Waukesha Office/Flex/Industrial
For Sale
Contact for pricing
23255 Paul Rd, Pewaukee, WI
Well-maintained office facility convertible to flex or industrial space.
Property Size55,940 SF
Lot Size4.83 Acres
Price / SF$88.93
Days on Market514
Property Features for 23255 Paul Rd
General Information
Standard status
Active
Size
55,940 SF
Lot size
4.83 Acres
Property subtype
OFFICE
Lease Type
NNN
Properties For Sale
at 23255 Paul Rd Contact us- Floor
- 1
- Size
- 55,940 SF
- Type
- OFFICE
- Lease Type
- NNN
- Availability
- AVAILABLE, Now
- Sublease
- No
N25W23255 Paul Rd.
- Well maintained office facility
- Can be converted to flex and/or industrial
-...
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Contact us
Listing Agency:
Bear Development
(262) 697-9616
Listed By:
Craig Bartsch
(414) 758-3032
Source:
Moodyscre
Added: Apr 18, 2025
Changed: Sep 6
Last Checked: Sep 13 at 10:20AM
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 Bear Development
Investment Insights
Based on property information with market context.
This well-maintained office facility, located within the Pewaukee Business Center, offers the potential for conversion to flex and/or industrial use. The property features one overhead door and one depressed dock door. It benefits from convenient access to I-94, located just one mile away. Additionally, the location provides convenient proximity to retail, restaurant, and hospitality amenities. The property encompasses a total area of 55,940 square feet.
Key Highlights
- Great access (1 mile) to I‑94
- Can be converted to flex and/or industrial
- Located within the Pewaukee Business Center
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
$203,699
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
4.09%
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%
$4,073,980
$4.1M
Cap Rate 7%
$2,909,986
$2.9M
Cap Rate 9%
$2,263,322
$2.3M
Market Conditions
NOI Build-Up for 55,940 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
$306.0K $5.47/SF
− Vacancy
−$15.0K −$0.27/SF
EGI
$291.0K $5.20/SF
− OpEx
−$87.3K −$1.56/SF
NOI
$203.7K $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%
$4,073,980
Cap Rate 7%
$2,909,986
Cap Rate 9%
$2,263,322
Alternative Uses
Best Use
Flex RnD
$28.55M
$24.98M – $33.31M
NOI $1,998,510 @ 7.0% cap · market cap 40.17%
Second Best
Office B
$11.09M
$9.71M – $12.94M
NOI $776,619 @ 7.0% cap · market cap 15.61%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
39
Businesses Nearby
Balanced
Demand for This Use
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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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?
Flex space - Well-maintained office facility convertible to flex or industrial space.
Where is this flex space located?
The property is located at 23255 Paul Rd Pewaukee, WI.
What is the asking price?
The asking price for this property is $4,975,000.
What are key features of this property?
This property features: Great access (1 mile) to I‑94; Can be converted to flex and/or industrial; Located within the Pewaukee Business Center
