Multi-Tenant Industrial
For Sale
Contact for pricing
2121 South West Avenue, Waukesha, WI 53189
Fully leased industrial property with multiple suites and drive-in loading access.
Property Size13,300 SF
Price / SF$74.92
Days on Market10
Property Features for 2121 South West Avenue
General Information
Standard status
Active
Size
13,300 SF
Class
C
Property subtype
Industrial
Occupancy
100%
Lease Type
NNN
Investment Type
Stabilized
Additional Details
Drive-In Doors
4
Building Details
Year Built
1983
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Milwaukee
Listed By:
Peyton Mueller · License #112571-94
Source:
Crexi
Added: Aug 25
Changed: Sep 2
Last Checked: Sep 2 at 2:20PM
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 Marcus & Millichap - Milwaukee
Investment Insights
Based on property information with market context.
This 13,300-square-foot industrial building contains three suites occupied by two tenants and is currently 100% leased. Four drive-in doors support functional loading access across the multi-tenant layout. Constructed in 1983, the property has a documented history of long-term tenant occupancy.
In-place rents are below market, while CAM expenses are under-recovered. The existing lease-up and expense structure provide identifiable operating considerations for an investor evaluating the property’s current income profile. The asset is located at 2121 South West Avenue in Waukesha, Wisconsin.
In-place rents are below market, while CAM expenses are under-recovered. The existing lease-up and expense structure provide identifiable operating considerations for an investor evaluating the property’s current income profile. The asset is located at 2121 South West Avenue in Waukesha, Wisconsin.
Key Highlights
- 100% leased industrial property with three suites
- Two tenants occupy the building, supported by long‑term occupancy history
- Four drive‑in doors provide loading access
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
$48,430
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
4.86%
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%
$968,600
$968.6K
Cap Rate 7%
$691,857
$691.9K
Cap Rate 9%
$538,111
$538.1K
Market Conditions
NOI Build-Up for 13,300 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
$72.8K $5.47/SF
− Vacancy
−$3.6K −$0.27/SF
EGI
$69.2K $5.20/SF
− OpEx
−$20.8K −$1.56/SF
NOI
$48.4K $3.64/SF
Area
Waukesha County, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$968,600
Cap Rate 7%
$691,857
Cap Rate 9%
$538,111
Alternative Uses
Best Use
Industrial
$691.9K
$605.4K – $807.2K
NOI $48,430 @ 7.0% cap · market cap 4.86%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$6.79M
$5.94M – $7.92M
NOI $475,155 @ 7.0% cap · market cap 47.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
4
Drive-in doors
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Explore this area
Business Placement
Demographics for 53189, WI
26,846
Population
10,443
Households
2.6
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
47.8 sq mi
ZIP Area
562
Density / Sq Mi
$114,555
Median Household Income
$58,501
Median Earnings
$1,206
Median Rent
$372,600
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Industrial property - Fully leased industrial property with multiple suites and drive-in loading access.
Where is this industrial property located?
The property is located at 2121 South West Avenue Waukesha, WI.
What is the asking price?
The asking price for this property is $996,419.
What are key features of this property?
This property features: 100% leased industrial property with three suites; Two tenants occupy the building, supported by long‑term occupancy history; Four drive‑in doors provide loading access
