Flex Space with Heated
For Sale
$385,000
3124 Wilgus Ave, Sheboygan, WI 53081
Existing layout combines showroom, offices, work space, storage, and a kitchenette for varied business operations.
Property Size2,928 SF
Days on Market269
Property Features for 3124 Wilgus Ave
General Information
Standard status
Active
Size
2,928 SF
Total Parking Spaces
19
Property subtype
Commercial
Zoning
Comm
Additional Details
Highway Access
Yes
Drive-In Doors
2
Taxes and HOA fees
Annual Taxes
$5,296
Amenities
kitchenette
lighted pylon sign
Building Details
Building Size
2,928 SF
Year Built
1949
Buildings
1
Listing Agency:
Shorewest Realtors, Inc.
(920) 457-2306
Listed By:
Barry Kreft · License #5639290
Source:
Therealtycompanyllc
Added: Dec 4, 2025
Changed: Aug 29
Last Checked: Aug 24 at 5:33AM
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 Shorewest Realtors, Inc.
Investment Insights
Based on property information with market context.
Built in 1949, this 2,928-square-foot flex property combines customer-facing and operational areas within one adaptable building. The current configuration includes a 21-by-21-foot showroom, two offices, a work area, storage room, and kitchenette. An attached 31-by-23-foot garage adds two 10-foot doors, insulation, heat, a utility sink, and floor drains. The original section also includes a basement with mechanical systems and additional storage, while a separate shed provides space for maintenance equipment.
The property at 3124 Wilgus Ave in Sheboygan offers access to I43 and Highway 23. Parking includes 5 spaces at the front and 14 behind the building. A lighted pylon sign provides exposure to more than 20,000 vehicles daily. The exterior combines stone on the original building with aluminum siding on the garage.
The property at 3124 Wilgus Ave in Sheboygan offers access to I43 and Highway 23. Parking includes 5 spaces at the front and 14 behind the building. A lighted pylon sign provides exposure to more than 20,000 vehicles daily. The exterior combines stone on the original building with aluminum siding on the garage.
Key Highlights
- 2,928‑square‑foot flex property at 3124 Wilgus Ave, Sheboygan
- Attached 31x23 garage with two 10‑foot doors
- Garage includes insulation, heat, utility sink, and floor drains
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
$31,906
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
8.29%
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%
$638,120
$638.1K
Cap Rate 7%
$455,800
$455.8K
Cap Rate 9%
$354,511
$354.5K
Market Conditions
NOI Build-Up for 2,928 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
$50.9K $17.40/SF
− Vacancy
−$8.4K −$2.87/SF
EGI
$42.5K $14.53/SF
− OpEx
−$10.6K −$3.63/SF
NOI
$31.9K $10.90/SF
Area
Sheboygan County, WI
Vacancy
16.50%
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%
$638,120
Cap Rate 7%
$455,800
Cap Rate 9%
$354,511
Alternative Uses
Best Use
Office B
$455.8K
$398.8K – $531.8K
NOI $31,906 @ 7.0% cap · market cap 8.29%
Second Best
Flex RnD
$369.2K
$323.1K – $430.7K
NOI $25,844 @ 7.0% cap · market cap 6.71%
Theoretical Best
Office A
$638.1K
$558.4K – $744.5K
NOI $44,669 @ 7.0% cap · market cap 11.60%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,340
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53081, WI
43,465
Population
20,121
Households
2.2
Avg Household Size
38
Median Age
22%
College-Educated
90%
High-School Grad
23.3 sq mi
ZIP Area
1,865
Density / Sq Mi
$62,401
Median Household Income
$42,329
Median Earnings
$866
Median Rent
$169,700
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Existing layout combines showroom, offices, work space, storage, and a kitchenette for varied business operations.
Where is this flex space located?
The property is located at 3124 Wilgus Ave Sheboygan, WI.
What is the asking price?
The asking price for this property is $385,000.
What are key features of this property?
This property features: 2,928‑square‑foot flex property at 3124 Wilgus Ave, Sheboygan; Attached 31x23 garage with two 10‑foot doors; Garage includes insulation, heat, utility sink, and floor drains
