Free-Standing Building in Prime
For Sale
$469,000
3171 S 76th St, Milwaukee, WI 53222
Well-maintained 2,863 SF building with ample parking and high visibility.
Property Size2,863 SF
Price / SF$163.81
Days on Market162
Property Features for 3171 S 76th St
General Information
Standard status
Active
Size
2,863 SF
Taxes and HOA fees
Annual Taxes
$11,987
Listing Agency:
RE/MAX Lakeside-South
(414) 617-6980
Listed By:
Yoon Kim · License #5218694
(414) 617-6980
Source:
Exprealty
Added: Mar 16
Changed: Aug 23
Last Checked: Aug 22 at 2:06PM
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 RE/MAX Lakeside-South
Investment Insights
Based on property information with market context.
This almost 3,000 square foot free-standing building, featuring a spacious parking lot, is situated in a prime commercial area near South 76th Street and Oklahoma Avenue. The masonry building is well-maintained and offers convenient access from 76th Street. Remodeled and extended in 2019, the building includes newer HVAC systems. A large pylon sign on South 76th Street provides excellent visibility to passing traffic. The property is located across from a strip mall anchored by Tricity Bank, Dollar Tree, and PNC Bank, as well as a bowling alley. The property was formerly a dry cleaner, and the equipment is negotiable or can be removed. There is extra income from a lease with US Cellular for a portion of the property tax: $4,543 for 2025 and $7,184 for 2026. A cell tower behind the building is leased to US Cellular. US Cellular is responsible for paying a portion of the property tax to the building owner.
Key Highlights
- Prime commercial corridor location on S 76th & Oklahoma with high traffic visibility and pylon sign.
- Priced significantly below assessed value (80k under).
- Well‑maintained, free‑standing masonry building with ample parking and easy access.
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
$30,031
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
6.40%
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%
$600,620
$600.6K
Cap Rate 7%
$429,014
$429.0K
Cap Rate 9%
$333,678
$333.7K
Market Conditions
NOI Build-Up for 2,863 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
$46.4K $16.20/SF
− Vacancy
−$3.5K −$1.22/SF
EGI
$42.9K $14.99/SF
− OpEx
−$12.9K −$4.50/SF
NOI
$30.0K $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%
$600,620
Cap Rate 7%
$429,014
Cap Rate 9%
$333,678
Alternative Uses
Best Use
Retail
$429.0K
$375.4K – $500.5K
NOI $30,031 @ 7.0% cap · market cap 6.40%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$688.0K
$602.0K – $802.7K
NOI $48,160 @ 7.0% cap · market cap 10.27%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
246
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53222, WI
25,422
Population
11,765
Households
2.2
Avg Household Size
37
Median Age
44%
College-Educated
96%
High-School Grad
5.4 sq mi
ZIP Area
4,708
Density / Sq Mi
$73,523
Median Household Income
$48,029
Median Earnings
$1,026
Median Rent
$202,100
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?
Storefront property - Well-maintained 2,863 SF building with ample parking and high visibility.
Where is this storefront property located?
The property is located at 3171 S 76th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $469,000.
What are key features of this property?
This property features: Prime commercial corridor location on S 76th & Oklahoma with high traffic visibility and pylon sign.; Priced significantly below assessed value (80k under).; Well‑maintained, free‑standing masonry building with ample parking and easy access.
