Listing Agency: MELGES Real Estate, LLC

Listed By: Berisha Cary · License #93986-94 Show Phone

Source: Nikolicgroup

Added: Aug 12 Changed: Oct 10 Last Checked: Oct 7 at 3:40PM

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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 MELGES Real Estate, LLC

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Investment Insights

Based on property information with market context.

This approximately 1,495-square-foot flex suite is planned for delivery with drywall, lighting, electrical service, and core improvements in place. The remaining build-out can be completed around the occupant’s requirements, supporting a range of professional, healthcare, wellness, spa, and boutique retail formats. Actual finishes and layouts may vary from the rendered imagery.

The property is situated in Downtown Delavan’s Historic District, just off Brick Road. The location offers convenient access, street visibility, and abundant street parking. Its unfinished configuration provides flexibility for creating a tailored commercial environment within an established downtown setting.

Key Highlights

• Approximately 1,495 SF commercial flex suite
• Drywall, lighting, electrical, and core improvements included at delivery
• Remaining build‑out can be customized to the occupant’s requirements

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$15,565

Cap Rate

6.35%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$311,300 $311.3K

Cap Rate 7%

$222,357 $222.4K

Cap Rate 9%

$172,944 $172.9K

Is this asking price fair?

Market Conditions

NOI Build-Up for 1,495 SF

Gross rent

$25.5K $17.04/SF

− Vacancy

−$1.5K −$1.02/SF

EGI

$23.9K $16.02/SF

− OpEx

−$8.4K −$5.61/SF

NOI

$15.6K $10.41/SF

Area

Walworth County, WI

Vacancy

6.00%

Lease Rate

$17.04 /SF/Yr

Expense Ratio

35.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$311,300

Cap Rate 7%

$222,357

Cap Rate 9%

$172,944

Alternative Uses

Best Use

Flex RnD

$222.4K

$194.6K – $259.4K (±1% cap)

NOI $15,565 @ 7.0% cap · market cap 6.35%

Second Best

Industrial

$178.3K

$156.0K – $208.1K (±1% cap)

NOI $12,483 @ 7.0% cap · market cap 5.10%

Theoretical Best

Specialty Retail

$288.5K

$252.5K – $336.6K (±1% cap)

NOI $20,196 @ 7.0% cap · market cap 8.24%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

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Current Use

Joel Sperling, DC ... Alternative Medicine Practice Carlson Chiropractic Center Alternative Medicine Practice Pegge Suhm, CH Alternative Medicine Practice Sweet Zen Massage Alternative Medicine Practice Jan's Hallmark Shop (Bike/Boat/Book/etc) Store

Suggested Use

Top Pick HVAC Service Pharmacy (Bike/Boat/Book/etc) Store Barber Shop Dental Office Electrical Service

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

414

Businesses Nearby

Under-served

Demand for This Use

Explore this area 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

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Commercial suite delivered with core improvements, enabling customized completion for office, healthcare, wellness, or retail use.

Where is this flex space 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: Approximately 1,495 SF commercial flex suite; Drywall, lighting, electrical, and core improvements included at delivery; Remaining build‑out can be customized to the occupant’s requirements