Flex Space with Warehouse
For Sale
$499,900
103 Leonard St N, West Salem, WI 54669
Office and warehouse configuration with interior and fenced outdoor parking.
Property Size4,200 SF
Price / SF$119.02
Days on Market25
Property Features for 103 Leonard St N
General Information
Standard status
Active
Size
4,200 SF
Total Parking Spaces
6
Site & Location
Highway Access
Yes
Fenced Yard
Yes
Warehouse & Industrial
Warehouse Space
3,500 SF
Office Build-Out
700 SF
Taxes and HOA fees
Annual Taxes
$3,676
Listing Agency:
eXp Realty LLC
(608) 385-5548
Listed By:
Josh Neumann
(608) 385-5548
Source:
Exprealty
Added: Aug 8
Changed: Aug 31
Last Checked: Aug 31 at 7:20PM
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 eXp Realty LLC
Investment Insights
Based on property information with market context.
This 4,200-square-foot flex property combines approximately 700 square feet of office space with 3,500 square feet dedicated to garage and warehouse functions. The current configuration supports contractor office and storage operations, while the space has also been identified for potential conversion to retail, restaurant, distribution, or manufacturing use.
Parking includes capacity for up to 6 vehicles inside, along with additional fenced outdoor parking. The property is situated at 103 Leonard St N in downtown West Salem’s commercial district, with access just off the interstate.
Parking includes capacity for up to 6 vehicles inside, along with additional fenced outdoor parking. The property is situated at 103 Leonard St N in downtown West Salem’s commercial district, with access just off the interstate.
Key Highlights
- 4,200‑square‑foot flex property with office, garage, and warehouse areas
- Approximately 700 square feet of office space
- 3,500 square feet of garage and warehousing space
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
$44,226
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
8.85%
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%
$884,520
$884.5K
Cap Rate 7%
$631,800
$631.8K
Cap Rate 9%
$491,400
$491.4K
Market Conditions
NOI Build-Up for 4,200 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
$75.6K $18.00/SF
− Vacancy
−$16.6K −$3.96/SF
EGI
$59.0K $14.04/SF
− OpEx
−$14.7K −$3.51/SF
NOI
$44.2K $10.53/SF
Area
La Crosse County, WI
Vacancy
22.00%
Lease Rate
$18.00 /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%
$884,520
Cap Rate 7%
$631,800
Cap Rate 9%
$491,400
Alternative Uses
Best Use
Flex RnD
$696.4K
$609.3K – $812.5K
NOI $48,747 @ 7.0% cap · market cap 9.75%
Second Best
Office B
$631.8K
$552.8K – $737.1K
NOI $44,226 @ 7.0% cap · market cap 8.85%
Theoretical Best
Specialty Retail
$918.5K
$803.7K – $1.07M
NOI $64,298 @ 7.0% cap · market cap 12.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
302
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54669, WI
8,094
Population
3,246
Households
2.5
Avg Household Size
42
Median Age
42%
College-Educated
98%
High-School Grad
51.6 sq mi
ZIP Area
157
Density / Sq Mi
$100,214
Median Household Income
$47,884
Median Earnings
$1,156
Median Rent
$288,600
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Flex space - Office and warehouse configuration with interior and fenced outdoor parking.
Where is this flex space located?
The property is located at 103 Leonard St N West Salem, WI.
What is the asking price?
The asking price for this property is $499,900.
What are key features of this property?
This property features: 4,200‑square‑foot flex property with office, garage, and warehouse areas; Approximately 700 square feet of office space; 3,500 square feet of garage and warehousing space
