Freestanding Anchored Retail
For Sale
$2,000,000
3810 Calumet Ave, Manitowoc, WI 54220
New freestanding retail property with an anchor tenant and two additional leasing opportunities.
Property Size4,875 SF
Price / SF$410.26
Days on Market9
Property Features for 3810 Calumet Ave
General Information
Standard status
Active
Size
4,875 SF
Additional Details
Anchor Co-Tenants
Papa Johns
Building Details
Year Built
2024
Tenancy
Multi
Listing Agency:
Choice Commercial Real Estate LLC
(920) 905-0550
Listed By:
George Krause Jr · License #5172190
Source:
Nikolicgroup
Added: Aug 22
Changed: Aug 29
Last Checked: Aug 29 at 7:03PM
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 Choice Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
Built in 2024, this freestanding retail property contains 4,875 SF of gross leasable area across 3 total spaces of 1,500 sq ft + each. Papa Johns will serve as the anchor tenant, with 2 additional spaces available for lease. The property includes parking for approx. 20+ cars and is located at 3810 Calumet Ave in Manitowoc, WI 54220.
Key Highlights
- Papa Johns will be the anchor tenant
- 4,875 SF gross leasable area
- 3 total spaces of 1,500 sq ft + each
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
$63,019
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
3.15%
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%
$1,260,380
$1.3M
Cap Rate 7%
$900,271
$900.3K
Cap Rate 9%
$700,211
$700.2K
Market Conditions
NOI Build-Up for 4,875 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
$92.4K $18.96/SF
− Vacancy
−$2.4K −$0.49/SF
EGI
$90.0K $18.47/SF
− OpEx
−$27.0K −$5.54/SF
NOI
$63.0K $12.93/SF
Area
Manitowoc County, WI
Vacancy
2.60%
Lease Rate
$18.96 /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%
$1,260,380
Cap Rate 7%
$900,271
Cap Rate 9%
$700,211
Alternative Uses
Best Use
Retail
$900.3K
$787.7K – $1.05M
NOI $63,019 @ 7.0% cap · market cap 3.15%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.07M
$934.8K – $1.25M
NOI $74,785 @ 7.0% cap · market cap 3.74%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
691
Businesses Nearby
273k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 27%
Dining 20%
Groceries 16%
Shops & Services 16%
Walmart
Superstores
74,732 visits/mo
0.4 miles
Pick 'n Save
Groceries
26,097 visits/mo
0.4 miles
McDonald's
Dining
24,800 visits/mo
0.2 miles
Aldi
Groceries
17,701 visits/mo
0.4 miles
Harbor Freight Tools
Home Improvements & Furnishings
13,436 visits/mo
0.3 miles
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - New freestanding retail property with an anchor tenant and two additional leasing opportunities.
Where is this retail space located?
The property is located at 3810 Calumet Ave Manitowoc, WI.
What is the asking price?
The asking price for this property is $2,000,000.
What are key features of this property?
This property features: Papa Johns will be the anchor tenant; 4,875 SF gross leasable area; 3 total spaces of 1,500 sq ft + each
