Multi-Tenant Flex
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For Sale
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411 Travis Lane, Waukesha, WI 53189
Fully leased flex property with multiple suites, drive-in access, and office areas for commercial occupants.
Property Size13,000 SF
Price / SF$111.81
Days on Market6
Property Features for 411 Travis Lane
General Information
Standard status
Active
Size
13,000 SF
Class
C
Property subtype
Industrial
Occupancy
100%
Lease Type
NN
Additional Details
Drive-In Doors
5
Building Details
Year Built
1986
Buildings
1
Tenancy
Multi
Listing Agency:
Marcus & Millichap - Milwaukee
Listed By:
Peyton Mueller · License #112571-94
Source:
Crexi
Added: Aug 25
Changed: Aug 30
Last Checked: Aug 30 at 12:43AM
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 Marcus & Millichap - Milwaukee
Investment Insights
Based on property information with market context.
Built in 1986, this 13,000 SF flex property is configured as a small-bay industrial asset with five suites occupied by four tenants. Each suite includes approximately 10%–15% office space, while five drive-in doors support ground-level access for occupants and their operations.
The building sits on a corner parcel in Waukesha, providing visibility and convenient access. Occupancy is reported at 100%, and contractual rent escalations range from 3%–5%, adding defined growth provisions to the existing lease profile.
The building sits on a corner parcel in Waukesha, providing visibility and convenient access. Occupancy is reported at 100%, and contractual rent escalations range from 3%–5%, adding defined growth provisions to the existing lease profile.
Key Highlights
- 100%-leased property with five suites and four tenants
- 13,000 SF flex property constructed in 1986
- Five drive‑in doors provide ground‑level access
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
$57,421
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
3.95%
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%
$1,148,420
$1.1M
Cap Rate 7%
$820,300
$820.3K
Cap Rate 9%
$638,011
$638.0K
Market Conditions
NOI Build-Up for 13,000 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
$71.1K $5.47/SF
− Vacancy
−$3.6K −$0.27/SF
EGI
$67.6K $5.20/SF
− OpEx
−$10.1K −$0.78/SF
NOI
$57.4K $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%
$1,148,420
Cap Rate 7%
$820,300
Cap Rate 9%
$638,011
Alternative Uses
Best Use
Flex RnD
$6.63M
$5.81M – $7.74M
NOI $464,437 @ 7.0% cap · market cap 31.95%
Second Best
Warehouse
$820.3K
$717.8K – $957.0K
NOI $57,421 @ 7.0% cap · market cap 3.95%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Drive-in doors
Location Intelligence
Trade Area within ½ mile
446
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53189, WI
26,846
Population
10,443
Households
2.6
Avg Household Size
42
Median Age
45%
College-Educated
97%
High-School Grad
47.8 sq mi
ZIP Area
562
Density / Sq Mi
$114,555
Median Household Income
$58,501
Median Earnings
$1,206
Median Rent
$372,600
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 - Fully leased flex property with multiple suites, drive-in access, and office areas for commercial occupants.
Where is this flex space located?
The property is located at 411 Travis Lane Waukesha, WI.
What is the asking price?
The asking price for this property is $1,453,564.
What are key features of this property?
This property features: 100%-leased property with five suites and four tenants; 13,000 SF flex property constructed in 1986; Five drive‑in doors provide ground‑level access
