Four-Unit Retail Shopping
For Sale
$995,000
3040 S Delaware Ave, Milwaukee, WI 53207
Updated building systems and restaurant-ready improvements support varied retail and dining configurations.
Property Size4,800 SF
Days on Market26
Property Features for 3040 S Delaware Ave
General Information
Standard status
Active
Size
4,800 SF
Total Parking Spaces
8
Property subtype
Commercial
Zoning
LB2
Taxes and HOA fees
Annual Taxes
$15,140
Building Details
Building Size
4,800 SF
Year Built
1928
Tenancy
Multi
Listing Agency:
The Realty Company, LLC
(262) 786-7690
Listed By:
Lorna Mueller · License #51541-90
(262) 786-7690
Source:
Therealtycompanyllc
Added: Jul 31
Changed: Aug 23
Last Checked: Aug 25 at 8:37AM
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 shopping center at 3040-3046 S. Delaware Avenue contains four retail units. Building improvements include an updated facade, roof, windows, lighting, and entrances. The 3040-3042 space includes a commercial kitchen, full basement access, two restrooms, wood flooring, a full bar, one gas furnace, and rooftop air conditioning. A restaurant sign remains in place and may be reused.
The property is located in Milwaukee’s Bay View neighborhood. Eight parking spaces are provided on site. The Exchange occupies the 3044 unit under a three-year lease, while the 3040-3042 configuration offers existing restaurant infrastructure for a future operator or retail user.
The property is located in Milwaukee’s Bay View neighborhood. Eight parking spaces are provided on site. The Exchange occupies the 3044 unit under a three-year lease, while the 3040-3042 configuration offers existing restaurant infrastructure for a future operator or retail user.
Key Highlights
- 4,800‑square‑foot, four‑unit shopping center
- Updated facade, roof, windows, lighting, and entrances
- 3040‑3042 includes commercial kitchen, full basement, two restrooms, and full bar
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
$50,350
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
5.06%
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%
$1,007,000
$1.0M
Cap Rate 7%
$719,286
$719.3K
Cap Rate 9%
$559,444
$559.4K
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
$77.8K $16.20/SF
− Vacancy
−$5.8K −$1.22/SF
EGI
$71.9K $14.99/SF
− OpEx
−$21.6K −$4.50/SF
NOI
$50.3K $10.49/SF
Area
Milwaukee, WI
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$1,007,000
Cap Rate 7%
$719,286
Cap Rate 9%
$559,444
Alternative Uses
Best Use
Retail
$719.3K
$629.4K – $839.2K
NOI $50,350 @ 7.0% cap · market cap 5.06%
Second Best
—
—
no second resolved use
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
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
332
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 - Updated building systems and restaurant-ready improvements support varied retail and dining configurations.
Where is this shopping center located?
The property is located at 3040 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: 4,800‑square‑foot, four‑unit shopping center; Updated facade, roof, windows, lighting, and entrances; 3040‑3042 includes commercial kitchen, full basement, two restrooms, and full bar
