Historic Multi-Office
For Sale
$384,900
511 N Grand Ave, Waukesha, WI 53186
A two-level office property with parking and an upper floor suited to additional workspace or residential use.
Property Size2,000 SF
Price / SF$192.45
Days on Market29
Property Features for 511 N Grand Ave
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
10
Property subtype
Commercial
Zoning
B3
Additional Details
Road Access
Yes
Currently Operating
Yes
Property Use
Office
Building Details
Building Size
2,000 SF
Year Built
1890
Buildings
1
Listing Agency:
REMAX Market Place
(414) 439-3696
Listed By:
Ginger Gill · License #51852-90
(414) 303-6761
Source:
Defererealestate
Added: Oct 1
Changed: Oct 29
Last Checked: Oct 26 at 3:53AM
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 REMAX Market Place
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Review the available facts, identify missing information and prepare questions for the agent.
Investment Insights
Based on property information with market context.
Built in 1890, this 2,000-square-foot office building was originally constructed as a carriage house. The property contains multiple office spaces and is currently occupied by a nonprofit. Its upper level offers potential for an apartment or more workspace, and parking is available.
The building is at 511 N Grand Ave in Waukesha, Wisconsin, on a main street, and is zoned B3.
The building is at 511 N Grand Ave in Waukesha, Wisconsin, on a main street, and is zoned B3.
Key Highlights
- 2,000 square feet across multiple office spaces
- Built in 1890 as a carriage house
- Upper level may accommodate an apartment or additional workspace
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$27,766
Cap Rate
7.21%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$555,320
$555.3K
Cap Rate 7%
$396,657
$396.7K
Cap Rate 9%
$308,511
$308.5K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$49.7K $24.84/SF
− Vacancy
−$12.7K −$6.33/SF
EGI
$37.0K $18.51/SF
− OpEx
−$9.3K −$4.63/SF
NOI
$27.8K $13.88/SF
Area
Waukesha County, WI
Vacancy
25.48%
Lease Rate
$24.84 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$555,320
Cap Rate 7%
$396,657
Cap Rate 9%
$308,511
Alternative Uses
Best Use
Office B
$396.7K
$347.1K – $462.8K
NOI $27,766 @ 7.0% cap · market cap 7.21%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$1.02M
$893.2K – $1.19M
NOI $71,452 @ 7.0% cap · market cap 18.56%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,861
Businesses Nearby
Explore this area
Business Placement
Demographics for 53186, WI
32,332
Population
15,066
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,566
Density / Sq Mi
$74,596
Median Household Income
$42,007
Median Earnings
$1,180
Median Rent
$277,800
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office building - A two-level office property with parking and an upper floor suited to additional workspace or residential use.
Where is this office building located?
The property is located at 511 N Grand Ave Waukesha, WI.
What is the asking price?
The asking price for this property is $384,900.
What are key features of this property?
This property features: 2,000 square feet across multiple office spaces; Built in 1890 as a carriage house; Upper level may accommodate an apartment or additional workspace
