Office Building For
For Sale
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2187 N Stevens St, Rhinelander, WI 54501
Office building with long history available for purchase.
Property Size18,500 SF
Price / SF$131.27
Days on Market2255
Property Features for 2187 N Stevens St
General Information
Standard status
Active
Size
18,500 SF
Class
C
Total Parking Spaces
109
Property subtype
Office
Occupancy
100%
Lease Type
Gross
Net Operating Income
$249,299
Building Details
Year Built
2006
Stories
1
Tenancy
Multi
Listing Agency:
NAI Pfefferle
Listed By:
T.J. Morice, SIOR · License #WI 89917-94
Source:
Crexi
Added: Jul 23, 2020
Changed: Sep 13
Last Checked: Sep 22 at 4:59PM
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 NAI Pfefferle
Investment Insights
Based on property information with market context.
This commercial real estate property is an office building with a size of 18500 square feet. The property has a long history.
Key Highlights
- Year Built: 2006
- Long history
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
$158,175
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
6.51%
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%
$3,163,500
$3.2M
Cap Rate 7%
$2,259,643
$2.3M
Cap Rate 9%
$1,757,500
$1.8M
Market Conditions
NOI Build-Up for 18,500 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
$277.5K $15.00/SF
− Vacancy
−$66.6K −$3.60/SF
EGI
$210.9K $11.40/SF
− OpEx
−$52.7K −$2.85/SF
NOI
$158.2K $8.55/SF
Area
Oneida County, WI
Vacancy
24.00%
Lease Rate
$15.00 /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%
$3,163,500
Cap Rate 7%
$2,259,643
Cap Rate 9%
$1,757,500
Alternative Uses
Best Use
Office B
$2.26M
$1.98M – $2.64M
NOI $158,175 @ 7.0% cap · market cap 6.51%
Second Best
—
—
no second resolved use
Theoretical Best
Industrial
$8.66M
$7.58M – $10.10M
NOI $606,121 @ 7.0% cap · market cap 24.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
101
Businesses Nearby
Explore this area
Business Placement
Demographics for 54501, WI
20,591
Population
12,754
Households
1.6
Avg Household Size
48
Median Age
26%
College-Educated
96%
High-School Grad
366.3 sq mi
ZIP Area
56
Density / Sq Mi
$68,602
Median Household Income
$37,578
Median Earnings
$831
Median Rent
$194,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Office building with long history available for purchase.
Where is this office building located?
The property is located at 2187 N Stevens St Rhinelander, WI.
What is the asking price?
The asking price for this property is $2,428,558.
What are key features of this property?
This property features: Year Built: 2006; Long history
