Fully Leased Outpatient Medical
For Sale
Contact for pricing
12555 W NATIONAL AVE, New Berlin, WI 53151
Stabilized outpatient medical building is 100% leased on a triple-net basis with annual rent escalations.
Property Size16,808 SF
Price / SF$229.06
Days on Market131
Property Features for 12555 W NATIONAL AVE
General Information
Standard status
Active
Size
16,808 SF
Class
A
Property subtype
Office
Occupancy
100%
Lease Type
NNN
Investment Type
Core+
Net Operating Income
$301,856
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Cap Rate
7.64%
Building Details
Year Built
2005
Buildings
1
Units
2
Tenancy
Multi
Listing Agency:
Zeustra Inc
Listed By:
Nick Myers · License #PA RS322215
Source:
Crexi
Added: Apr 29
Changed: Aug 27
Last Checked: Sep 5 at 11:28AM
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 Zeustra Inc
Investment Insights
Based on property information with market context.
The property at 12555 W National Ave is a fully leased outpatient medical facility totaling 16,808 square feet. The building is 100% occupied by a mix of healthcare providers, anchored by Aspen Orthopedic Specialists, which occupies approximately half of the space. Aspen is a long-term tenant with a recently exercised 5-year renewal option, and the practice operates an outpatient platform including on-site MRI, digital X-ray, and physical therapy services.
Tenant leases are structured on a triple-net basis with 2% annual rent escalations. The remaining tenancy includes West Allis Primary Care Physicians and Internist LTD, each having recently executed 5-year renewal options, supporting long-term stability across the rent roll. The property also benefits from access via West National Avenue and nearby Interstates 94, 43, and 41 within the Milwaukee MSA.
Tenant leases are structured on a triple-net basis with 2% annual rent escalations. The remaining tenancy includes West Allis Primary Care Physicians and Internist LTD, each having recently executed 5-year renewal options, supporting long-term stability across the rent roll. The property also benefits from access via West National Avenue and nearby Interstates 94, 43, and 41 within the Milwaukee MSA.
Key Highlights
- 16,808 SF outpatient medical facility built in 2005 in the Milwaukee MSA, fully leased at 100% occupancy.
- 100% leased to a healthcare provider mix anchored by Aspen Orthopedic Specialists (~50% of the building).
- Aspen exercised a 5‑year renewal option and operates an outpatient platform with on‑site MRI, digital X‑ray, and physical therapy.
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
$231,900
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
6.02%
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%
$4,638,000
$4.6M
Cap Rate 7%
$3,312,857
$3.3M
Cap Rate 9%
$2,576,667
$2.6M
Market Conditions
NOI Build-Up for 16,808 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
$441.7K $26.28/SF
− Vacancy
−$55.2K −$3.29/SF
EGI
$386.5K $23.00/SF
− OpEx
−$154.6K −$9.20/SF
NOI
$231.9K $13.80/SF
Area
Milwaukee County, WI
Vacancy
12.50%
Lease Rate
$26.28 /SF/Yr
Expense Ratio
40.00%
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%
$4,638,000
Cap Rate 7%
$3,312,857
Cap Rate 9%
$2,576,667
Alternative Uses
Best Use
Healthcare Medical
$3.31M
$2.90M – $3.87M
NOI $231,900 @ 7.0% cap · market cap 6.02%
Second Best
Office B
$3.28M
$2.87M – $3.83M
NOI $229,840 @ 7.0% cap · market cap 5.97%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,005 @ 7.0% cap · market cap 7.25%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
203
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53151, WI
32,535
Population
14,324
Households
2.3
Avg Household Size
47
Median Age
47%
College-Educated
98%
High-School Grad
17.5 sq mi
ZIP Area
1,859
Density / Sq Mi
$99,248
Median Household Income
$59,197
Median Earnings
$1,424
Median Rent
$351,300
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?
Medical Office Space - Stabilized outpatient medical building is 100% leased on a triple-net basis with annual rent escalations.
Where is this medical office space located?
The property is located at 12555 W NATIONAL AVE New Berlin, WI.
What is the asking price?
The asking price for this property is $3,850,000.
What are key features of this property?
This property features: 16,808 SF outpatient medical facility built in 2005 in the Milwaukee MSA, fully leased at 100% occupancy.; 100% leased to a healthcare provider mix anchored by Aspen Orthopedic Specialists (~50% of the building).; Aspen exercised a 5‑year renewal option and operates an outpatient platform with on‑site MRI, digital X‑ray, and physical therapy.
