Creative Studio Condo with Spiral
For Sale
$275,000
1411 6th Ave, Grafton, WI 53024
Renovated masonry condominium with adaptable work areas, meeting space, kitchen facilities, and preserved architectural finishes.
Property Size2,226 SF
Price / SF$123.54
Days on Market20
Property Features for 1411 6th Ave
General Information
Standard status
Active
Size
2,226 SF
Building Details
Year Built
1959
Listing Agency:
Corley Real Estate
(262) 951-8497
Listed By:
Paul Monigal · License #6684294
Source:
Nikolicgroup
Added: Aug 12
Changed: Aug 30
Last Checked: Aug 30 at 10:47PM
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 Corley Real Estate
Investment Insights
Based on property information with market context.
Suite 3 is a 2,226-square-foot commercial condominium within a renovated 1959 aluminum casting foundry. The all-masonry building combines restored terrazzo and oak parquet flooring with a private glass-front entry, an on-site cast spiral staircase, and vintage mesh aluminum curtains. The main level includes a lobby, conference room, and adjoining office, while the upper floor provides three flexible work areas, a galley kitchen with live-edge bar, a full bath, a half bath, and a flex room for storage or expansion.
The property includes ample parking and greenspace, with walkable access to shops, restaurants, and the river. Highway 60 and I-43 are minutes away, supporting convenient regional access for occupants and visitors.
The property includes ample parking and greenspace, with walkable access to shops, restaurants, and the river. Highway 60 and I-43 are minutes away, supporting convenient regional access for occupants and visitors.
Key Highlights
- 2,226‑square‑foot commercial condominium in a renovated 1959 foundry
- Private glass‑front lobby with spiral staircase cast on site
- Three upper‑level flexible workspaces plus a storage or expansion room
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
$8,106
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
2.95%
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%
$162,120
$162.1K
Cap Rate 7%
$115,800
$115.8K
Cap Rate 9%
$90,067
$90.1K
Market Conditions
NOI Build-Up for 2,226 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
$12.2K $5.47/SF
− Vacancy
−$597 −$0.27/SF
EGI
$11.6K $5.20/SF
− OpEx
−$3.5K −$1.56/SF
NOI
$8.1K $3.64/SF
Area
Ozaukee County, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$162,120
Cap Rate 7%
$115,800
Cap Rate 9%
$90,067
Alternative Uses
Best Use
Office B
$403.9K
$353.4K – $471.2K
NOI $28,271 @ 7.0% cap · market cap 10.28%
Second Best
Industrial
$115.8K
$101.3K – $135.1K
NOI $8,106 @ 7.0% cap · market cap 2.95%
Theoretical Best
Office A
$524.5K
$458.9K – $611.9K
NOI $36,713 @ 7.0% cap · market cap 13.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
706
Businesses Nearby
Explore this area
Business Placement
Demographics for 53024, WI
18,291
Population
8,598
Households
2.1
Avg Household Size
44
Median Age
46%
College-Educated
99%
High-School Grad
27.5 sq mi
ZIP Area
665
Density / Sq Mi
$91,675
Median Household Income
$53,758
Median Earnings
$1,124
Median Rent
$353,700
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?
Creative space - Renovated masonry condominium with adaptable work areas, meeting space, kitchen facilities, and preserved architectural finishes.
Where is this creative space located?
The property is located at 1411 6th Ave Grafton, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 2,226‑square‑foot commercial condominium in a renovated 1959 foundry; Private glass‑front lobby with spiral staircase cast on site; Three upper‑level flexible workspaces plus a storage or expansion room
