Three-Story Office
For Sale
$3,750,000
4400 Calumet Ave, Manitowoc, WI 54220
Built in 2007, this three-floor office building offers finished space with conference rooms and reception areas.
Property Size23,690 SF
Lot Size1.70 Acres
Price / SF$158.29
Days on Market858
Property Features for 4400 Calumet Ave
General Information
Standard status
Active
Size
23,690 SF
Lot size
1.70 Acres
Additional Details
Traffic Count
14,500 vehicles/day
Taxes and HOA fees
Annual Taxes
$64,934
Amenities
conference rooms
reception areas
barrier free access
elevator
Building Details
Year Built
2007
Stories
3
Tenancy
Multi
Listing Agency:
Coldwell Banker Real Estate Group~Manitowoc
(920) 769-1600
Listed By:
Matthew Mueller · License #5521090
(920) 242-6550
Source:
Exprealty
Added: May 1, 2024
Changed: Aug 22
Last Checked: Sep 4 at 10:14AM
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 Coldwell Banker Real Estate Group~Manitowoc
Investment Insights
Based on property information with market context.
This three-story office building was built in 2007 and contains over 23,000 square feet of finished space. The property features high-end finishes throughout, along with conference rooms, ample office space, and reception areas. It is currently operated as a multitenant building.
The building is located in the Harbor Town District on a landscaped 1.7-acre lot and sits at one of the busiest intersections in the county. The public remarks state a daily traffic count of approximately 14,500, and the site offers parking and barrier-free access. An elevator is available on-site.
The seller may consider lease-back and special financing terms, subject to agreement.
The building is located in the Harbor Town District on a landscaped 1.7-acre lot and sits at one of the busiest intersections in the county. The public remarks state a daily traffic count of approximately 14,500, and the site offers parking and barrier-free access. An elevator is available on-site.
The seller may consider lease-back and special financing terms, subject to agreement.
Key Highlights
- 3‑floor office building with 23,000+ SF of finished space
- Built in 2007 with conference rooms, reception areas, and ample office space
- Multitenant setup with barrier‑free access and elevator
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
$230,766
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
6.15%
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%
$4,615,320
$4.6M
Cap Rate 7%
$3,296,657
$3.3M
Cap Rate 9%
$2,564,067
$2.6M
Market Conditions
NOI Build-Up for 23,690 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
$358.2K $15.12/SF
− Vacancy
−$50.5K −$2.13/SF
EGI
$307.7K $12.99/SF
− OpEx
−$76.9K −$3.25/SF
NOI
$230.8K $9.74/SF
Area
Manitowoc County, WI
Vacancy
14.10%
Lease Rate
$15.12 /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%
$4,615,320
Cap Rate 7%
$3,296,657
Cap Rate 9%
$2,564,067
Alternative Uses
Best Use
Office B
$3.30M
$2.88M – $3.85M
NOI $230,766 @ 7.0% cap · market cap 6.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.19M
$4.54M – $6.06M
NOI $363,416 @ 7.0% cap · market cap 9.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
14,500 VPD
Traffic count
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
601
Businesses Nearby
Explore this area
Business Placement
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
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?
Office building - Built in 2007, this three-floor office building offers finished space with conference rooms and reception areas.
Where is this office building located?
The property is located at 4400 Calumet Ave Manitowoc, WI.
What is the asking price?
The asking price for this property is $3,750,000.
What are key features of this property?
This property features: 3‑floor office building with 23,000+ SF of finished space; Built in 2007 with conference rooms, reception areas, and ample office space; Multitenant setup with barrier‑free access and elevator
