Four-Unit Retail
For Sale
$925,000
405 N Lake Ave, Twin Lakes, WI 53181
Three units are occupied by a smoke shop, pizzeria, and detail shop under current leases.
Property Size6,200 SF
Price / SF$149.19
Days on Market207
Property Features for 405 N Lake Ave
General Information
Standard status
Active
Size
6,200 SF
Property subtype
Commercial
Occupancy
75%
Building Details
Year Built
1920
Buildings
1
Tenancy
Multi
Listing Agency:
RE/MAX Plaza
(847) 514-4071
Listed By:
Michael Laiacono · License #475129640
Source:
Viewhomesinwisconsin
Added: Feb 4
Changed: Aug 29
Last Checked: Aug 26 at 5:51AM
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 RE/MAX Plaza
Investment Insights
Based on property information with market context.
This retail property at 405 N Lake Ave includes four separate units, providing a multi-tenant configuration within one building. Three units are currently occupied by a smoke shop, pizzeria, and detail shop, while one unit is available for leasing or other use.
Current occupancy and separate unit layout offer an established operating configuration for a retail property owner. Showings require 24 hours’ notice and are accompanied by the listing agent.
Current occupancy and separate unit layout offer an established operating configuration for a retail property owner. Showings require 24 hours’ notice and are accompanied by the listing agent.
Key Highlights
- Four separate retail units within one building
- Three units currently occupied
- Current tenants include a smoke shop, pizzeria, and detail shop
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
$73,589
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
7.96%
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%
$1,471,780
$1.5M
Cap Rate 7%
$1,051,271
$1.1M
Cap Rate 9%
$817,656
$817.7K
Market Conditions
NOI Build-Up for 6,200 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
$111.6K $18.00/SF
− Vacancy
−$6.5K −$1.04/SF
EGI
$105.1K $16.96/SF
− OpEx
−$31.5K −$5.09/SF
NOI
$73.6K $11.87/SF
Area
Kenosha County, WI
Vacancy
5.80%
Lease Rate
$18.00 /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%
$1,471,780
Cap Rate 7%
$1,051,271
Cap Rate 9%
$817,656
Alternative Uses
Best Use
Retail
$1.05M
$919.9K – $1.23M
NOI $73,589 @ 7.0% cap · market cap 7.96%
Second Best
—
—
no second resolved use
Theoretical Best
Warehouse
$7.22M
$6.32M – $8.42M
NOI $505,275 @ 7.0% cap · market cap 54.62%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
75%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
315
Businesses Nearby
62k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 45%
Groceries 25%
Dining 24%
Home Improvements & Furnishings 5%
Berkot's Super Foods
Groceries
15,385 visits/mo
0.3 miles
Burger King
Dining
10,094 visits/mo
0.1 miles
Dollar Tree
Shops & Services
5,649 visits/mo
0.0 miles
Citgo
Shops & Services
5,459 visits/mo
0.1 miles
Dollar General
Shops & Services
5,354 visits/mo
0.4 miles
Demographics for 53181, WI
7,696
Population
4,479
Households
1.7
Avg Household Size
43
Median Age
25%
College-Educated
94%
High-School Grad
13.7 sq mi
ZIP Area
562
Density / Sq Mi
$93,922
Median Household Income
$55,146
Median Earnings
$1,051
Median Rent
$270,700
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 - Three units are occupied by a smoke shop, pizzeria, and detail shop under current leases.
Where is this retail space located?
The property is located at 405 N Lake Ave Twin Lakes, WI.
What is the asking price?
The asking price for this property is $925,000.
What are key features of this property?
This property features: Four separate retail units within one building; Three units currently occupied; Current tenants include a smoke shop, pizzeria, and detail shop
