Renovated Office/Retail
For Sale
Contact for pricing
203 E Wisconsin Ave, Oconomowoc, WI 53066
Renovated building with office and retail spaces, currently 100% leased to 13 tenants.
Property Size16,040 SF
Price / SF$168.27
Days on Market452
Property Features for 203 E Wisconsin Ave
General Information
Standard status
Active
Size
16,040 SF
Property subtype
RETAIL
Occupancy
100%
Building Details
Year Renovated
2022
Tenancy
Multi
Listing Agency:
Judson & Associates, S.C.
Listed By:
Matthew Judson · License #9477202
(262) 695-8800
Source:
Moodyscre
Added: Jun 19, 2025
Changed: Aug 31
Last Checked: Sep 13 at 7:56AM
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 Judson & Associates, S.C.
Investment Insights
Based on property information with market context.
This renovated mixed-use office and retail building is currently 100% leased by 13 office/retail tenants. The property underwent a complete renovation in 2021–2022, including a new roof, new mechanical systems and HVAC, new staircases, new interior walls, new electrical, new plumbing, and updated front glass walls and entrance.
The building’s configuration supports both office and retail operations, with tenant-ready improvements completed through the recent renovation.
The property is offered for sale with its current leased status in place.
The building’s configuration supports both office and retail operations, with tenant-ready improvements completed through the recent renovation.
The property is offered for sale with its current leased status in place.
Key Highlights
- Currently 100% leased by 13 office/retail tenants
- Complete renovation completed in 2021–2022 with new roof
- 2021–2022 upgrades include new HVAC and new mechanicals
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
$227,300
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
8.42%
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%
$4,546,000
$4.5M
Cap Rate 7%
$3,247,143
$3.2M
Cap Rate 9%
$2,525,556
$2.5M
Market Conditions
NOI Build-Up for 16,040 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
$336.8K $21.00/SF
− Vacancy
−$12.1K −$0.76/SF
EGI
$324.7K $20.24/SF
− OpEx
−$97.4K −$6.07/SF
NOI
$227.3K $14.17/SF
Area
Waukesha County, WI
Vacancy
3.60%
Lease Rate
$21.00 /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%
$4,546,000
Cap Rate 7%
$3,247,143
Cap Rate 9%
$2,525,556
Alternative Uses
Best Use
Retail
$3.25M
$2.84M – $3.79M
NOI $227,300 @ 7.0% cap · market cap 8.42%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$8.19M
$7.16M – $9.55M
NOI $573,044 @ 7.0% cap · market cap 21.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
827
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53066, WI
36,595
Population
16,074
Households
2.3
Avg Household Size
45
Median Age
47%
College-Educated
97%
High-School Grad
103.2 sq mi
ZIP Area
355
Density / Sq Mi
$111,348
Median Household Income
$55,563
Median Earnings
$1,263
Median Rent
$402,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Similar Off Market Nearby
- Old Theater Mall — 171 E Wisconsin Ave, Oconomowoc, WI 53066
- Whistle Stop Plaza — 419 E Wisconsin Ave, Oconomowoc, WI 53066
Frequently Asked Questions
What type of property is this?
Shopping center - Renovated building with office and retail spaces, currently 100% leased to 13 tenants.
Where is this shopping center located?
The property is located at 203 E Wisconsin Ave Oconomowoc, WI.
What is the asking price?
The asking price for this property is $2,699,000.
What are key features of this property?
This property features: Currently 100% leased by 13 office/retail tenants; Complete renovation completed in 2021–2022 with new roof; 2021–2022 upgrades include new HVAC and new mechanicals
