Industrial Flex
For Sale
$999,900
2389 AIR PARK RD, Rhinelander, WI 54501
CommercialSale, Rhinelander, WI
Property Size16,600 SF
Lot Size3.64 Acres
Price / SF$60.23
Days on Market220
Property Features for 2389 AIR PARK RD
General Information
Property type
Commercial Sale
Property subtype
Office
Directions
From Hwy 8 or Kemp St take Hwy 47 north to West on W Davenport St to south or Left on Air Park Rd.
Standard status
Active
Lot size
3.64 Acres
Taxes and HOA fees
Tax Year
2025
Tax Description
Doc 846393/813299 PT NW NW 3.64SA EXC V876-148 & DOC 559337 SEE RMNDR PCL SM A1127 SEE SM C2845
Tax Annual Amount
18933
Legal Description
Doc 846393/813299 PT NW NW 3.64SA EXC V876-148 & DOC 559337 SEE RMNDR PCL SM A1127 SEE SM C2845
Utilities
Sewer type
Public Sewer
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
break room
conference room
Building Details
Flooring type
Carpet, Concrete
Building materials
Brick, MetalSiding, Steel
Roof type
Metal
Listing Agency:
SHOREWEST - RHINELANDER · Coldwell Banker Real Estate
(715) 369-1223
Listed By:
DEBORAH MANN · License #73216 - 94
(715) 499-4470
Added: Jan 21
Changed: Aug 20
Last Checked: Aug 29 at 7:06PM
MLS# 215589
Copyright © 2026 Greater Northwoods MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This flex property includes approximately 12,400 square feet of warehouse space with 17-foot ceilings, along with an additional 4,200 square feet of office area. The office component includes a break room, conference room, and both open and private offices. Five dock doors and one 12-foot overhead door support loading access. Construction incorporates brick, metal siding, and steel, with concrete and carpet flooring, forced-air heating, and central air conditioning.
The 3.636-acre property is located in Rhinelander’s Industrial Park adjacent to the airport and is zoned General Industrial. Paved parking serves the building, while public water and public sewer are available. The roof is metal.
The 3.636-acre property is located in Rhinelander’s Industrial Park adjacent to the airport and is zoned General Industrial. Paved parking serves the building, while public water and public sewer are available. The roof is metal.
Key Highlights
- 3.636‑acre site in Rhinelander’s Industrial Park adjacent to the airport
- Approximately 12,400 square feet of warehouse space with 17‑foot ceilings
- Additional 4,200 square feet of office space with open and private offices
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
$68,785
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
6.88%
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%
$1,375,700
$1.4M
Cap Rate 7%
$982,643
$982.6K
Cap Rate 9%
$764,278
$764.3K
Market Conditions
NOI Build-Up for 16,600 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
$113.5K $6.84/SF
− Vacancy
−$7.7K −$0.47/SF
EGI
$105.8K $6.37/SF
− OpEx
−$37.0K −$2.23/SF
NOI
$68.8K $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%
$1,375,700
Cap Rate 7%
$982,643
Cap Rate 9%
$764,278
Alternative Uses
Best Use
Industrial
$7.77M
$6.80M – $9.06M
NOI $543,870 @ 7.0% cap · market cap 54.39%
Second Best
Office B
$2.03M
$1.77M – $2.37M
NOI $141,930 @ 7.0% cap · market cap 14.19%
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 - The property combines warehouse capacity with offices, meeting areas, and a break room.
Where is this flex space located?
The property is located at 2389 AIR PARK RD 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: 3.636‑acre site in Rhinelander’s Industrial Park adjacent to the airport; Approximately 12,400 square feet of warehouse space with 17‑foot ceilings; Additional 4,200 square feet of office space with open and private offices
