Airport Hangar and Office
For Sale
$3,225,806
4123 91st Avenue, Kenosha, WI 53144
Aircraft facility offering hangar space, offices, an apron area, and garage parking at Kenosha Regional Airport.
Property Size14,464 SF
Price / SF$162.35
Days on Market92
Property Features for 4123 91st Avenue
General Information
Standard status
Active
Size
14,464 SF
Property subtype
SpecialPurpose
Additional Details
Outdoor Storage
Yes
Warehouse Space
12,000 SF
Building Details
Year Built
2023
Building Size
14,464 SF
Listing Agency:
(206) 947-1399
Listed By:
Katrin Gist
(206) 947-1399
Source:
Cbre
Added: Jun 2
Changed: Aug 30
Last Checked: Aug 31 at 2:16PM
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 Katrin Gist
Investment Insights
Based on property information with market context.
Completed in 2023, this aviation facility combines an approximately 14,464 SF aircraft hangar and office building with an approximately 12,000 SF hangar bay. The improvements also include office space, a ramp/apron area, and garage parking, supporting aviation operations from a single property.
The facility is located at Kenosha Regional Airport in Kenosha, Wisconsin. Approval has been secured for a fuel farm, adding an approved aviation-support component to the property. The address is 4123 91st Avenue, Kenosha, WI 53144.
The facility is located at Kenosha Regional Airport in Kenosha, Wisconsin. Approval has been secured for a fuel farm, adding an approved aviation-support component to the property. The address is 4123 91st Avenue, Kenosha, WI 53144.
Key Highlights
- Approximately 14,464 SF aircraft hangar and office facility
- Approximately 12,000 SF hangar bay
- Completed in 2023
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
$136,078
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
4.22%
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%
$2,721,560
$2.7M
Cap Rate 7%
$1,943,971
$1.9M
Cap Rate 9%
$1,511,978
$1.5M
Market Conditions
NOI Build-Up for 19,870 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
$238.4K $12.00/SF
− Vacancy
−$29.1K −$1.46/SF
EGI
$209.4K $10.54/SF
− OpEx
−$73.3K −$3.69/SF
NOI
$136.1K $6.85/SF
Area
Kenosha County, WI
Vacancy
12.20%
Lease Rate
$12.00 /SF/Yr
Expense Ratio
35.00%
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%
$2,721,560
Cap Rate 7%
$1,943,971
Cap Rate 9%
$1,511,978
Alternative Uses
Best Use
Industrial
$19.05M
$16.67M – $22.23M
NOI $1,333,562 @ 7.0% cap · market cap 41.34%
Second Best
Flex RnD
$1.94M
$1.70M – $2.27M
NOI $136,078 @ 7.0% cap · market cap 4.22%
Theoretical Best
Warehouse
$23.13M
$20.24M – $26.99M
NOI $1,619,325 @ 7.0% cap · market cap 50.20%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
42
Businesses Nearby
Explore this area
Business Placement
Demographics for 53144, WI
26,702
Population
10,731
Households
2.5
Avg Household Size
37
Median Age
32%
College-Educated
91%
High-School Grad
43.4 sq mi
ZIP Area
615
Density / Sq Mi
$71,111
Median Household Income
$42,017
Median Earnings
$1,136
Median Rent
$248,200
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?
Aviation real estate - Aircraft facility offering hangar space, offices, an apron area, and garage parking at Kenosha Regional Airport.
Where is this aviation real estate located?
The property is located at 4123 91st Avenue Kenosha, WI.
What is the asking price?
The asking price for this property is $3,225,806.
What are key features of this property?
This property features: Approximately 14,464 SF aircraft hangar and office facility; Approximately 12,000 SF hangar bay; Completed in 2023
