Building Details

Building Size 15,565 SF

Year Built 1981

Listing Agency: Anderson Commercial Group Show Phone

Listed By: Steve Anderson · License #9051327 Show Phone

Source: Thebrokerlist

Added: Jun 28 Changed: Aug 16 Last Checked: Aug 26 at 5:29AM

Report an Issue

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 Anderson Commercial Group

Investment Insights

Based on property information with market context.

This property is a former call center that can be converted to flex space or warehouse use. It features a fire sprinkler system and an 11' 9" ceiling height at the joist, with a 13' ceiling height noted. Loading convenience includes an 8' x 10' dock door with leveler and drain, plus a 10' x 10' drive-in door.

The property is located west of W Loomis Rd and south of W College Ave, in Greendale, WI. The available information supports conversion flexibility rather than a specific current operating configuration.

For tenants or buyers looking for industrial space that can adapt beyond an office-oriented layout, the existing building improvements and loading features provide a practical starting point. The combination of dock and drive-in access, along with sprinkler coverage and workable ceiling heights, supports a range of light warehouse and distribution or flex-style operations where a conversion may be appropriate.

Key Highlights

• Former call center space built in 1981, adaptable for flex or warehouse use
• 13' ceiling height (11' 9" at joist) for storage and flexible layout options
• Includes an 8' x 10' dock door with leveler and drain

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

$136,913

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

8.30%

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%

$2,738,260 $2.7M

Cap Rate 7%

$1,955,900 $2.0M

Cap Rate 9%

$1,521,256 $1.5M

Market Conditions

NOI Build-Up for 15,565 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

$226.0K $14.52/SF

− Vacancy

−$15.4K −$0.99/SF

EGI

$210.6K $13.53/SF

− OpEx

−$73.7K −$4.74/SF

NOI

$136.9K $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%

$2,738,260

Cap Rate 7%

$1,955,900

Cap Rate 9%

$1,521,256

Alternative Uses

Best Use

Flex RnD

$1.96M

$1.71M – $2.28M (±1% cap)

NOI $136,913 @ 7.0% cap · market cap 8.30%

Second Best

Warehouse

$982.2K

$859.4K – $1.15M (±1% cap)

NOI $68,751 @ 7.0% cap · market cap 4.17%

Theoretical Best

Office A

$3.69M

$3.23M – $4.31M (±1% cap)

NOI $258,372 @ 7.0% cap · market cap 15.66%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

ebix, inc. Medical Billing Service Dr. James J. ... Physician Alejandra Siddalingaiah Physician

Suggested Use

Top Pick Real Estate Agency Restaurant Auto Repair Shop Law Firm Dental Office Building Supply

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

13 ft

Clear height

1

Dock-high doors

1

Drive-in doors

Yes

Sprinkler system

Location Intelligence

Trade Area within ½ mile

183

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53129, WI

14,793

Population

6,046

Households

2.4

Avg Household Size

44

Median Age

49%

College-Educated

96%

High-School Grad

5.1 sq mi

ZIP Area

2,901

Density / Sq Mi

$95,412

Median Household Income

$55,956

Median Earnings

$1,177

Median Rent

$288,400

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

Ask Rey about this property ...

Similar For Sale Nearby

Updated Duplex with Vacant Unit

5113-5111 Maplewood Drive, Greendale, WI 53129

$489,900

View details

Masonry Specialty Property

6050 South Industrial Court, Greendale, WI 53129

Contact for pricing

View details

Frequently Asked Questions

What type of property is this?

Flex space - Former call center space with 13' ceilings, dock and drive-in doors, and sprinkler system for flexible industrial use.

Where is this flex space located?

The property is located at 6400 Industrial Loop Greendale, WI.

What is the asking price?

The asking price for this property is $1,650,000.

What are key features of this property?

This property features: Former call center space built in 1981, adaptable for flex or warehouse use; 13' ceiling height (11' 9" at joist) for storage and flexible layout options; Includes an 8' x 10' dock door with leveler and drain