Flex Office/Warehouse
New
For Sale
$750,000
1322 S 10th St, Milwaukee, WI 53204
Two-function commercial building with updated roofing, new AC, and tenants pursuing three-year NNN lease terms.
Property Size8,057 SF
Price / SF$93.09
Days on Market2
Property Features for 1322 S 10th St
General Information
Standard status
Active
Size
8,057 SF
Building Details
Year Built
1905
Buildings
1
Building Size
8,057 SF
Tenancy
Multi
Listing Agency:
Top Hat Auction and Realty LLC
Listed By:
Dennis Schramer II
(414) 218-5244
Source:
Levelupwi
Added: Sep 15
Last Checked: Sep 15 at 2:16PM
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 Top Hat Auction and Realty LLC
Investment Insights
Based on property information with market context.
This 8,057-square-foot flex property combines office and warehouse space within a building constructed in 1905. The improvements include newer roofing throughout and a new AC system, providing updated core building components for the existing configuration.
Located at 1322 S 10th St in Milwaukee’s Walker's Point area, the property is occupied by long-term tenants. New three-year NNN leases are being signed, with one-third of the process complete. The asset offers a blend of office and warehouse functionality suited to continued flex-space use.
Located at 1322 S 10th St in Milwaukee’s Walker's Point area, the property is occupied by long-term tenants. New three-year NNN leases are being signed, with one-third of the process complete. The asset offers a blend of office and warehouse functionality suited to continued flex-space use.
Key Highlights
- 8,057‑square‑foot flex office/warehouse building
- Located at 1322 S 10th St in Milwaukee’s Walker's Point area
- Building constructed in 1905
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
$35,625
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
4.75%
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%
$712,500
$712.5K
Cap Rate 7%
$508,929
$508.9K
Cap Rate 9%
$395,833
$395.8K
Market Conditions
NOI Build-Up for 8,057 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
$44.1K $5.47/SF
− Vacancy
−$2.2K −$0.27/SF
EGI
$41.9K $5.20/SF
− OpEx
−$6.3K −$0.78/SF
NOI
$35.6K $4.42/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
15.00%
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%
$712,500
Cap Rate 7%
$508,929
Cap Rate 9%
$395,833
Alternative Uses
Best Use
Office B
$1.32M
$1.15M – $1.54M
NOI $92,128 @ 7.0% cap · market cap 12.28%
Second Best
Flex RnD
$1.13M
$991.6K – $1.32M
NOI $79,326 @ 7.0% cap · market cap 10.58%
Theoretical Best
Office A
$1.94M
$1.69M – $2.26M
NOI $135,532 @ 7.0% cap · market cap 18.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,808
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
Median Home Value
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Two-function commercial building with updated roofing, new AC, and tenants pursuing three-year NNN lease terms.
Where is this flex space located?
The property is located at 1322 S 10th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: 8,057‑square‑foot flex office/warehouse building; Located at 1322 S 10th St in Milwaukee’s Walker's Point area; Building constructed in 1905
