Flex Space with Dock
For Sale
$999,900
2389 Air Park, Rhinelander, WI 54501
Industrial park property combines warehouse and office areas with paved parking and General Industrial zoning.
Property Size16,717 SF
Lot Size3.31 Acres
Price / SF$59.81
Days on Market379
Property Features for 2389 Air Park
General Information
Standard status
Active
Size
16,717 SF
Lot size
3.31 Acres
Property subtype
Commercial
Zoning
General Industrial
Warehouse & Industrial
Clear Height
17 ft
Warehouse Space
12,400 SF
Office Build-Out
4,200 SF
Dock-High Doors
5
Amenities
break room
conference room
Building Details
Buildings
1
Listing Agency:
Shorewest, REALTORS
Listed By:
Deb Mann · License #7321694
(715) 369-1223
Source:
Madisonareahomelistings
Added: Oct 1, 2025
Changed: Oct 1
Last Checked: Oct 12 at 8:02PM
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 Shorewest, REALTORS
Investment Insights
Based on property information with market context.
This flex space property occupies 3.31 acres in Rhinelander’s Industrial Park and includes approximately 12,400 square feet of warehouse space with 17-foot ceilings. An additional 4,200 square feet provides office capacity, including a break room, conference room, and a combination of open and private offices.
The building is adjacent to the airport and includes five dock doors plus one 12-foot overhead door. Paved parking serves the property, which is zoned General Industrial. The property is located at 2389 Air Park, Rhinelander, Wisconsin.
The building is adjacent to the airport and includes five dock doors plus one 12-foot overhead door. Paved parking serves the property, which is zoned General Industrial. The property is located at 2389 Air Park, Rhinelander, Wisconsin.
Key Highlights
- 3.31‑acre property in Rhinelander’s Industrial Park
- Approximately 12,400 SF of warehouse space with 17‑foot ceilings
- Additional 4,200 SF of office space
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$69,270
Cap Rate
6.93%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,385,400
$1.4M
Cap Rate 7%
$989,571
$989.6K
Cap Rate 9%
$769,667
$769.7K
Market Conditions
NOI Build-Up for 16,717 SF
Gross rent
$114.3K $6.84/SF
− Vacancy
−$7.8K −$0.47/SF
EGI
$106.6K $6.37/SF
− OpEx
−$37.3K −$2.23/SF
NOI
$69.3K $4.14/SF
Area
Oneida County, WI
Vacancy
6.80%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,385,400
Cap Rate 7%
$989,571
Cap Rate 9%
$769,667
Alternative Uses
Best Use
Industrial
$7.82M
$6.85M – $9.13M
NOI $547,704 @ 7.0% cap · market cap 54.78%
Second Best
Office B
$2.04M
$1.79M – $2.38M
NOI $142,930 @ 7.0% cap · market cap 14.29%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
17 ft
Clear height
5
Dock-high doors
Location Intelligence
Trade Area within ½ mile
57
Businesses Nearby
Well-served
Demand for This Use
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
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial park property combines warehouse and office areas with paved parking and General Industrial zoning.
Where is this flex space located?
The property is located at 2389 Air Park Rhinelander, WI.
What is the asking price?
The asking price for this property is $999,900.
What are key features of this property?
This property features: 3.31‑acre property in Rhinelander’s Industrial Park; Approximately 12,400 SF of warehouse space with 17‑foot ceilings; Additional 4,200 SF of office space
