Waukesha Office/Flex/Industrial
23255 Paul Rd Pewaukee, WI
For Sale
Contact for pricing
Well-maintained office facility convertible to flex or industrial space.
Property Size55,940 SF
Lot Size4.83 Acres
Price / SF$88.93
Days on Market468
Property Features for 23255 Paul Rd
General Information
Standard status
Active
Size
55,940 SF
Lot size
4.83 Acres
Property subtype
FLEX_R_AND_D
Listing Agency:
Bear Development
(414) 758-3032
Listed By:
Craig Bartsch
Source:
Moodyscre
Added: Apr 18, 2025
Changed: Jul 10
Last Checked: Jul 21 at 4:24AM
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 Bear Development
Investment Insights
Based on property information with market context.
This well-maintained office facility, located within the Pewaukee Business Center, offers the potential for conversion to flex and/or industrial use. The property features one overhead door and one depressed dock door. It benefits from convenient access to I-94, located just one mile away. Additionally, the location provides convenient proximity to retail, restaurant, and hospitality amenities. The property encompasses a total area of 55,940 square feet.
Key Highlights
- Great access (1 mile) to I‑94
- Can be converted to flex and/or industrial
- Located within the Pewaukee Business Center
Financial Insights For Industrial
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $306.0k | $5.47 |
| − Vacancy | −$15.0k | −$0.27 |
| EGI | $291.0k | $5.20 |
| − OpEx | −$87.3k | −$1.56 |
| NOI | $203.7k | $3.64 |
55,940 SF · lease $5.47/SF/yr · vacancy 4.90% · expense 30.00%
Alternative Uses
Best Use
Flex RnD
$28.55M
$24.98M – $33.31M
NOI $1,998,510 @ 7.0% cap · market cap 40.17%
Second Best
Office B
$11.09M
$9.71M – $12.94M
NOI $776,619 @ 7.0% cap · market cap 15.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use
Frequently Asked Questions
What type of property is this?
Flex space - Well-maintained office facility convertible to flex or industrial space.
Where is this flex space located?
The property is located at 23255 Paul Rd Pewaukee, WI.
What is the asking price?
The asking price for this property is $4,975,000.
What are key features of this property?
This property features: Great access (1 mile) to I‑94; Can be converted to flex and/or industrial; Located within the Pewaukee Business Center
