Restored Mixed-Use Brick
For Sale
$609,000
1135 Michigan Ave, Sheboygan, WI 53081
Restored brick construction, updated interiors, and a divisible three-suite commercial layout.
Property Size6,584 SF
Price / SF$92.50
Days on Market54
Property Features for 1135 Michigan Ave
General Information
Standard status
Active
Size
6,584 SF
Additional Details
Office Units
2
Taxes and HOA fees
Annual Taxes
$5,820
Amenities
original hardwood floors
modern lighting
cooled IT room
multiple kitchenettes
conference spaces
abundant natural light
Building Details
Construction
Cream City brick
Abandoned
No
Listing Agency:
NAI Pfefferle - Sheboygan
(920) 344-8732
Listed By:
Dane Checolinski · License #8440294
(920) 344-8732
Source:
Exprealty
Added: Jun 30
Changed: Aug 20
Last Checked: Aug 21 at 12:02PM
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 NAI Pfefferle - Sheboygan
Investment Insights
Based on property information with market context.
This restored Cream City brick property combines preserved architectural character with contemporary commercial improvements. Original hardwood flooring and other period details remain in place alongside updated lighting, windows, and doors. The building also includes a cooled IT room, multiple kitchenettes, conference areas, and substantial natural light.
Positioned at a prominent corner on Michigan Avenue in Downtown Sheboygan, the property is currently occupied by an expanding architectural firm. Its interior plan is configured for division into three commercial suites, with two office spaces and one tavern identified in the existing layout.
Positioned at a prominent corner on Michigan Avenue in Downtown Sheboygan, the property is currently occupied by an expanding architectural firm. Its interior plan is configured for division into three commercial suites, with two office spaces and one tavern identified in the existing layout.
Key Highlights
- Restored Cream City brick building with original hardwood floors and preserved architectural details
- Designed for division into three separate commercial suites
- Existing configuration includes two office spaces and one tavern
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
$45,430
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
7.46%
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%
$908,600
$908.6K
Cap Rate 7%
$649,000
$649.0K
Cap Rate 9%
$504,778
$504.8K
Market Conditions
NOI Build-Up for 6,584 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
$79.0K $12.00/SF
− Vacancy
−$6.3K −$0.96/SF
EGI
$72.7K $11.04/SF
− OpEx
−$27.3K −$4.14/SF
NOI
$45.4K $6.90/SF
Area
Sheboygan County, WI
Vacancy
8.00%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
37.50%
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%
$908,600
Cap Rate 7%
$649,000
Cap Rate 9%
$504,778
Alternative Uses
Best Use
Specialty Retail
$1.24M
$1.08M – $1.44M
NOI $86,573 @ 7.0% cap · market cap 14.22%
Second Best
Office B
$1.02M
$896.8K – $1.20M
NOI $71,744 @ 7.0% cap · market cap 11.78%
Theoretical Best
Office A
$1.43M
$1.26M – $1.67M
NOI $100,444 @ 7.0% cap · market cap 16.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
1,437
Businesses Nearby
Explore this area
Business Placement
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Restored brick construction, updated interiors, and a divisible three-suite commercial layout.
Where is this mixed-use property located?
The property is located at 1135 Michigan Ave Sheboygan, WI.
What is the asking price?
The asking price for this property is $609,000.
What are key features of this property?
This property features: Restored Cream City brick building with original hardwood floors and preserved architectural details; Designed for division into three separate commercial suites; Existing configuration includes two office spaces and one tavern
