468.1K – $624.2K (±1% cap)

NOI $37,451 @ 7.0% cap · market cap 8.81%

Theoretical Best

Warehouse

$3.61M

$3.16M – $4.21M (±1% cap)

NOI $252,637 @ 7.0% cap · market cap 59.44%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Medical Office Space

Suggested Use

Top Pick Real Estate Agency Auto Repair Shop HVAC Service Auto Parts Store Spa & Massage Center Garden Center

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

Single-tenant

Tenancy

Location Intelligence

Trade Area within ½ mile

32

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53168, WI

8,687

Population

4,072

Households

2.1

Avg Household Size

42

Median Age

30%

College-Educated

92%

High-School Grad

32.5 sq mi

ZIP Area

267

Density / Sq Mi

$104,712

Median Household Income

$56,262

Median Earnings

$1,268

Median Rent

$289,500

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

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

Frequently Asked Questions

What type of property is this?

Medical Office Space - Configured for medical, professional, or general office use with reception, patient waiting, and dedicated work areas.

Where is this medical office space located?

The property is located at 103-7137 236th Avenue Paddock Lake, WI.

What is the asking price?

The asking price for this property is $425,000.

What are key features of this property?

This property features: Over 3,100 square feet of office space; 8 exam rooms and 2 private offices; Reception area and spacious waiting room