Building Details

Year Built 1994

Buildings 1

Building Size 28,000 SF

Listing Agency: 4% Realty r***@aol.com Show Phone

Listed By: William G. Seims · License #90-47376

Source: Moving2greenbay

Added: Aug 24 Changed: Aug 28 Last Checked: Aug 29 at 11:39AM

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Investment Insights

Based on property information with market context.

The commercial building at 4454 Mill Rd includes dedicated office areas alongside warehouse space suitable for storage or business operations. The property was built in 1994 and is currently occupied under a short-term lease, with lease details available from the seller.

The offering also includes the residential home listing identified as 4432 Mill Rd, together with an east portion of tax parcel M-277 and Parcel M2 77-2. The combined offering is associated with more than 15 acres.

Key Highlights

• Office and warehouse areas within the same commercial building
• Currently leased on a short‑term basis
• Built in 1994

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

$252,947

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

7.33%

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%

$5,058,940 $5.1M

Cap Rate 7%

$3,613,529 $3.6M

Cap Rate 9%

$2,810,522 $2.8M

Market Conditions

NOI Build-Up for 29,121 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

$419.3K $14.40/SF

− Vacancy

−$30.2K −$1.04/SF

EGI

$389.1K $13.36/SF

− OpEx

−$136.2K −$4.68/SF

NOI

$252.9K $8.69/SF

Area

Brown County, WI

Vacancy

7.20%

Lease Rate

$14.40 /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%

$5,058,940

Cap Rate 7%

$3,613,529

Cap Rate 9%

$2,810,522

Alternative Uses

Best Use

Warehouse

$24.35M

$21.31M – $28.41M (±1% cap)

NOI $1,704,563 @ 7.0% cap · market cap 49.41%

Second Best

Industrial

$20.05M

$17.55M – $23.40M (±1% cap)

NOI $1,403,758 @ 7.0% cap · market cap 40.69%

Theoretical Best

—

—

same as Best Use

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Location Intelligence

Trade Area within ½ mile

2

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 54208, WI

6,363

Population

2,343

Households

2.7

Avg Household Size

41

Median Age

24%

College-Educated

95%

High-School Grad

99.3 sq mi

ZIP Area

64

Density / Sq Mi

$90,956

Median Household Income

$47,324

Median Earnings

$745

Median Rent

$245,300

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - A 1994 commercial facility combines office areas with warehouse space and is currently leased on a short-term basis.

Where is this flex space located?

The property is located at 4454 Mill Rd Denmark, WI.

What is the asking price?

The asking price for this property is $3,450,000.

What are key features of this property?

This property features: Office and warehouse areas within the same commercial building; Currently leased on a short‑term basis; Built in 1994