Two-Tenant Retail
For Sale
$11,230,000
4890 Integrity Way, Appleton, WI 54913
Fee simple condominium interest comprising two retail units occupied by established national brands.
Property Size73,000 SF
Days on Market45
Property Features for 4890 Integrity Way
General Information
Standard status
Active
Size
73,000 SF
Property subtype
Retail
Occupancy
100%
Net Operating Income
$772,115
Building Details
Building Size
73,000 SF
Year Built
1988
Tenancy
Multi
Listing Agency:
Mid America Real Estate Milwaukee
(414) 390-1402
Listed By:
Dan Rosenfeld · License #55452
Source:
Midamericagrp
Added: Jul 16
Changed: Aug 29
Last Checked: Aug 29 at 3:12PM
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 Mid America Real Estate Milwaukee
Investment Insights
Based on property information with market context.
The offering comprises the fee simple condominium interest in two of three units within a retail condominium association. The included units are occupied by TJ Maxx / HomeGoods and La-Z-Boy Furniture Galleries, creating a large-format retail asset with two established occupants. La-Z-Boy completed a comprehensive store remodel in spring 2026. The property was built in 1988.
Located at 4890 Integrity Way in Appleton, Wisconsin, the center is positioned within the Appleton / Grand Chute retail market and the Fox Valley regional retail corridor. The third condominium unit is excluded from the offering and is occupied by Altitude Trampoline Park and Luv 2 Play.
Located at 4890 Integrity Way in Appleton, Wisconsin, the center is positioned within the Appleton / Grand Chute retail market and the Fox Valley regional retail corridor. The third condominium unit is excluded from the offering and is occupied by Altitude Trampoline Park and Luv 2 Play.
Key Highlights
- Fee simple condominium interest in 2 of the association’s 3 units
- Included units occupied by TJ Maxx / HomeGoods and La‑Z‑Boy Furniture Galleries
- La‑Z‑Boy completed a comprehensive store remodel in spring 2026
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
$943,666
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
8.40%
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%
$18,873,320
$18.9M
Cap Rate 7%
$13,480,943
$13.5M
Cap Rate 9%
$10,485,178
$10.5M
Market Conditions
NOI Build-Up for 73,000 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
$1.38M $18.96/SF
− Vacancy
−$36.0K −$0.49/SF
EGI
$1.35M $18.47/SF
− OpEx
−$404.4K −$5.54/SF
NOI
$943.7K $12.93/SF
Area
Outagamie County, WI
Vacancy
2.60%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
30.00%
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%
$18,873,320
Cap Rate 7%
$13,480,943
Cap Rate 9%
$10,485,178
Alternative Uses
Best Use
Retail
$13.48M
$11.80M – $15.73M
NOI $943,666 @ 7.0% cap · market cap 8.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.13M
$17.61M – $23.48M
NOI $1,408,902 @ 7.0% cap · market cap 12.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
847
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54913, WI
23,818
Population
9,930
Households
2.4
Avg Household Size
40
Median Age
47%
College-Educated
98%
High-School Grad
64.2 sq mi
ZIP Area
371
Density / Sq Mi
$103,149
Median Household Income
$57,739
Median Earnings
$1,158
Median Rent
$365,400
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- wall Mart, Appleton, WI — 301 N Mall Dr, Appleton, WI 54913
- Proactiv Kiosk — 4301 W Wisconsin Ave, Appleton, WI 54913
- Sunglass Hut — 4301 W Wisconsin Ave Space 326, Appleton, WI 54913
- Fox River Mall — 4301 W Wisconsin Ave, Appleton, WI 54913
- Center Valley — 3810 W Wisconsin Ave, Grand Chute, WI 54914
Frequently Asked Questions
What type of property is this?
Shopping center - Fee simple condominium interest comprising two retail units occupied by established national brands.
Where is this shopping center located?
The property is located at 4890 Integrity Way Appleton, WI.
What is the asking price?
The asking price for this property is $11,230,000.
What are key features of this property?
This property features: Fee simple condominium interest in 2 of the association’s 3 units; Included units occupied by TJ Maxx / HomeGoods and La‑Z‑Boy Furniture Galleries; La‑Z‑Boy completed a comprehensive store remodel in spring 2026
