Four-Unit Retail
For Sale
Contact for pricing
3040-3046 S Delaware Ave, Milwaukee, WI 53207
Neighborhood retail property with restaurant improvements, basement access, and established commercial occupancy.
Property Size4,800 SF
Price / SF$207.29
Days on Market12
Property Features for 3040-3046 S Delaware Ave
General Information
Standard status
Active
Size
4,800 SF
Class
C
Property subtype
Retail
Zoning
LB2
Occupancy
100%
Lease Type
Net
Investment Type
Stabilized
Net Operating Income
$81,558
Additional Details
Utilities to Site
Yes
Building Details
Year Built
1928
Year Renovated
2018
Buildings
1
Units
4
Tenancy
Multi
Listing Agency:
The Realty Company LLC
(414) 405-7128
Listed By:
Lorna Mueller · License #51541-90
Source:
Crexi
Added: Jul 31
Changed: Aug 9
Last Checked: Aug 10 at 2:08PM
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 The Realty Company LLC
Investment Insights
Based on property information with market context.
This 4,800-square-foot retail center contains four commercial units in a 1928 building. One unit includes a restaurant kitchen, full bar, wood flooring, two restrooms, basement access, a gas furnace, and rooftop air conditioning. The building’s existing restaurant signage may be reused. Additional spaces provide full bathrooms, rear storage, kitchenettes, basement access, gas furnaces, and rooftop air conditioning.
The property is located at 3040-3046 S Delaware Avenue in Milwaukee’s Bay View neighborhood and carries LB2 zoning. The Exchange occupies the 3044 unit under a three-year lease, while the 3046 space has a fitness tenant with several years of occupancy. Tenants handle utilities, water, sewer, snow removal, landscaping, and maintenance within their individual spaces. Ownership covers property taxes, insurance, and exterior maintenance.
The property is located at 3040-3046 S Delaware Avenue in Milwaukee’s Bay View neighborhood and carries LB2 zoning. The Exchange occupies the 3044 unit under a three-year lease, while the 3046 space has a fitness tenant with several years of occupancy. Tenants handle utilities, water, sewer, snow removal, landscaping, and maintenance within their individual spaces. Ownership covers property taxes, insurance, and exterior maintenance.
Key Highlights
- Four‑unit retail center totaling 4,800 square feet
- 1928 construction with LB2 zoning
- Restaurant‑equipped unit with kitchen, full bar, wood floors, and two restrooms
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
$58,882
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
5.92%
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%
$1,177,640
$1.2M
Cap Rate 7%
$841,171
$841.2K
Cap Rate 9%
$654,244
$654.2K
Market Conditions
NOI Build-Up for 4,800 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
$83.5K $17.40/SF
− Vacancy
−$5.0K −$1.04/SF
EGI
$78.5K $16.36/SF
− OpEx
−$19.6K −$4.09/SF
NOI
$58.9K $12.27/SF
Area
Milwaukee, WI
Vacancy
6.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
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%
$1,177,640
Cap Rate 7%
$841,171
Cap Rate 9%
$654,244
Alternative Uses
Best Use
Specialty Retail
$841.2K
$736.0K – $981.4K
NOI $58,882 @ 7.0% cap · market cap 5.92%
Second Best
Retail
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 5.06%
Theoretical Best
Office A
$1.15M
$1.01M – $1.35M
NOI $80,744 @ 7.0% cap · market cap 8.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53207, WI
34,292
Population
17,278
Households
2
Avg Household Size
37
Median Age
45%
College-Educated
94%
High-School Grad
10.0 sq mi
ZIP Area
3,429
Density / Sq Mi
$79,576
Median Household Income
$53,886
Median Earnings
$1,145
Median Rent
$228,500
Median Home Value
Market
Vacancy Rate% for Retail in Milwaukee, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Shopping center - Neighborhood retail property with restaurant improvements, basement access, and established commercial occupancy.
Where is this shopping center located?
The property is located at 3040-3046 S Delaware Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Four‑unit retail center totaling 4,800 square feet; 1928 construction with LB2 zoning; Restaurant‑equipped unit with kitchen, full bar, wood floors, and two restrooms
