Mixed-Use Property with Attached
For Sale
$1,500,000
1234 Manitoba Ave, South Milwaukee, WI 53172
Combined commercial and residential improvements support owner-occupancy, leasing, or integrated business operations.
Property Size15,000 SF
Price / SF$100
Days on Market255
Property Features for 1234 Manitoba Ave
General Information
Standard status
Active
Size
15,000 SF
Additional Details
Opportunity Zone
Yes
Taxes and HOA fees
Annual Taxes
$10,492
Listing Agency:
Edge Realty Group
(262) 442-4339
Listed By:
Michael Desjardin
(262) 442-4339
Source:
Exprealty
Added: Dec 10, 2025
Changed: Aug 20
Last Checked: Aug 21 at 1:50PM
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 Edge Realty Group
Investment Insights
Based on property information with market context.
This mixed-use property combines a commercial warehouse and showroom with an attached three-bedroom, two-and-a-half-bath condominium. The commercial portion includes shipping and receiving space along with private offices, while the residence has a separate entrance and upgraded finishes. The property size is listed as 15,000, and an active lease runs for 2–3 years.
The offering also includes a deeded 0.25-acre vacant lot on Missouri Ave, providing an additional component for future development. The property is located at 1234 Manitoba Ave in South Milwaukee and lies within federally designated Opportunity Zone Tract 1705.
The offering also includes a deeded 0.25-acre vacant lot on Missouri Ave, providing an additional component for future development. The property is located at 1234 Manitoba Ave in South Milwaukee and lies within federally designated Opportunity Zone Tract 1705.
Key Highlights
- Commercial warehouse and showroom paired with an attached 3‑bed, 2.5‑bath condo
- Warehouse includes dedicated shipping/receiving space and private offices
- Attached residence has a separate entrance and high‑end finishes
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
$131,943
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
8.80%
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%
$2,638,860
$2.6M
Cap Rate 7%
$1,884,900
$1.9M
Cap Rate 9%
$1,466,033
$1.5M
Market Conditions
NOI Build-Up for 15,000 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
$217.8K $14.52/SF
− Vacancy
−$14.8K −$0.99/SF
EGI
$203.0K $13.53/SF
− OpEx
−$71.0K −$4.74/SF
NOI
$131.9K $8.80/SF
Area
Milwaukee County, WI
Vacancy
6.80%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
35.00%
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%
$2,638,860
Cap Rate 7%
$1,884,900
Cap Rate 9%
$1,466,033
Alternative Uses
Best Use
Office B
$2.93M
$2.56M – $3.42M
NOI $205,116 @ 7.0% cap · market cap 13.67%
Second Best
Mixed Use
$2.64M
$2.31M – $3.08M
NOI $184,500 @ 7.0% cap · market cap 12.30%
Theoretical Best
Office A
$3.56M
$3.11M – $4.15M
NOI $248,993 @ 7.0% cap · market cap 16.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
519
Businesses Nearby
Explore this area
Business Placement
Demographics for 53172, WI
20,795
Population
9,150
Households
2.3
Avg Household Size
42
Median Age
28%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
4,332
Density / Sq Mi
$70,146
Median Household Income
$42,958
Median Earnings
$1,014
Median Rent
$216,400
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 - Combined commercial and residential improvements support owner-occupancy, leasing, or integrated business operations.
Where is this mixed-use property located?
The property is located at 1234 Manitoba Ave South Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: Commercial warehouse and showroom paired with an attached 3‑bed, 2.5‑bath condo; Warehouse includes dedicated shipping/receiving space and private offices; Attached residence has a separate entrance and high‑end finishes
