Warehouse with Office and
For Sale
$1,250,000
2450 State Road 28, Kewaskum, WI 53040
Warehouse property includes an office area, two dock doors, and four 12' x 14' drive-in doors on 2.7 acres.
Property Size19,200 SF
Lot Size2.70 Acres
Price / SF$65.10
Days on Market175
Property Features for 2450 State Road 28
General Information
Standard status
Active
Size
19,200 SF
Lot size
2.70 Acres
Site & Location
Highway Access
Yes
Outdoor Storage
Yes
Warehouse & Industrial
Dock-High Doors
2
Drive-In Doors
4
Heavy Power
Yes
Taxes and HOA fees
Annual Taxes
$3,799
Listing Agency:
Paradigm Real Estate
Listed By:
Brian Parrish · License #5673790
(262) 717-5151
Source:
Exprealty
Added: Mar 16
Changed: Sep 5
Last Checked: Sep 5 at 1:11PM
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 Paradigm Real Estate
Investment Insights
Based on property information with market context.
This multi-building warehouse property totals 19,200 SF, including a main building of 17,200 SF and a second building of 1,500 SF, along with 2,800 SF of office space. On the warehouse side, improvements include (2) dock doors and (4) drive-in doors measuring 12' x 14'. The facility also has heavy 3-phase/240-volt power service listed at 1,200 amps (TBV). Outside storage is supported by new concrete pads.
Located on Highway 28, the property provides convenient access to major transportation routes serving nearby towns and cities including West Bend and Fond du Lac. The surrounding area includes a mix of industries such as manufacturing, agriculture, and tourism.
Additional details note that rental income from existing tenants may be available.
Located on Highway 28, the property provides convenient access to major transportation routes serving nearby towns and cities including West Bend and Fond du Lac. The surrounding area includes a mix of industries such as manufacturing, agriculture, and tourism.
Additional details note that rental income from existing tenants may be available.
Key Highlights
- 19,200 SF total warehouse building: 17,200 SF main building plus 1,500 SF Building 2
- Office space included totaling 2,800 SF
- 2 dock doors plus four 12' x 14' drive‑in doors
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
$84,807
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
6.78%
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%
$1,696,140
$1.7M
Cap Rate 7%
$1,211,529
$1.2M
Cap Rate 9%
$942,300
$942.3K
Market Conditions
NOI Build-Up for 19,200 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
$105.0K $5.47/SF
− Vacancy
−$5.3K −$0.27/SF
EGI
$99.8K $5.20/SF
− OpEx
−$15.0K −$0.78/SF
NOI
$84.8K $4.42/SF
Area
Washington County, WI
Vacancy
5.00%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
15.00%
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%
$1,696,140
Cap Rate 7%
$1,211,529
Cap Rate 9%
$942,300
Alternative Uses
Best Use
Warehouse
$1.21M
$1.06M – $1.41M
NOI $84,807 @ 7.0% cap · market cap 6.78%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$5.28M
$4.62M – $6.16M
NOI $369,486 @ 7.0% cap · market cap 29.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Dock-high doors
4
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
14
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53040, WI
8,358
Population
3,377
Households
2.5
Avg Household Size
44
Median Age
24%
College-Educated
95%
High-School Grad
62.9 sq mi
ZIP Area
133
Density / Sq Mi
$99,425
Median Household Income
$55,637
Median Earnings
$981
Median Rent
$312,500
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Warehouse - Warehouse property includes an office area, two dock doors, and four 12' x 14' drive-in doors on 2.7 acres.
Where is this warehouse located?
The property is located at 2450 State Road 28 Kewaskum, WI.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: 19,200 SF total warehouse building: 17,200 SF main building plus 1,500 SF Building 2; Office space included totaling 2,800 SF; 2 dock doors plus four 12' x 14' drive‑in doors
