Multi-Building Flex
For Sale
Contact for pricing
400 SUSSEX ST, Pewaukee, WI 53072
Versatile flex site with outside storage and multiple buildings, positioned for light industrial and showroom use.
Property Size39,000 SF
Price / SF$64.10
Days on Market95
Property Features for 400 SUSSEX ST
General Information
Standard status
Active
Size
39,000 SF
Property subtype
Industrial
Zoning
B-5 Light Industrial Zoning
Building Details
Buildings
5
Units
1
Listing Agency:
The Property Advisor
Listed By:
Jerry Erdmann · License #WI 38211
Source:
Crexi
Added: Jun 3
Changed: Aug 31
Last Checked: Aug 31 at 8:00AM
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 The Property Advisor
Investment Insights
Based on property information with market context.
This flex property for sale includes multiple buildings on one site, totaling approximately 39,000 square feet, and features outside storage for equipment, inventory, or materials. The current owner/user is vacating, providing an opportunity for an incoming tenant or owner-operator to take possession and operate a light industrial, service, warehousing, or showroom business from a consolidated location.
The property is visible from Hwy 16 and offers easy access to the highway. The site is located in the Lake Country area and is zoned B-5 (Light Industrial), supporting a range of practical uses such as contractors service business operations, light manufacturing, warehousing/storage, and showroom with shop space.
Prospective users should note the deed restriction that will apply upon sale, prohibiting the property’s use for boat sales, boat service, or boat storage. With that limitation in place, the site’s combination of flexible building space and outside storage is well suited to organizations that need both shop/warehouse space and a yard for day-to-day operations.
The property is visible from Hwy 16 and offers easy access to the highway. The site is located in the Lake Country area and is zoned B-5 (Light Industrial), supporting a range of practical uses such as contractors service business operations, light manufacturing, warehousing/storage, and showroom with shop space.
Prospective users should note the deed restriction that will apply upon sale, prohibiting the property’s use for boat sales, boat service, or boat storage. With that limitation in place, the site’s combination of flexible building space and outside storage is well suited to organizations that need both shop/warehouse space and a yard for day-to-day operations.
Key Highlights
- Versatile flex property in the Lake Country area with outside storage and multiple buildings on site
- Visible from Hwy 16 with easy access to Hwy 16
- Zoned B‑5 light industrial
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
$172,264
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
6.89%
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%
$3,445,280
$3.4M
Cap Rate 7%
$2,460,914
$2.5M
Cap Rate 9%
$1,914,044
$1.9M
Market Conditions
NOI Build-Up for 39,000 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
$213.3K $5.47/SF
− Vacancy
−$10.7K −$0.27/SF
EGI
$202.7K $5.20/SF
− OpEx
−$30.4K −$0.78/SF
NOI
$172.3K $4.42/SF
Area
Waukesha County, WI
Vacancy
5.00%
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%
$3,445,280
Cap Rate 7%
$2,460,914
Cap Rate 9%
$1,914,044
Alternative Uses
Best Use
Flex RnD
$19.90M
$17.42M – $23.22M
NOI $1,393,312 @ 7.0% cap · market cap 55.73%
Second Best
Warehouse
$2.46M
$2.15M – $2.87M
NOI $172,264 @ 7.0% cap · market cap 6.89%
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
339
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53072, WI
26,687
Population
12,594
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
98%
High-School Grad
29.8 sq mi
ZIP Area
896
Density / Sq Mi
$97,434
Median Household Income
$61,762
Median Earnings
$1,352
Median Rent
$424,300
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Versatile flex site with outside storage and multiple buildings, positioned for light industrial and showroom use.
Where is this flex space located?
The property is located at 400 SUSSEX ST Pewaukee, WI.
What is the asking price?
The asking price for this property is $2,500,000.
What are key features of this property?
This property features: Versatile flex property in the Lake Country area with outside storage and multiple buildings on site; Visible from Hwy 16 with easy access to Hwy 16; Zoned B‑5 light industrial
