Multi-Tenant Flex
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For Sale
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16150 W Lincoln Ave, New Berlin, WI 53151
Fully occupied flex property with diversified tenancy, staggered lease expirations, and access to major Milwaukee-area interstates.
Property Size65,425 SF
Price / SF$103.48
Days on Market7
Property Features for 16150 W Lincoln Ave
General Information
Standard status
Active
Size
65,425 SF
Property subtype
Industrial
Zoning
M-1 Light Manufacturing
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Net Operating Income
$481,277
Additional Details
Highway Access
Yes
Building Details
Year Built
1965
Stories
1
Units
7
Tenancy
Multi
Building Size
65,425 SF
Listing Agency:
Colliers - Milwaukee, Wisconsin
(414) 347-9400
Listed By:
Brett Garceau · License #WI 71433
Source:
Crexi
Added: Aug 3
Changed: Aug 9
Last Checked: Aug 9 at 8:03AM
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 Colliers - Milwaukee, Wisconsin
Investment Insights
Based on property information with market context.
This 65,425-square-foot flex property was built in 1965 and is fully occupied by seven tenants. The tenant roster spans industrial service, warehousing, sports and recreation, and equipment rental uses, creating a multi-tenant configuration with no individual tenant accounting for more than approximately 23% of the building. The property is zoned M-1 Light Manufacturing.
Lease terms include staggered expirations, contractual rent escalations, tenant renewals and extensions, and leases continuing through 2028 and 2029. The building is positioned in New Berlin with access to I-43, I-94, I-41, and the broader Milwaukee metropolitan area, supporting regional connectivity for industrial and flex operations.
Lease terms include staggered expirations, contractual rent escalations, tenant renewals and extensions, and leases continuing through 2028 and 2029. The building is positioned in New Berlin with access to I-43, I-94, I-41, and the broader Milwaukee metropolitan area, supporting regional connectivity for industrial and flex operations.
Key Highlights
- 65,425‑square‑foot multi‑tenant flex property
- Fully occupied by seven tenants across diversified industrial and commercial uses
- No single tenant represents more than approximately 23% of the building
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
$575,492
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
8.50%
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%
$11,509,840
$11.5M
Cap Rate 7%
$8,221,314
$8.2M
Cap Rate 9%
$6,394,356
$6.4M
Market Conditions
NOI Build-Up for 65,425 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
$950.0K $14.52/SF
− Vacancy
−$64.6K −$0.99/SF
EGI
$885.4K $13.53/SF
− OpEx
−$309.9K −$4.74/SF
NOI
$575.5K $8.80/SF
Area
Milwaukee County, WI
Vacancy
6.80%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
35.00%
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%
$11,509,840
Cap Rate 7%
$8,221,314
Cap Rate 9%
$6,394,356
Alternative Uses
Best Use
Flex RnD
$8.22M
$7.19M – $9.59M
NOI $575,492 @ 7.0% cap · market cap 8.50%
Second Best
Warehouse
$4.13M
$3.61M – $4.82M
NOI $288,984 @ 7.0% cap · market cap 4.27%
Theoretical Best
Office A
$15.51M
$13.58M – $18.10M
NOI $1,086,026 @ 7.0% cap · market cap 16.04%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
453
Businesses Nearby
Balanced
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 Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Fully occupied flex property with diversified tenancy, staggered lease expirations, and access to major Milwaukee-area interstates.
Where is this flex space located?
The property is located at 16150 W Lincoln Ave New Berlin, WI.
What is the asking price?
The asking price for this property is $6,770,000.
What are key features of this property?
This property features: 65,425‑square‑foot multi‑tenant flex property; Fully occupied by seven tenants across diversified industrial and commercial uses; No single tenant represents more than approximately 23% of the building
