Anchored Shopping
For Sale
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3825 E Calumet St, Appleton, WI 54915
Established national and local tenancy includes one available retail unit.
Property Size74,619 SF
Price / SF$174.20
Days on Market347
Property Features for 3825 E Calumet St
General Information
Standard status
Active
Size
74,619 SF
Property subtype
RETAIL
Additional Details
Anchor Co-Tenants
Marshalls, Home Goods
Building Details
Tenancy
Multi
Listing Agency:
Brisky Net Lease
(715) 529-4441
Listed By:
Brian Brisky · License #40546562
(715) 529-4441
Source:
Moodyscre
Added: Sep 17, 2025
Changed: Aug 29
Last Checked: Aug 29 at 6:13PM
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 Brisky Net Lease
Investment Insights
Based on property information with market context.
This 74,619-square-foot shopping center is anchored by Marshalls and HomeGoods, with additional occupancy from local and national retailers. Most tenants are described as long-term and established, while one unit is currently vacant. The property is situated on a 9+ acre site with ample parking and direct access along Calumet Street.
The center forms part of Appleton’s retail corridor and is shadow-anchored by Walmart. Appleton is within the Fox Cities regional market, approximately 30 miles south and west of Green Bay and north of Lake Winnebago. The area within a 10-mile radius has a population exceeding 250,000 and average household income above $105,000.
The center forms part of Appleton’s retail corridor and is shadow-anchored by Walmart. Appleton is within the Fox Cities regional market, approximately 30 miles south and west of Green Bay and north of Lake Winnebago. The area within a 10-mile radius has a population exceeding 250,000 and average household income above $105,000.
Key Highlights
- 74,619‑square‑foot shopping center anchored by Marshalls and HomeGoods
- 9+ acre retail property along Calumet Street in Appleton, WI
- Shadow‑anchored by Walmart
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
$964,594
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
7.42%
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%
$19,291,880
$19.3M
Cap Rate 7%
$13,779,914
$13.8M
Cap Rate 9%
$10,717,711
$10.7M
Market Conditions
NOI Build-Up for 74,619 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
$1.41M $18.96/SF
− Vacancy
−$36.8K −$0.49/SF
EGI
$1.38M $18.47/SF
− OpEx
−$413.4K −$5.54/SF
NOI
$964.6K $12.93/SF
Area
Outagamie 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%
$19,291,880
Cap Rate 7%
$13,779,914
Cap Rate 9%
$10,717,711
Alternative Uses
Best Use
Retail
$13.78M
$12.06M – $16.08M
NOI $964,594 @ 7.0% cap · market cap 7.42%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$20.57M
$18.00M – $24.00M
NOI $1,440,149 @ 7.0% cap · market cap 11.08%
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
451
Businesses Nearby
306k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Superstores 44%
Shops & Services 30%
Dining 13%
Electronics 6%
Walmart
Superstores
135,202 visits/mo
0.2 miles
Kwik Trip
Shops & Services
45,416 visits/mo
0.3 miles
Five Below
Shops & Services
20,169 visits/mo
0.1 miles
Petco
Shops & Services
16,127 visits/mo
0.1 miles
Tractor Supply Co.
Home Improvements & Furnishings
13,264 visits/mo
0.3 miles
Demographics for 54915, WI
43,190
Population
18,373
Households
2.4
Avg Household Size
38
Median Age
38%
College-Educated
95%
High-School Grad
15.0 sq mi
ZIP Area
2,879
Density / Sq Mi
$83,814
Median Household Income
$49,554
Median Earnings
$974
Median Rent
$247,900
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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Frequently Asked Questions
What type of property is this?
Shopping center - Established national and local tenancy includes one available retail unit.
Where is this shopping center located?
The property is located at 3825 E Calumet St Appleton, WI.
What is the asking price?
The asking price for this property is $12,998,721.
What are key features of this property?
This property features: 74,619‑square‑foot shopping center anchored by Marshalls and HomeGoods; 9+ acre retail property along Calumet Street in Appleton, WI; Shadow‑anchored by Walmart
