Historic Office
New
For Sale
$384,900
511 N Grand Ave, Waukesha, WI 53186
N, Waukesha, WI
Property Size2,000 SF
Lot Size0.11 Acres
Price / SF$192.45
Days on Market5
Property Features for 511 N Grand Ave
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
B3
Standard status
Active
APN
2911308134
Size
2,000 SF
Lot size
0.11 Acres
Taxes and HOA fees
Tax Year
2025
Building Details
Year built
1890
Architectural style
Other
Listing Agency:
REMAX Market Place · RE/MAX International
(414) 439-3696
Listed By:
Ginger Gill · License #51852-90
(414) 303-6761
Added: Oct 1
Last Checked: Oct 5 at 12:06PM
MLS# 1982839
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1890 as a carriage house, this 2,000-square-foot office property contains several office areas and is currently used by a nonprofit. The upper level offers the option of apartment or workspace use. The 0.11-acre property is zoned B3 and has parking.
The building is at 511 N Grand Ave in Waukesha, Wisconsin.
The building is at 511 N Grand Ave in Waukesha, Wisconsin.
Key Highlights
- 2,000‑square‑foot office property on 0.11 acres
- Originally built as a carriage house in 1890
- Multiple office spaces; upper level may accommodate an apartment or additional workspace
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
$27,766
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
7.21%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
Single-tenant
Tenancy
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Multiple office areas are complemented by upper-level space that could serve as an apartment or additional workspace.
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‑foot office property on 0.11 acres; Originally built as a carriage house in 1890; Multiple office spaces; upper level may accommodate an apartment or additional workspace
