All-Brick Flex Space with Open Floor
For Sale
$300,000
5112 N 37th STREET, Milwaukee, WI 53209
IH-zoned building with a conditional use permit, central air, secure fenced parking, and a venue-oriented layout.
Property Size5,314 SF
Price / SF$56.45
Days on Market130
Property Features for 5112 N 37th STREET
General Information
Standard status
Active
Size
5,314 SF
Property subtype
General Commercial
Taxes and HOA fees
Annual Taxes
$5,535
Amenities
Central Air
3
Tar Gravel
IH - Industrial
0.0 to .499
Building Details
Year Built
1984
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(262) 599-8980
Listed By:
Reliance Real Estate Team* · License #7602394
Source:
Xome
Added: Apr 23
Changed: Aug 29
Last Checked: Aug 30 at 2:01PM
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 Keller Williams Realty-Milwaukee Southwest
Investment Insights
Based on property information with market context.
This 5,314-square-foot all-brick flex property combines dedicated office areas with a broad open interior and soaring ceilings. The building includes central air, two bathrooms on the main floor, and another bathroom on the second level. Its current venue operation is supported by a practical layout that also accommodates light industrial and creative business functions.
The property is located at 5112 N 37th Street in Milwaukee, Wisconsin. A large fenced parking lot provides secured on-site parking, while IH—Industrial Heavy zoning and a conditional use permit support the property's established venue use. The 1984 building offers a combination of office infrastructure, open floor area, and industrial zoning in one facility.
The property is located at 5112 N 37th Street in Milwaukee, Wisconsin. A large fenced parking lot provides secured on-site parking, while IH—Industrial Heavy zoning and a conditional use permit support the property's established venue use. The 1984 building offers a combination of office infrastructure, open floor area, and industrial zoning in one facility.
Key Highlights
- 5,314‑square‑foot all‑brick building constructed in 1984
- IH - Industrial zoning with a conditional use permit
- Office areas paired with expansive open floor space and soaring ceilings
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
$19,527
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
6.51%
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%
$390,540
$390.5K
Cap Rate 7%
$278,957
$279.0K
Cap Rate 9%
$216,967
$217.0K
Market Conditions
NOI Build-Up for 5,314 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
$29.3K $5.52/SF
− Vacancy
−$1.4K −$0.27/SF
EGI
$27.9K $5.25/SF
− OpEx
−$8.4K −$1.57/SF
NOI
$19.5K $3.67/SF
Area
ZIP 53209
Vacancy
4.90%
Lease Rate
$5.52 /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%
$390,540
Cap Rate 7%
$278,957
Cap Rate 9%
$216,967
Alternative Uses
Best Use
Office B
$868.0K
$759.5K – $1.01M
NOI $60,763 @ 7.0% cap · market cap 20.25%
Second Best
Flex RnD
$723.6K
$633.1K – $844.2K
NOI $50,651 @ 7.0% cap · market cap 16.88%
Theoretical Best
Office A
$1.28M
$1.12M – $1.49M
NOI $89,390 @ 7.0% cap · market cap 29.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
465
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53209, WI
44,586
Population
21,466
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,090
Density / Sq Mi
$45,288
Median Household Income
$33,854
Median Earnings
$980
Median Rent
$150,200
Median Home Value
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - IH-zoned building with a conditional use permit, central air, secure fenced parking, and a venue-oriented layout.
Where is this flex space located?
The property is located at 5112 N 37th STREET Milwaukee, WI.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: 5,314‑square‑foot all‑brick building constructed in 1984; IH - Industrial zoning with a conditional use permit; Office areas paired with expansive open floor space and soaring ceilings
