Multi-Tenant Warehouse with Outdoor
For Sale
$1,699,000
1111 S West Ave, Waukesha, WI 53186
Industrial property with M2 zoning, multiple tenant spaces, and both dock and drive-in loading access.
Property Size28,000 SF
Lot Size2.00 Acres
Days on Market195
Property Features for 1111 S West Ave
General Information
Standard status
Active
Size
28,000 SF
Class
C
Lot size
2.00 Acres
Property subtype
Multi Tenant Office
Zoning
M2
Warehouse & Industrial
Dock-High Doors
1
Drive-In Doors
15
Additional Details
Cap Rate
9.6%
Outdoor Storage
Yes
Building Details
Building Size
28,000 SF
Year Built
1965
Tenancy
Multi
Listing Agency:
Anderson Commercial Group
(414) 858-5200
Listed By:
Steve Anderson · License #9051327
(414) 858-5200
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 3:03PM
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 Anderson Commercial Group
Investment Insights
Based on property information with market context.
This multi-tenant warehouse property combines industrial building space with outside storage across approximately 2 acres. The site includes one dock door and 15 drive-in doors, providing a range of loading configurations for warehouse operations. Constructed in 1965, the property is positioned on the east side of S West Ave, north of Hoover Ave, in Waukesha, Wisconsin.
The property is currently fully leased and reflects a 9.6% cap rate, with a pro forma cap rate of 11.5%. M2 zoning supports its existing industrial profile, while the acreage and outside storage component add flexibility for future property planning.
The property is currently fully leased and reflects a 9.6% cap rate, with a pro forma cap rate of 11.5%. M2 zoning supports its existing industrial profile, while the acreage and outside storage component add flexibility for future property planning.
Key Highlights
- Multi‑tenant industrial warehouse property with outside storage
- Approximately 2 acres with redevelopment potential
- 1 dock door and 15 drive‑in doors
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
$123,677
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
7.28%
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%
$2,473,540
$2.5M
Cap Rate 7%
$1,766,814
$1.8M
Cap Rate 9%
$1,374,189
$1.4M
Market Conditions
NOI Build-Up for 28,000 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
$153.2K $5.47/SF
− Vacancy
−$7.7K −$0.27/SF
EGI
$145.5K $5.20/SF
− OpEx
−$21.8K −$0.78/SF
NOI
$123.7K $4.42/SF
Area
Waukesha County, WI
Vacancy
5.00%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
15.00%
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%
$2,473,540
Cap Rate 7%
$1,766,814
Cap Rate 9%
$1,374,189
Alternative Uses
Best Use
Warehouse
$1.77M
$1.55M – $2.06M
NOI $123,677 @ 7.0% cap · market cap 7.28%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$14.29M
$12.50M – $16.67M
NOI $1,000,327 @ 7.0% cap · market cap 58.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Dock-high doors
15
Drive-in doors
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
524
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53186, WI
32,332
Population
15,066
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,566
Density / Sq Mi
$74,596
Median Household Income
$42,007
Median Earnings
$1,180
Median Rent
$277,800
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Warehouse - Industrial property with M2 zoning, multiple tenant spaces, and both dock and drive-in loading access.
Where is this warehouse located?
The property is located at 1111 S West Ave Waukesha, WI.
What is the asking price?
The asking price for this property is $1,699,000.
What are key features of this property?
This property features: Multi‑tenant industrial warehouse property with outside storage; Approximately 2 acres with redevelopment potential; 1 dock door and 15 drive‑in doors
