Heated Flex Space with
For Sale
$525,000
2622 North Wauwatosa Avenue, Wauwatosa, WI 53213
Climate-controlled flex space with a furnished kitchen, warehouse power, and dock access.
Property Size3,000 SF
Price / SF$175
Days on Market45
Property Features for 2622 North Wauwatosa Avenue
General Information
Standard status
Active
Size
3,000 SF
Property subtype
FlexIndustrial
Listing Agency:
CBRE, Inc.
(414) 274-1688
Listed By:
Patrick Gallagher
(414) 274-1688
Source:
Cbre
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 29 at 11:15PM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
This 3,000-square-foot flex space at 2622 North Wauwatosa Avenue includes heating and air conditioning throughout the property. The warehouse is equipped with 400-amp power and a single 8-foot by 8-foot dock door, supporting commercial storage and handling functions.
The property also features a fully furnished kitchen, adding an existing amenity for occupants using the space. Its flex-space configuration combines conditioned interior space with warehouse capability at the Wauwatosa address.
The property also features a fully furnished kitchen, adding an existing amenity for occupants using the space. Its flex-space configuration combines conditioned interior space with warehouse capability at the Wauwatosa address.
Key Highlights
- 3,000‑square‑foot flex space
- Heating and air conditioning throughout
- 400‑amp warehouse power
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
$26,389
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
5.03%
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%
$527,780
$527.8K
Cap Rate 7%
$376,986
$377.0K
Cap Rate 9%
$293,211
$293.2K
Market Conditions
NOI Build-Up for 3,000 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
$43.6K $14.52/SF
− Vacancy
−$3.0K −$0.99/SF
EGI
$40.6K $13.53/SF
− OpEx
−$14.2K −$4.74/SF
NOI
$26.4K $8.80/SF
Area
Milwaukee County, WI
Vacancy
6.80%
Lease Rate
$14.52 /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%
$527,780
Cap Rate 7%
$376,986
Cap Rate 9%
$293,211
Alternative Uses
Best Use
Flex RnD
$377.0K
$329.9K – $439.8K
NOI $26,389 @ 7.0% cap · market cap 5.03%
Second Best
Warehouse
$189.3K
$165.6K – $220.9K
NOI $13,251 @ 7.0% cap · market cap 2.52%
Theoretical Best
Office A
$711.4K
$622.5K – $830.0K
NOI $49,799 @ 7.0% cap · market cap 9.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
552
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53213, WI
26,469
Population
12,591
Households
2.1
Avg Household Size
37
Median Age
63%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
6,787
Density / Sq Mi
$94,144
Median Household Income
$59,472
Median Earnings
$1,228
Median Rent
$311,200
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?
Flex space - Climate-controlled flex space with a furnished kitchen, warehouse power, and dock access.
Where is this flex space located?
The property is located at 2622 North Wauwatosa Avenue Wauwatosa, WI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,000‑square‑foot flex space; Heating and air conditioning throughout; 400‑amp warehouse power
