Two-Unit Historic Office
New
For Sale
$450,000
2088 Washington Ave, Cedarburg, WI 53012
Two separately accessed office levels provide dedicated HVAC and electrical service for flexible occupancy.
Property Size2,872 SF
Price / SF$156.69
Days on Market2
Property Features for 2088 Washington Ave
General Information
Standard status
Active
Size
2,872 SF
Additional Details
Office Units
2
Building Details
Year Built
1890
Buildings
1
Listing Agency:
RE/MAX United - Port Washington
Listed By:
Michael Didier · License #61593-094
(262) 284-2000
Source:
Nikolicgroup
Added: Sep 19
Last Checked: Sep 19 at 2:17PM
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 RE/MAX United - Port Washington
Investment Insights
Based on property information with market context.
Built in 1890, this office property is arranged across two levels with a private entrance for each unit. Each level has its own furnace, central air, and 200-amp electrical service, supporting distinct occupancy and operational control. Interior character includes maple flooring, tin ceilings, detailed millwork, and pocket doors. On-site parking is also provided.
The property is located at 2088 Washington Ave in Cedarburg, with access to West Bend, Grafton, Saukville, Jackson, and Mequon. Its two-unit configuration suits office users seeking separate entrances or an owner planning to occupy one level while using the other independently.
The property is located at 2088 Washington Ave in Cedarburg, with access to West Bend, Grafton, Saukville, Jackson, and Mequon. Its two-unit configuration suits office users seeking separate entrances or an owner planning to occupy one level while using the other independently.
Key Highlights
- Two office units arranged on separate levels
- Each level includes a private entrance, furnace, and central air
- 200‑amp electrical service provided to each level
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
$36,475
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
8.11%
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%
$729,500
$729.5K
Cap Rate 7%
$521,071
$521.1K
Cap Rate 9%
$405,278
$405.3K
Market Conditions
NOI Build-Up for 2,872 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
$57.6K $20.04/SF
− Vacancy
−$8.9K −$3.11/SF
EGI
$48.6K $16.93/SF
− OpEx
−$12.2K −$4.23/SF
NOI
$36.5K $12.70/SF
Area
Ozaukee County, WI
Vacancy
15.50%
Lease Rate
$20.04 /SF/Yr
Expense Ratio
25.00%
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%
$729,500
Cap Rate 7%
$521,071
Cap Rate 9%
$405,278
Alternative Uses
Best Use
Office B
$521.1K
$455.9K – $607.9K
NOI $36,475 @ 7.0% cap · market cap 8.11%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$676.7K
$592.1K – $789.5K
NOI $47,367 @ 7.0% cap · market cap 10.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
22
Businesses Nearby
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Business Placement
Demographics for 53012, WI
19,027
Population
8,073
Households
2.4
Avg Household Size
45
Median Age
53%
College-Educated
98%
High-School Grad
33.9 sq mi
ZIP Area
561
Density / Sq Mi
$98,094
Median Household Income
$53,434
Median Earnings
$1,059
Median Rent
$390,600
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office building - Two separately accessed office levels provide dedicated HVAC and electrical service for flexible occupancy.
Where is this office building located?
The property is located at 2088 Washington Ave Cedarburg, WI.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Two office units arranged on separate levels; Each level includes a private entrance, furnace, and central air; 200‑amp electrical service provided to each level
