Two-Story Medical Office Flex
For Sale
$3,100,000
3605 Stewart Ave, Wausau, WI 54401
Vacant two-story flex building with modern 2003/2004 construction, ample parking, and Stewart Avenue visibility in Wausau.
Property Size30,800 SF
Lot Size2.83 Acres
Price / SF$100.65
Days on Market94
Property Features for 3605 Stewart Ave
General Information
Standard status
Active
Size
30,800 SF
Lot size
2.83 Acres
Property subtype
Healthcare
Zoning
SO
Building Details
Stories
2
Listing Agency:
Milwaukee
Listed By:
Joe Eldredge · License #4833790
(414) 278-6825
Source:
Colliers
Added: Jun 4
Changed: Sep 3
Last Checked: Sep 5 at 3:38AM
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 Milwaukee
Investment Insights
Based on property information with market context.
3605 Stewart Avenue is a vacant, two-story flex building designed for medical office or institutional-style uses. Constructed in 2003/2004, the property offers a flexible layout for a multi-tenant or single-tenant configuration and is positioned for long-term usability. The building sits on 2.83 acres and totals 30,800 SF.
Located along Stewart Avenue in Wausau’s primary healthcare and professional corridor, the site benefits from strong street visibility. The property also features ample parking and is identified as SO zoning.
For buyers seeking a flexible, lease-up-ready asset in a healthcare and professional environment, this property provides a modern construction profile relative to the market and adaptable space for qualifying office and institutional needs.
Located along Stewart Avenue in Wausau’s primary healthcare and professional corridor, the site benefits from strong street visibility. The property also features ample parking and is identified as SO zoning.
For buyers seeking a flexible, lease-up-ready asset in a healthcare and professional environment, this property provides a modern construction profile relative to the market and adaptable space for qualifying office and institutional needs.
Key Highlights
- Vacant 2‑story flex building totaling 30,800 SF in Wausau
- Sits on 2.83 acres with strong visibility along Stewart Avenue
- Modern 2003/2004 construction profile
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
$268,684
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
8.67%
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%
$5,373,680
$5.4M
Cap Rate 7%
$3,838,343
$3.8M
Cap Rate 9%
$2,985,378
$3.0M
Market Conditions
NOI Build-Up for 30,800 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
$443.5K $14.40/SF
− Vacancy
−$30.2K −$0.98/SF
EGI
$413.4K $13.42/SF
− OpEx
−$144.7K −$4.70/SF
NOI
$268.7K $8.72/SF
Area
Marathon County, WI
Vacancy
6.80%
Lease Rate
$14.40 /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%
$5,373,680
Cap Rate 7%
$3,838,343
Cap Rate 9%
$2,985,378
Alternative Uses
Best Use
Healthcare Medical
$5.27M
$4.62M – $6.15M
NOI $369,230 @ 7.0% cap · market cap 11.91%
Second Best
Office B
$4.39M
$3.84M – $5.12M
NOI $307,027 @ 7.0% cap · market cap 9.90%
Theoretical Best
Specialty Retail
$5.69M
$4.98M – $6.64M
NOI $398,336 @ 7.0% cap · market cap 12.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
413
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 54401, WI
31,727
Population
14,230
Households
2.2
Avg Household Size
40
Median Age
31%
College-Educated
91%
High-School Grad
84.2 sq mi
ZIP Area
377
Density / Sq Mi
$69,542
Median Household Income
$40,796
Median Earnings
$969
Median Rent
$186,100
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Vacant two-story flex building with modern 2003/2004 construction, ample parking, and Stewart Avenue visibility in Wausau.
Where is this flex space located?
The property is located at 3605 Stewart Ave Wausau, WI.
What is the asking price?
The asking price for this property is $3,100,000.
What are key features of this property?
This property features: Vacant 2‑story flex building totaling 30,800 SF in Wausau; Sits on 2.83 acres with strong visibility along Stewart Avenue; Modern 2003/2004 construction profile
