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 Market251
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
Year Built
999
Buildings
1
Listing Agency:
Shorewest, REALTORS
(715) 369-1223
Listed By:
Deb Mann · License #7321694
Source:
Madisonareahomelistings
Added: Dec 21, 2025
Changed: Aug 29
Last Checked: Aug 29 at 4:05PM
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 = 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
$69,270
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
6.93%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
Market
Vacancy Rate% for Office 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?
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
