Building Details

Year built 1971

Architectural style Other

Listing Agency: Realty Executives Integrity~Brookfield · Realty Executives International d***@realtyexecutives.com Show Phone

Listed By: Tim Martinez · License #59365-90 Show Phone

Added: Aug 29, 2025 Changed: Aug 19 Last Checked: Aug 30 at 1:06AM

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MLS# 1933046

Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

Investment Insights

Based on property information with market context.

This 3,869-square-foot office building was constructed in 1971 with modern masonry construction and a flexible floorplan. The main level includes five private offices, a large lobby, three separate entries, and an at-grade entrance. The layout may accommodate office, retail, service, municipal, assisted living, distribution, medical, or multifamily applications, subject to applicable approvals.

Access is provided from two street entries leading to a 12-car parking lot. The 0.78-acre property also includes green space behind the building that abuts the park. Its combination of multiple entries, adaptable interior space, and on-site parking supports a range of commercial configurations.

Key Highlights

• 3,869‑square‑foot office building on 0.78 acres
• Five private offices and a large lobby
• Three main floor entries plus at‑grade access

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

$14,362

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

4.42%

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%

$287,240 $287.2K

Cap Rate 7%

$205,171 $205.2K

Cap Rate 9%

$159,578 $159.6K

Market Conditions

NOI Build-Up for 3,869 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

$20.9K $5.40/SF

− Vacancy

−$376 −$0.10/SF

EGI

$20.5K $5.30/SF

− OpEx

−$6.2K −$1.59/SF

NOI

$14.4K $3.71/SF

Area

Manitowoc County, WI

Vacancy

1.80%

Lease Rate

$5.40 /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%

$287,240

Cap Rate 7%

$205,171

Cap Rate 9%

$159,578

Alternative Uses

Best Use

Office B

$538.4K

$471.1K – $628.1K (±1% cap)

NOI $37,688 @ 7.0% cap · market cap 11.60%

Second Best

Flex RnD

$502.8K

$439.9K – $586.6K (±1% cap)

NOI $35,195 @ 7.0% cap · market cap 10.83%

Theoretical Best

Specialty Retail

$847.9K

$741.9K – $989.2K (±1% cap)

NOI $59,352 @ 7.0% cap · market cap 18.27%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Office buildings

Suggested Use

Top Pick Parking Lot & Garage Dental Office Building Supply (Bike/Boat/Book/etc) Store Furniture & Home Goods Garden Center

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

Yes

Paved road access

Location Intelligence

Trade Area within ½ mile

88

Businesses Nearby

Explore this area Business Placement

Demographics for 54230, WI

4,623

Population

1,789

Households

2.6

Avg Household Size

44

Median Age

17%

College-Educated

91%

High-School Grad

109.0 sq mi

ZIP Area

42

Density / Sq Mi

$78,964

Median Household Income

$46,392

Median Earnings

$650

Median Rent

$205,100

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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

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Frequently Asked Questions

What type of property is this?

Office building - Masonry construction offers five private offices, a large lobby, and convenient at-grade entry.

Where is this office building located?

The property is located at 427 Manitowoc St Reedsville, WI.

What is the asking price?

The asking price for this property is $324,900.

What are key features of this property?

This property features: 3,869‑square‑foot office building on 0.78 acres; Five private offices and a large lobby; Three main floor entries plus at‑grade access