Multi-Tenant Flex
For Sale
$1,625,000
3770 S Pennsylvania Ave Saint, Milwaukee, WI 53235
Multi-tenant flex space combines office and warehouse areas with sprinkler protection and drive-in loading access.
Property Size22,000 SF
Days on Market194
Property Features for 3770 S Pennsylvania Ave Saint
General Information
Standard status
Active
Size
22,000 SF
Class
B
Property subtype
Multi Tenant Office
Warehouse & Industrial
Clear Height
16 ft
Drive-In Doors
2
Sprinkler System
Yes
Building Details
Building Size
22,000 SF
Tenancy
Multi
Listing Agency:
Anderson Commercial Group
(414) 858-5202
Listed By:
Colin Hough · License #9475610
(414) 858-5202
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 1:43AM
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 Anderson Commercial Group
Investment Insights
Based on property information with market context.
This multi-tenant flex property combines office, flex, and warehouse space within a sprinklered building. Two drive-in doors measuring 8' x 14' support loading and vehicle access, while the 16' clear height accommodates a range of warehouse functions.
The property is positioned on the east side of S Pennsylvania Ave, north of E Crawford Ave, in Saint Francis, Wisconsin. The configuration brings together office and industrial space in one commercial asset, providing a practical layout for occupants requiring both workspace and storage or operational areas.
The property is positioned on the east side of S Pennsylvania Ave, north of E Crawford Ave, in Saint Francis, Wisconsin. The configuration brings together office and industrial space in one commercial asset, providing a practical layout for occupants requiring both workspace and storage or operational areas.
Key Highlights
- Multi‑tenant flex property with office and warehouse space
- Two 8' x 14' drive‑in doors
- 16' clear height
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
$97,277
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
5.99%
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%
$1,945,540
$1.9M
Cap Rate 7%
$1,389,671
$1.4M
Cap Rate 9%
$1,080,856
$1.1M
Market Conditions
NOI Build-Up for 22,000 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
$120.3K $5.47/SF
− Vacancy
−$5.9K −$0.27/SF
EGI
$114.4K $5.20/SF
− OpEx
−$17.2K −$0.78/SF
NOI
$97.3K $4.42/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
15.00%
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%
$1,945,540
Cap Rate 7%
$1,389,671
Cap Rate 9%
$1,080,856
Alternative Uses
Best Use
Office B
$3.59M
$3.14M – $4.19M
NOI $251,559 @ 7.0% cap · market cap 15.48%
Second Best
Flex RnD
$3.09M
$2.71M – $3.61M
NOI $216,602 @ 7.0% cap · market cap 13.33%
Theoretical Best
Office A
$5.29M
$4.63M – $6.17M
NOI $370,075 @ 7.0% cap · market cap 22.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
2
Drive-in doors
Multi-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
286
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53235, WI
9,175
Population
5,279
Households
1.7
Avg Household Size
45
Median Age
30%
College-Educated
94%
High-School Grad
2.6 sq mi
ZIP Area
3,529
Density / Sq Mi
$58,490
Median Household Income
$54,060
Median Earnings
$893
Median Rent
$207,200
Median Home Value
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Multi-tenant flex space combines office and warehouse areas with sprinkler protection and drive-in loading access.
Where is this flex space located?
The property is located at 3770 S Pennsylvania Ave Saint Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Multi‑tenant flex property with office and warehouse space; Two 8' x 14' drive‑in doors; 16' clear height
