Medical Office with Treatment
For Sale
$975,000
202-208 N Main St, Thiensville, WI 53092
Updated in 2018 with private offices, bathrooms, and a flexible open area.
Property Size2,672 SF
Price / SF$364.90
Days on Market42
Property Features for 202-208 N Main St
General Information
Standard status
Active
Size
2,672 SF
Property subtype
Commercial
Building Details
Year Built
1996
Year Renovated
2018
Listing Agency:
First Weber Inc -NPW
(920) 819-5468
Listed By:
Katherine Rhyme · License #27574
Source:
Milwaukeeforeverhome
Added: Jul 22
Changed: Aug 30
Last Checked: Aug 31 at 1:06PM
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 First Weber Inc -NPW
Investment Insights
Based on property information with market context.
This 2,672-square-foot medical office space was built in 1996 and updated in 2018. The existing layout includes five private treatment rooms, three private offices, two bathrooms, a breakroom, and a reception and waiting area. An open central area provides additional functional space within the suite.
The property is currently configured and used as a health and wellness office. Its combination of enclosed rooms, administrative offices, shared support areas, and flexible open space accommodates the existing setup while allowing consideration of other medical, therapy, wellness, office, or service-based uses supported by the layout.
The property is currently configured and used as a health and wellness office. Its combination of enclosed rooms, administrative offices, shared support areas, and flexible open space accommodates the existing setup while allowing consideration of other medical, therapy, wellness, office, or service-based uses supported by the layout.
Key Highlights
- 2,672 SF medical office space
- Five private treatment rooms
- Three private offices and two bathrooms
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
$36,967
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
3.79%
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%
$739,340
$739.3K
Cap Rate 7%
$528,100
$528.1K
Cap Rate 9%
$410,744
$410.7K
Market Conditions
NOI Build-Up for 2,672 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
$67.3K $25.20/SF
− Vacancy
−$5.7K −$2.14/SF
EGI
$61.6K $23.06/SF
− OpEx
−$24.6K −$9.22/SF
NOI
$37.0K $13.83/SF
Area
Ozaukee County, WI
Vacancy
8.50%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
40.00%
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%
$739,340
Cap Rate 7%
$528,100
Cap Rate 9%
$410,744
Alternative Uses
Best Use
Healthcare Medical
$528.1K
$462.1K – $616.1K
NOI $36,967 @ 7.0% cap · market cap 3.79%
Second Best
Office B
$484.8K
$424.2K – $565.6K
NOI $33,935 @ 7.0% cap · market cap 3.48%
Theoretical Best
Office A
$629.6K
$550.9K – $734.5K
NOI $44,069 @ 7.0% cap · market cap 4.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
391
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53092, WI
21,052
Population
8,983
Households
2.3
Avg Household Size
50
Median Age
69%
College-Educated
98%
High-School Grad
20.3 sq mi
ZIP Area
1,037
Density / Sq Mi
$126,431
Median Household Income
$70,327
Median Earnings
$1,962
Median Rent
$440,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Updated in 2018 with private offices, bathrooms, and a flexible open area.
Where is this medical office space located?
The property is located at 202-208 N Main St Thiensville, WI.
What is the asking price?
The asking price for this property is $975,000.
What are key features of this property?
This property features: 2,672 SF medical office space; Five private treatment rooms; Three private offices and two bathrooms
