Papa Johns-Anchored Retail
For Sale
$2,000,000
3810 Calumet Ave, Manitowoc, WI 54220
COMMERCIAL - Manitowoc, WI
Property Size4,875 SF
Lot Size0.78 Acres
Price / SF$410.26
Days on Market772
Property Features for 3810 Calumet Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
C-1
Directions
From I-43 at Exit #149 take Calumet Ave south to the site.
Standard status
Active
APN
382012311
Size
4,875 SF
Lot size
0.78 Acres
Taxes and HOA fees
Tax Year
2023
Tax Annual Amount
3695
Building Details
Year built
2024
Architectural style
Other
Listing Agency:
Park Regency Real Estate LLC
(920) 682-0307
Listed By:
George Krause Jr · License #5172190
(920) 905-0550
Added: Jul 1, 2024
Changed: Aug 4
Last Checked: Aug 11 at 11:06PM
MLS# 1881963
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.
Completed in 2024, this freestanding retail property contains 4,875 SF of gross leasable area arranged across 3 total spaces. Papa Johns will serve as the anchor tenant, with 2 additional spaces available for lease. The building offers a contemporary retail configuration suited to an established food-service anchor and complementary occupants.
The property occupies 0.78 acres in Manitowoc, Wisconsin, with parking for approximately 20+ cars. C-1 zoning supports its commercial retail positioning, while the freestanding layout provides a dedicated building configuration for the three-space arrangement.
The property occupies 0.78 acres in Manitowoc, Wisconsin, with parking for approximately 20+ cars. C-1 zoning supports its commercial retail positioning, while the freestanding layout provides a dedicated building configuration for the three-space arrangement.
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
$74,785
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
3.74%
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%
$1,495,700
$1.5M
Cap Rate 7%
$1,068,357
$1.1M
Cap Rate 9%
$830,944
$830.9K
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
$102.4K $21.00/SF
− Vacancy
−$2.7K −$0.55/SF
EGI
$99.7K $20.45/SF
− OpEx
−$24.9K −$5.11/SF
NOI
$74.8K $15.34/SF
Area
Manitowoc County, WI
Vacancy
2.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
25.00%
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%
$1,495,700
Cap Rate 7%
$1,068,357
Cap Rate 9%
$830,944
Alternative Uses
Best Use
Specialty Retail
$1.07M
$934.8K – $1.25M
NOI $74,785 @ 7.0% cap · market cap 3.74%
Second Best
Retail
$900.3K
$787.7K – $1.05M
NOI $63,019 @ 7.0% cap · market cap 3.15%
Theoretical Best
—
—
same as Best Use
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
625
Businesses Nearby
117k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 55%
Groceries 22%
Dining 21%
Electronics 2%
Pick 'n Save
Groceries
26,097 visits/mo
0.4 miles
Hobby Lobby
Shops & Services
24,350 visits/mo
0.2 miles
Kwik Trip
Shops & Services
12,692 visits/mo
0.5 miles
Burger King
Dining
10,735 visits/mo
0.3 miles
BP
Shops & Services
9,126 visits/mo
0.2 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 construction includes two additional suites available for lease.
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
