Redevelopment Flex and
For Sale
Contact for pricing
4969 S 110th St, Milwaukee, WI 53228
Redevelopment site with a mixed office, lab, and warehouse building on 5.5 acres, with freeway-visible signage.
Property Size24,250 SF
Lot Size5.50 Acres
Price / SF$136.08
Days on Market498
Property Features for 4969 S 110th St
General Information
Standard status
Active
Size
24,250 SF
Lot size
5.50 Acres
Property subtype
OFFICE
Site & Location
Highway Access
Yes
Road Access
Yes
Listing Agency:
Cushman & Wakefield | Boerke
(414) 347-1000
Listed By:
Katie Melbye
(518) 956-1717
Source:
Moodyscre
Added: May 8, 2025
Changed: Sep 13
Last Checked: Sep 16 at 8:07PM
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 Cushman & Wakefield | Boerke
Investment Insights
Based on property information with market context.
This 5.5-acre redevelopment opportunity includes an existing building with a functional mix of office, lab, and warehouse space. The property is well suited for an owner-user looking to occupy space while retaining the option to expand the existing building.
The asset offers signage opportunities visible from the freeway. Access to I-43/I-894/I-45 is available via South 108th Street, supporting convenient regional connectivity.
With both office and warehouse components under one roof, the layout can accommodate multiple operational needs within a single property.
The asset offers signage opportunities visible from the freeway. Access to I-43/I-894/I-45 is available via South 108th Street, supporting convenient regional connectivity.
With both office and warehouse components under one roof, the layout can accommodate multiple operational needs within a single property.
Key Highlights
- 5.5‑acre redevelopment opportunity
- Building offers a mix of office, lab, and warehouse space
- Potential for an owner/user to expand the existing building
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
$238,755
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
7.23%
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%
$4,775,100
$4.8M
Cap Rate 7%
$3,410,786
$3.4M
Cap Rate 9%
$2,652,833
$2.7M
Market Conditions
NOI Build-Up for 24,250 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
$392.9K $16.20/SF
− Vacancy
−$25.5K −$1.05/SF
EGI
$367.3K $15.15/SF
− OpEx
−$128.6K −$5.30/SF
NOI
$238.8K $9.85/SF
Area
Milwaukee, WI
Vacancy
6.50%
Lease Rate
$16.20 /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%
$4,775,100
Cap Rate 7%
$3,410,786
Cap Rate 9%
$2,652,833
Alternative Uses
Best Use
Flex RnD
$3.41M
$2.98M – $3.98M
NOI $238,755 @ 7.0% cap · market cap 7.23%
Second Best
Warehouse
$1.53M
$1.34M – $1.79M
NOI $107,226 @ 7.0% cap · market cap 3.25%
Theoretical Best
Office A
$5.83M
$5.10M – $6.80M
NOI $407,924 @ 7.0% cap · market cap 12.36%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
222
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53228, WI
15,341
Population
7,180
Households
2.1
Avg Household Size
45
Median Age
36%
College-Educated
96%
High-School Grad
5.2 sq mi
ZIP Area
2,950
Density / Sq Mi
$75,288
Median Household Income
$54,006
Median Earnings
$1,220
Median Rent
$254,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Milwaukee, WI
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Frequently Asked Questions
What type of property is this?
Flex space - Redevelopment site with a mixed office, lab, and warehouse building on 5.5 acres, with freeway-visible signage.
Where is this flex space located?
The property is located at 4969 S 110th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: 5.5‑acre redevelopment opportunity; Building offers a mix of office, lab, and warehouse space; Potential for an owner/user to expand the existing building
