Customizable Office
107 S Third St, Delavan, WI 53115
For Sale
$245,000
N, Delavan, WI
Property Size1,545 SF
Lot Size0.30 Acres
Price / SF$158.58
Days on Market141
Property Features for 107 S Third St
General Information
Property type
Property subtype
Zoning
Directions
Standard status
APN
Size
Lot size
Taxes and HOA fees
Tax Year
Building Details
Architectural style
Listing Agency:
MELGES Real Estate, LLC
(262) 249-7653
Listed By:
Berisha Cary · License WI 93986-94
(262) 949-3374
Added: Jun 23
Changed: Oct 12
Last Checked: Nov 10 at 8:06AM
MLS# 1968863
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.
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Investment Insights
Based on property information with market context.
This commercial office suite is located within Downtown Delavan’s Historic District and is being delivered with drywall, lighting, electrical work, and core improvements in place. The remaining build-out can be tailored to the end user, supporting a range of professional office configurations and service-oriented layouts.
The space is just off Brick Road and includes access to abundant street parking. Its stated use potential includes professional offices, medical or healthcare practices, wellness and spa services, and boutique retail. Rendered images depict the intended completed space; final finishes, layouts, and build-out may vary.
The space is just off Brick Road and includes access to abundant street parking. Its stated use potential includes professional offices, medical or healthcare practices, wellness and spa services, and boutique retail. Rendered images depict the intended completed space; final finishes, layouts, and build-out may vary.
Key Highlights
- Core improvements include drywall, lighting, and electrical work
- Remaining build‑out can be customized for the end user
- Located in Downtown Delavan’s Historic District
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,627
Cap Rate
7.60%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,540
$372.5K
Cap Rate 7%
$266,100
$266.1K
Cap Rate 9%
$206,967
$207.0K
Market Conditions
NOI Build-Up for 1,545 SF
Gross rent
$33.9K $21.96/SF
− Vacancy
−$2.9K −$1.87/SF
EGI
$31.0K $20.09/SF
− OpEx
−$12.4K −$8.04/SF
NOI
$18.6K $12.06/SF
Area
Walworth County, WI
Vacancy
8.50%
Lease Rate
$21.96 /SF/Yr
Expense Ratio
40.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$372,540
Cap Rate 7%
$266,100
Cap Rate 9%
$206,967
Alternative Uses
Best Use
Healthcare Medical
$266.1K
$232.8K – $310.5K
NOI $18,627 @ 7.0% cap · market cap 7.60%
Second Best
Office B
$193.7K
$169.5K – $226.0K
NOI $13,557 @ 7.0% cap · market cap 5.53%
Theoretical Best
Specialty Retail
$298.2K
$260.9K – $347.9K
NOI $20,871 @ 7.0% cap · market cap 8.52%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
414
Businesses Nearby
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Business Placement
Demographics for 53115, WI
15,884
Population
8,848
Households
1.8
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
71.9 sq mi
ZIP Area
221
Density / Sq Mi
$70,880
Median Household Income
$38,871
Median Earnings
$1,012
Median Rent
$225,900
Median Home Value
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Market
Average Price Trend$/SF for Office Units in Walworth County, WI
Properties on Market for Office Units in Walworth County
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Commercial space with core improvements completed and remaining build-out available for customization.
Where is this office unit located?
The property is located at 107 S Third St Delavan, WI.
What is the asking price?
The asking price for this property is $245,000.
What are key features of this property?
This property features: Core improvements include drywall, lighting, and electrical work; Remaining build‑out can be customized for the end user; Located in Downtown Delavan’s Historic District
