Retail Strip Center For
For Sale
$2,000,000
3810 Calumet Ave, Manitowoc, WI 54220
Retail strip center anchored by Papa Johns, built in 2024.
Property Size4,875 SF
Price / SF$410.26
Days on Market785
Property Features for 3810 Calumet Ave
General Information
Standard status
Active
Size
4,875 SF
Total Parking Spaces
20
Property subtype
Commercial
Zoning
C-1
Taxes and HOA fees
Annual Taxes
$3,694
Building Details
Building Size
4,875 SF
Year Built
2024
Listing Agency:
Park Regency Real Estate LLC
(920) 905-0550
Listed By:
George Krause Jr · License #5172190
(920) 905-0550
Source:
Therealtycompanyllc
Added: Jul 1, 2024
Changed: Aug 23
Last Checked: Aug 21 at 8:29AM
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 Park Regency Real Estate LLC
Investment Insights
Based on property information with market context.
This retail strip center, built in 2024, is anchored by Papa Johns and features a total of three spaces. Each space offers 1,500 square feet, contributing to a gross leasable area of 4,875 square feet. The property subtype is freestanding, and it includes parking for approximately 20+ cars. All three spaces are currently leased, and financial details are forthcoming.
Key Highlights
- Papa Johns Anchored Retail Center
- Newly Constructed in 2024
- Freestanding Building
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
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?
Strip mall - Retail strip center anchored by Papa Johns, built in 2024.
Where is this strip mall 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 Anchored Retail Center; Newly Constructed in 2024; Freestanding Building
