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15155-15177 W National Avenue, New Berlin, WI 53151
The shopping center was constructed in 2005.
Property Size20,286 SF
Price / SF$213.88
Days on Market142
Property Features for 15155-15177 W National Avenue
General Information
Standard status
Active
Size
20,286 SF
Total Parking Spaces
145
Property subtype
Retail
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$350,293
Building Details
Year Built
2005
Year Renovated
2009
Tenancy
Multi
Listing Agency:
Founders 3 Real Estate Services Retail Brokerage Division
(920) 246-4362
Listed By:
Conor Farrell · License #WI 89608-94
Source:
Crexi
Added: Apr 11
Changed: Aug 29
Last Checked: Aug 29 at 3:40PM
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 Founders 3 Real Estate Services Retail Brokerage Division
Investment Insights
Based on property information with market context.
This shopping center contains 20,286 square feet and was constructed in 2005. The property includes the address ranges 15155-15177 W National Avenue and 15160-15188 Library Lane in New Berlin, Wisconsin.
Key Highlights
- 20,286‑square‑foot shopping center
- Constructed in 2005
- Two address ranges on W National Avenue and Library Lane
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
$205,335
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
4.73%
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%
$4,106,700
$4.1M
Cap Rate 7%
$2,933,357
$2.9M
Cap Rate 9%
$2,281,500
$2.3M
Market Conditions
NOI Build-Up for 20,286 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
$304.3K $15.00/SF
− Vacancy
−$11.0K −$0.54/SF
EGI
$293.3K $14.46/SF
− OpEx
−$88.0K −$4.34/SF
NOI
$205.3K $10.12/SF
Area
Milwaukee County, WI
Vacancy
3.60%
Lease Rate
$15.00 /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%
$4,106,700
Cap Rate 7%
$2,933,357
Cap Rate 9%
$2,281,500
Alternative Uses
Best Use
Retail
$2.93M
$2.57M – $3.42M
NOI $205,335 @ 7.0% cap · market cap 4.73%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.81M
$4.21M – $5.61M
NOI $336,739 @ 7.0% cap · market cap 7.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
834
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53151, WI
32,535
Population
14,324
Households
2.3
Avg Household Size
47
Median Age
47%
College-Educated
98%
High-School Grad
17.5 sq mi
ZIP Area
1,859
Density / Sq Mi
$99,248
Median Household Income
$59,197
Median Earnings
$1,424
Median Rent
$351,300
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Shopping center - The shopping center was constructed in 2005.
Where is this shopping center located?
The property is located at 15155-15177 W National Avenue New Berlin, WI.
What is the asking price?
The asking price for this property is $4,338,730.
What are key features of this property?
This property features: 20,286‑square‑foot shopping center; Constructed in 2005; Two address ranges on W National Avenue and Library Lane
