Flex Space With Overhead
For Sale
$585,000
1211 Hobbs Drive, Delavan, WI 53115
COMMERCIAL - Delavan, WI
Property Size6,000 SF
Lot Size0.63 Acres
Price / SF$97.50
Days on Market28
Property Features for 1211 Hobbs Drive
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Comm
Interior features
Overhead doors, Private office(s)
Lot features
Business district, Free standing, Near Major Highway
Directions
Wright St to Hobbs Dr.
Subdivision
DELAVAN - C
Standard status
Active
APN
XA326100001
Size
6,000 SF
Lot size
0.63 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6809
Building Details
Year built
2004
Number of units
1
Roof type
Metal
Listing Agency:
Homestead Realty
(414) 461-4040
Listed By:
Brenten Kuznacic · License #5954794
(262) 203-1618
Added: Jul 16
Changed: Aug 12
Last Checked: Aug 12 at 9:06PM
MLS# 2020507
Copyright © 2026 REALTORS® Association of South Central Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 6,000-square-foot flex property in Delavan, Wisconsin, offers an open commercial floor plan with three private offices. A 14-foot overhead door supports operations requiring vertical clearance, including warehousing and distribution functions. The building was constructed in 2004 and has a metal roof.
The property occupies 0.63 acres and provides access to major roadways. Its configuration can accommodate a range of commercial activities, including retail, office, and industrial uses, subject to applicable requirements.
The property occupies 0.63 acres and provides access to major roadways. Its configuration can accommodate a range of commercial activities, including retail, office, and industrial uses, subject to applicable requirements.
Key Highlights
- 6,000‑square‑foot commercial building on 0.63 acres
- 14‑foot overhead door
- Three private offices within an open layout
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
$52,650
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
9.00%
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%
$1,053,000
$1.1M
Cap Rate 7%
$752,143
$752.1K
Cap Rate 9%
$585,000
$585.0K
Market Conditions
NOI Build-Up for 6,000 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
$90.0K $15.00/SF
− Vacancy
−$19.8K −$3.30/SF
EGI
$70.2K $11.70/SF
− OpEx
−$17.6K −$2.93/SF
NOI
$52.7K $8.78/SF
Area
Walworth County, WI
Vacancy
22.00%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,053,000
Cap Rate 7%
$752,143
Cap Rate 9%
$585,000
Alternative Uses
Best Use
Flex RnD
$892.4K
$780.9K – $1.04M
NOI $62,469 @ 7.0% cap · market cap 10.68%
Second Best
Warehouse
$869.0K
$760.4K – $1.01M
NOI $60,833 @ 7.0% cap · market cap 10.40%
Theoretical Best
Specialty Retail
$1.16M
$1.01M – $1.35M
NOI $81,054 @ 7.0% cap · market cap 13.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
458
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53115, WI
15,884
Population
8,848
Households
1.8
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
71.9 sq mi
ZIP Area
221
Density / Sq Mi
$70,880
Median Household Income
$38,871
Median Earnings
$1,012
Median Rent
$225,900
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Open commercial space combines private offices with a high-clearance overhead door for adaptable operations.
Where is this flex space located?
The property is located at 1211 Hobbs Drive Delavan, WI.
What is the asking price?
The asking price for this property is $585,000.
What are key features of this property?
This property features: 6,000‑square‑foot commercial building on 0.63 acres; 14‑foot overhead door; Three private offices within an open layout
