Flex Building with
For Sale
$1,090,000
3500 Airpark Road, Marshfield, WI 54449
The property combines warehouse, shop, private office, and showroom areas.
Property Size11,200 SF
Lot Size2.67 Acres
Price / SF$97.32
Days on Market284
Property Features for 3500 Airpark Road
General Information
Standard status
Active
Size
11,200 SF
Lot size
2.67 Acres
Property subtype
Commercial
Warehouse & Industrial
Clear Height
20 ft
Dock-High Doors
2
Drive-In Doors
3
Additional Details
Highway Access
Yes
Building Details
Building Size
11,200 SF
Listing Agency:
Century 21 Gold Key
(715) 387-2121
Listed By:
Rita Blenker
(715) 387-2121
Source:
Northwoodswi
Added: Nov 18, 2025
Changed: Aug 29
Last Checked: Aug 6 at 6:12AM
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 Century 21 Gold Key
Investment Insights
Based on property information with market context.
Built in 2010, this 11,200-square-foot flex property provides a broad mix of commercial space within a single building. The main level includes a large warehouse, shop area, private office, and showroom, supported by 3 overhead doors, 2 loading docks, and 20-foot ceilings.
An upper level adds a conference room, office area, bathroom, and a large unfinished room. The building sits on 2.67 acres in an industrial park at 3500 Airpark Road in Marshfield, Wisconsin, with highway access. Zoning is identified as Commercial and Industrial, and the site includes additional room for expansion.
An upper level adds a conference room, office area, bathroom, and a large unfinished room. The building sits on 2.67 acres in an industrial park at 3500 Airpark Road in Marshfield, Wisconsin, with highway access. Zoning is identified as Commercial and Industrial, and the site includes additional room for expansion.
Key Highlights
- 11,200 square feet of flex space on a 2.67‑acre site
- 3 overhead doors and 2 loading docks
- 20‑foot ceiling height in the warehouse area
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
$95,363
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
8.75%
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%
$1,907,260
$1.9M
Cap Rate 7%
$1,362,329
$1.4M
Cap Rate 9%
$1,059,589
$1.1M
Market Conditions
NOI Build-Up for 11,200 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
$157.2K $14.04/SF
− Vacancy
−$10.5K −$0.94/SF
EGI
$146.7K $13.10/SF
− OpEx
−$51.3K −$4.58/SF
NOI
$95.4K $8.51/SF
Area
Wood County, WI
Vacancy
6.70%
Lease Rate
$14.04 /SF/Yr
Expense Ratio
35.00%
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%
$1,907,260
Cap Rate 7%
$1,362,329
Cap Rate 9%
$1,059,589
Alternative Uses
Best Use
Flex RnD
$1.36M
$1.19M – $1.59M
NOI $95,363 @ 7.0% cap · market cap 8.75%
Second Best
Warehouse
$841.3K
$736.1K – $981.5K
NOI $58,891 @ 7.0% cap · market cap 5.40%
Theoretical Best
Specialty Retail
$2.17M
$1.90M – $2.53M
NOI $152,097 @ 7.0% cap · market cap 13.95%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
2
Dock-high doors
3
Drive-in doors
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
94
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54449, WI
26,417
Population
12,455
Households
2.1
Avg Household Size
43
Median Age
27%
College-Educated
94%
High-School Grad
172.4 sq mi
ZIP Area
153
Density / Sq Mi
$66,611
Median Household Income
$43,612
Median Earnings
$812
Median Rent
$194,400
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - The property combines warehouse, shop, private office, and showroom areas.
Where is this flex space located?
The property is located at 3500 Airpark Road Marshfield, WI.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: 11,200 square feet of flex space on a 2.67‑acre site; 3 overhead doors and 2 loading docks; 20‑foot ceiling height in the warehouse area
