Building Details

Year built 1975

Number of units 1

Building materials Aluminum Siding, Metal Siding, Steel Frame, Shake Siding

Listing Agency: Keller Williams Green Bay · Keller Williams Realty a***@calebhayes.com Show Phone

Listed By: Renetta M. Detaege · License #94-82798 Show Phone

Added: Aug 13 Changed: Sep 27 Last Checked: Sep 27 at 11:06PM

Report an Issue

MLS# 50330949

Copyright © 2026 Realtor Association of Northeast Wisconsin. 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 warehouse-class property includes a 5,127-square-foot outbuilding with steel-frame construction and aluminum, metal, and shake siding. Forced-air heating and central air conditioning serve the improvements. A separate two-bedroom cabin provides additional residential accommodation on the site.

The property encompasses 2.98 acres near Lakewood in Oconto County, Wisconsin, with well water serving the premises. Built in 1975, the property is zoned Residential. A permit and town approval for conditional business use are required. Trail access is also identified as a property feature.

Key Highlights

• 5,127‑square‑foot outbuilding
• 2.98‑acre property near Lakewood
• Separate two‑bedroom cabin

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

$24,882

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

7.61%

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%

$497,640 $497.6K

Cap Rate 7%

$355,457 $355.5K

Cap Rate 9%

$276,467 $276.5K

Market Conditions

NOI Build-Up for 5,127 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

$30.1K $5.88/SF

− Vacancy

−$874 −$0.17/SF

EGI

$29.3K $5.71/SF

− OpEx

−$4.4K −$0.86/SF

NOI

$24.9K $4.85/SF

Area

Oconto County, WI

Vacancy

2.90%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

15.00%

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%

$497,640

Cap Rate 7%

$355,457

Cap Rate 9%

$276,467

Alternative Uses

Best Use

Flex RnD

$658.1K

$575.9K – $767.8K (±1% cap)

NOI $46,069 @ 7.0% cap · market cap 14.09%

Second Best

Warehouse

$355.5K

$311.0K – $414.7K (±1% cap)

NOI $24,882 @ 7.0% cap · market cap 7.61%

Theoretical Best

Office A

$1.20M

$1.05M – $1.39M (±1% cap)

NOI $83,673 @ 7.0% cap · market cap 25.60%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Unlock full access to Insights Subscribe to Realmo Intelligence

Open Analytics

Current Use

John Eichinger Inc General Contractor

Suggested Use

Top Pick HVAC Service Building Supply Plumbing Service Garden Center Big Box & Wholesale Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

8

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 54138, WI

831

Population

1,287

Households

0.6

Avg Household Size

62

Median Age

22%

College-Educated

94%

High-School Grad

72.1 sq mi

ZIP Area

12

Density / Sq Mi

$64,924

Median Household Income

$40,521

Median Earnings

$206,000

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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

Similar For Sale Nearby

Updated Specialty Property

15213 COUNTY ROAD F, Lakewood, WI 54138

$149,900

0.39 Acres

View details

Vineyard Property with Panoramic Views

17153 BIG HILL Road, Lakewood, WI 54138

$299,900

4.22 Acres

View details

Frequently Asked Questions

What type of property is this?

Warehouse - Includes a substantial outbuilding, a two-bedroom cabin, well water, and central air conditioning.

Where is this warehouse located?

The property is located at 17294 S THIELKE Road Lakewood, WI.

What is the asking price?

The asking price for this property is $326,900.

What are key features of this property?

This property features: 5,127‑square‑foot outbuilding; 2.98‑acre property near Lakewood; Separate two‑bedroom cabin