Freestanding Automotive Service
For Sale
$299,900
3210 N Dr Martin Luther King Jr, Milwaukee, WI 53212
Y, Milwaukee, WI
Property Size2,690 SF
Lot Size0.32 Acres
Price / SF$111.49
Days on Market173
Property Features for 3210 N Dr Martin Luther King Jr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LB2
Standard status
Active
APN
2821621110
Size
2,690 SF
Lot size
0.32 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
1432
Amenities
rubber-coated roof
fresh paint throughout
new electrical
new plumbing
three new furnaces
new professional paint booth
new landscaping
fencing
Building Details
Year built
1951
Architectural style
Other
Listing Agency:
Lannon Stone Realty LLC
(262) 333-4440
Listed By:
Marisa Baeurle · License #8048794
(262) 470-7107
Added: Mar 3
Changed: Aug 19
Last Checked: Aug 23 at 9:06AM
MLS# 1952334
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This freestanding automotive service facility is configured for car dealership, mechanic shop, and body shop uses, with three open permits approved by the city. The improvements are extensive and turnkey, including a rubber-coated roof, fresh paint throughout, new electrical and plumbing, and three new furnaces. Operational support is built in with a brand-new professional paint booth, two air compressors, a frame pulling machine, and a make-up air unit. Exterior improvements include new landscaping and fencing.
The property offers visibility and exposure on MLK Drive in Milwaukee, WI 53212. Zoning is LB2.
All inspection fees and paint booth plan review fees have been paid, supporting an easier path to move forward with the approved automotive-related use cases.
The property offers visibility and exposure on MLK Drive in Milwaukee, WI 53212. Zoning is LB2.
All inspection fees and paint booth plan review fees have been paid, supporting an easier path to move forward with the approved automotive-related use cases.
Key Highlights
- Freestanding commercial property built in 1951 on MLK Drive with extensive improvements for automotive use.
- Rubber‑coated roof and fresh paint throughout, plus all new electrical and plumbing.
- Three new furnaces installed.
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
$9,795
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
3.27%
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%
$195,900
$195.9K
Cap Rate 7%
$139,929
$139.9K
Cap Rate 9%
$108,833
$108.8K
Market Conditions
NOI Build-Up for 2,690 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
$14.7K $5.47/SF
− Vacancy
−$721 −$0.27/SF
EGI
$14.0K $5.20/SF
− OpEx
−$4.2K −$1.56/SF
NOI
$9.8K $3.64/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$195,900
Cap Rate 7%
$139,929
Cap Rate 9%
$108,833
Alternative Uses
Best Use
Retail
$403.1K
$352.7K – $470.3K
NOI $28,217 @ 7.0% cap · market cap 9.41%
Second Best
Industrial
$139.9K
$122.4K – $163.3K
NOI $9,795 @ 7.0% cap · market cap 3.27%
Theoretical Best
Office A
$646.4K
$565.6K – $754.2K
NOI $45,250 @ 7.0% cap · market cap 15.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Fenced yard
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
617
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
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.
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Frequently Asked Questions
What type of property is this?
Auto shop - Freestanding automotive property with a brand-new professional paint booth and dedicated equipment for service and body work.
Where is this auto shop located?
The property is located at 3210 N Dr Martin Luther King Jr Milwaukee, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: Freestanding commercial property built in 1951 on MLK Drive with extensive improvements for automotive use.; Rubber‑coated roof and fresh paint throughout, plus all new electrical and plumbing.; Three new furnaces installed.
