Former Veterinary Clinic For
For Sale
Contact for pricing
108 Pine St N, Burlington, WI
Veterinary clinic with potential for two tenant spaces.
Property Size1,947 SF
Lot Size0.20 Acres
Price / SF$179.71
Days on Market318
Property Features for 108 Pine St N
General Information
Standard status
Active
Size
1,947 SF
Lot size
0.20 Acres
Property subtype
OFFICE
Listing Agency:
City Commercial Real Estate, LLC
(262) 419-9419
Listed By:
Madeline Rzentkowski · License #52573
(262) 419-9419
Source:
Moodyscre
Added: Oct 9, 2025
Changed: Aug 9
Last Checked: Aug 22 at 6:06AM
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 City Commercial Real Estate, LLC
Investment Insights
Based on property information with market context.
The property, a former veterinary clinic available for sale for the first time since 1990, was initially designed for two tenants. The current owner combined both tenant spaces upon purchase in 1990 and further updated the property in 2013. The 1947-square-foot building includes a reception area, two exam rooms, a wash station, a kennel room, a restroom, and storage rooms. It features a rubber roof with two rooftop HVAC units. The property could be converted back into two tenant spaces if desired.
Key Highlights
- Former veterinary clinic available for the first time since 1990.
- Originally designed for two tenants, offering flexible use options.
- Potential to convert back into two separate tenant spaces.
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
$25,146
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
7.19%
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%
$502,920
$502.9K
Cap Rate 7%
$359,229
$359.2K
Cap Rate 9%
$279,400
$279.4K
Market Conditions
NOI Build-Up for 1,947 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
$40.9K $21.00/SF
− Vacancy
−$7.4K −$3.78/SF
EGI
$33.5K $17.22/SF
− OpEx
−$8.4K −$4.31/SF
NOI
$25.1K $12.92/SF
Area
Racine County, WI
Vacancy
18.00%
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%
$502,920
Cap Rate 7%
$359,229
Cap Rate 9%
$279,400
Alternative Uses
Best Use
Office B
$359.2K
$314.3K – $419.1K
NOI $25,146 @ 7.0% cap · market cap 7.19%
Second Best
Healthcare Medical
$342.7K
$299.9K – $399.8K
NOI $23,989 @ 7.0% cap · market cap 6.86%
Theoretical Best
Office A
$468.2K
$409.7K – $546.3K
NOI $32,775 @ 7.0% cap · market cap 9.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,156
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Molitor Pet & Bird Clinic — 108 N Pine St, Burlington, WI 53105
- Creature Comforts House Call Veterinary Service — 615 N Pine St, Burlington, WI 53105
Frequently Asked Questions
What type of property is this?
Medical Office Space - Veterinary clinic with potential for two tenant spaces.
Where is this medical office space located?
The property is located at 108 Pine St N Burlington, WI.
What is the asking price?
The asking price for this property is $349,900.
What are key features of this property?
This property features: Former veterinary clinic available for the first time since 1990.; Originally designed for two tenants, offering flexible use options.; Potential to convert back into two separate tenant spaces.
