Warehouse with Operational Feed
For Sale
Contact for pricing
N1849 Municipal Dr, Greenville, WI
1.76 acre lot with warehouse, feed mill, rail access.
Property Size4,400 SF
Lot Size1.47 Acres
Price / SF$76.14
Days on Market742
Property Features for N1849 Municipal Dr
General Information
Standard status
Active
Size
4,400 SF
Lot size
1.47 Acres
Property subtype
INDUSTRIAL
Listing Agency:
AssuredCRE LLC
Listed By:
Steve Turner · License #8874194
(608) 338-4410
Source:
Moodyscre
Added: Sep 2, 2024
Changed: Sep 10
Last Checked: Sep 12 at 11:11AM
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 AssuredCRE LLC
Investment Insights
Based on property information with market context.
This property features a 98 x 48 warehouse with 4,400 square feet of space, complemented by three drive-in doors and a dock. It includes an operational feed mill and formerly had rail access. The property is situated on a 1.76-acre lot.
Key Highlights
- Operational feed mill
- 1.76 acre lot
- 98 x 48 warehouse
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
$21,462
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
6.41%
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%
$429,240
$429.2K
Cap Rate 7%
$306,600
$306.6K
Cap Rate 9%
$238,467
$238.5K
Market Conditions
NOI Build-Up for 4,400 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
$26.0K $5.91/SF
− Vacancy
−$754 −$0.17/SF
EGI
$25.2K $5.74/SF
− OpEx
−$3.8K −$0.86/SF
NOI
$21.5K $4.88/SF
Area
Outagamie County, WI
Vacancy
2.90%
Lease Rate
$5.91 /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%
$429,240
Cap Rate 7%
$306,600
Cap Rate 9%
$238,467
Alternative Uses
Best Use
Warehouse
$306.6K
$268.3K – $357.7K
NOI $21,462 @ 7.0% cap · market cap 6.41%
Second Best
Industrial
$252.5K
$220.9K – $294.6K
NOI $17,675 @ 7.0% cap · market cap 5.28%
Theoretical Best
Office A
$1.21M
$1.06M – $1.42M
NOI $84,920 @ 7.0% cap · market cap 25.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
19
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Warehouse - 1.76 acre lot with warehouse, feed mill, rail access.
Where is this warehouse located?
The property is located at N1849 Municipal Dr Greenville, WI.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: Operational feed mill; 1.76 acre lot; 98 x 48 warehouse
