Three-Unit Mixed-Use
For Sale
$599,900
119 Main St, Belgium, WI 53004
Three commercial units combine retail-oriented space with professional office functionality near a busy intersection.
Property Size5,200 SF
Price / SF$115.37
Days on Market25
Property Features for 119 Main St
General Information
Standard status
Active
Size
5,200 SF
Site & Location
Highway Access
Yes
Road Access
Yes
Building Details
Year Built
2000
Tenancy
Multi
Listing Agency:
Emmer Real Estate Group
(262) 629-4747
Listed By:
Jim Emmer · License #3703490
Source:
Nikolicgroup
Added: Aug 5
Changed: Aug 28
Last Checked: Aug 29 at 11:42AM
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 Emmer Real Estate Group
Investment Insights
Based on property information with market context.
Built in 2000, this three-unit commercial property provides 5,200 square feet of flexible space for mixed-use occupancy. The two end units feature tall ceilings and broad window walls that bring natural light into the interiors, supporting retail or creative uses. The center unit is configured for professional office use, with room for multiple private offices and a layout suited to businesses such as insurance or consulting.
The property is located at 119 Main St in Belgium, Wisconsin, near a busy intersection and just off the freeway. Its position provides high exposure and convenient access for commercial occupants. The combination of distinct unit layouts, retail-capable end spaces, and an office-oriented center suite supports both owner-user and investment applications.
The property is located at 119 Main St in Belgium, Wisconsin, near a busy intersection and just off the freeway. Its position provides high exposure and convenient access for commercial occupants. The combination of distinct unit layouts, retail-capable end spaces, and an office-oriented center suite supports both owner-user and investment applications.
Key Highlights
- Three commercial units totaling 5200 square feet
- Built in 2000
- End units feature tall ceilings and expansive window walls
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
$51,480
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
8.58%
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%
$1,029,600
$1.0M
Cap Rate 7%
$735,429
$735.4K
Cap Rate 9%
$572,000
$572.0K
Market Conditions
NOI Build-Up for 5,200 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
$93.6K $18.00/SF
− Vacancy
−$11.2K −$2.16/SF
EGI
$82.4K $15.84/SF
− OpEx
−$30.9K −$5.94/SF
NOI
$51.5K $9.90/SF
Area
Ozaukee County, WI
Vacancy
12.00%
Lease Rate
$18.00 /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%
$1,029,600
Cap Rate 7%
$735,429
Cap Rate 9%
$572,000
Alternative Uses
Best Use
Retail
$960.3K
$840.3K – $1.12M
NOI $67,220 @ 7.0% cap · market cap 11.21%
Second Best
Office B
$943.5K
$825.5K – $1.10M
NOI $66,042 @ 7.0% cap · market cap 11.01%
Theoretical Best
Office A
$1.23M
$1.07M – $1.43M
NOI $85,763 @ 7.0% cap · market cap 14.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
81
Businesses Nearby
Explore this area
Business Placement
Demographics for 53004, WI
3,469
Population
1,537
Households
2.3
Avg Household Size
42
Median Age
25%
College-Educated
98%
High-School Grad
33.6 sq mi
ZIP Area
103
Density / Sq Mi
$84,844
Median Household Income
$46,475
Median Earnings
$941
Median Rent
$244,700
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 - Three commercial units combine retail-oriented space with professional office functionality near a busy intersection.
Where is this mixed-use property located?
The property is located at 119 Main St Belgium, WI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: Three commercial units totaling 5200 square feet; Built in 2000; End units feature tall ceilings and expansive window walls
