Flex Building with Two
For Sale
Contact for pricing
4326 MICHIGAN AVE MANITOWOC WI 54220, Manitowoc, WI 54220
Front unit is leased as a pet grooming space; back offers storage with overhead doors and ample yard for expansion.
Property Size4,032 SF
Price / SF$59.50
Days on Market97
Property Features for 4326 MICHIGAN AVE MANITOWOC WI 54220
General Information
Standard status
Active
Size
4,032 SF
Class
C
Total Parking Spaces
3
Property subtype
Retail, Mixed Use, Special Purpose
Zoning
B-1
Investment Type
Owner/User
Additional Details
Drive-In Doors
2
Office Units
2
Building Details
Year Built
1947
Buildings
1
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
Choice Commercial Real Estate LLC
Listed By:
George Krause · License #WI 51721-90
(920) 905-0550
Source:
Crexi
Added: Jun 16
Changed: Sep 9
Last Checked: Sep 19 at 9:14AM
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 Choice Commercial Real Estate LLC
Investment Insights
Based on property information with market context.
This well maintained commercial flex building is configured as two separately metered 2,016 sq ft spaces totaling 4,032 sq ft. A fire wall separates the front and back portions, allowing the uses to function independently. The back half includes an upper level on the rear portion for added storage, or it could be renovated for a new layout. The property also features two overhead doors serving the storage area, supporting contractor and warehousing-style operations.
The property includes an asphalt parking lot and offers ample back yard space that may support a future addition for additional parking or expansion of the building. The front half is currently leased to a pet grooming business, while the back half provides primarily storage capacity at grade plus the upper level.
This setup can fit tenants looking for a retail/office presence with adjacent storage needs, or operators who want to keep separate functions under one roof. With separately metered units and direct overhead door access for the rear, the building supports straightforward day-to-day use for contractor storage, light warehouse, or combinations of storefront and back-of-house space. The upper area on the back portion also offers a workable area that could be renovated to better match future operating needs.
The property includes an asphalt parking lot and offers ample back yard space that may support a future addition for additional parking or expansion of the building. The front half is currently leased to a pet grooming business, while the back half provides primarily storage capacity at grade plus the upper level.
This setup can fit tenants looking for a retail/office presence with adjacent storage needs, or operators who want to keep separate functions under one roof. With separately metered units and direct overhead door access for the rear, the building supports straightforward day-to-day use for contractor storage, light warehouse, or combinations of storefront and back-of-house space. The upper area on the back portion also offers a workable area that could be renovated to better match future operating needs.
Key Highlights
- 1947‑built commercial retail/office/contractor building with 4,032 total SF split into two 2,016 SF spaces
- Both units are separately metered, with a fire wall separating the front and back portions of the building
- Front half is leased to a pet grooming business
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
$14,967
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
6.24%
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%
$299,340
$299.3K
Cap Rate 7%
$213,814
$213.8K
Cap Rate 9%
$166,300
$166.3K
Market Conditions
NOI Build-Up for 4,032 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
$21.8K $5.40/SF
− Vacancy
−$392 −$0.10/SF
EGI
$21.4K $5.30/SF
− OpEx
−$6.4K −$1.59/SF
NOI
$15.0K $3.71/SF
Area
Manitowoc County, WI
Vacancy
1.80%
Lease Rate
$5.40 /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%
$299,340
Cap Rate 7%
$213,814
Cap Rate 9%
$166,300
Alternative Uses
Best Use
Retail
$744.6K
$651.5K – $868.7K
NOI $52,121 @ 7.0% cap · market cap 21.73%
Second Best
Flex RnD
$524.0K
$458.5K – $611.3K
NOI $36,678 @ 7.0% cap · market cap 15.29%
Theoretical Best
Specialty Retail
$883.6K
$773.2K – $1.03M
NOI $61,853 @ 7.0% cap · market cap 25.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Drive-in doors
2
Office units
Location Intelligence
Trade Area within ½ mile
102
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54220, WI
40,737
Population
18,942
Households
2.2
Avg Household Size
44
Median Age
24%
College-Educated
91%
High-School Grad
98.7 sq mi
ZIP Area
413
Density / Sq Mi
$65,188
Median Household Income
$40,791
Median Earnings
$790
Median Rent
$159,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Front unit is leased as a pet grooming space; back offers storage with overhead doors and ample yard for expansion.
Where is this flex space located?
The property is located at 4326 MICHIGAN AVE MANITOWOC WI 54220 Manitowoc, WI.
What is the asking price?
The asking price for this property is $239,900.
What are key features of this property?
This property features: 1947‑built commercial retail/office/contractor building with 4,032 total SF split into two 2,016 SF spaces; Both units are separately metered, with a fire wall separating the front and back portions of the building; Front half is leased to a pet grooming business
