Historic Retail and Office
For Sale
$3,360,000
528 Wells Street, Delafield, WI 53018
Multi-tenant retail and office building with street-level entrances, tall ceilings, and updated mechanical systems in downtown Delafield.
Property Size16,744 SF
Price / SF$200.67
Days on Market99
Property Features for 528 Wells Street
General Information
Standard status
Active
Size
16,744 SF
Property subtype
Retail
Building Details
Building Size
16,744 SF
Tenancy
Multi
Listing Agency:
Mid America Real Estate Milwaukee
Listed By:
Dan Rosenfeld · License #55452
(414) 617-8682
Source:
Midamericagrp
Added: Jun 29
Changed: Oct 1
Last Checked: Oct 4 at 6:56AM
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 Mid America Real Estate Milwaukee
Investment Insights
Based on property information with market context.
The Retail House at Wells is a distinctive retail and office development with multiple street-level entrances supporting flexible tenant configurations. The building’s interior includes tall ceilings, exposed brick, and original wood detailing, complemented by updated mechanical systems designed for contemporary retail operations. With a structure that can support varied retail layouts while preserving period character, the asset accommodates both storefront-style use and office tenants.
Located in historic downtown Delafield, the property sits along Delafield’s signature street and is positioned within a walkable, supply-constrained downtown environment described in the offering. The building is currently occupied by a mix of retail and service concepts, including a Wheel & Sprocket bike store, Bartelt Remodeling, Simply Nastural Cleaners, Boutique Wealth Management, and Fairy Face Aesthetic. Ample parking adjacent and shared parking support convenient access for customers and tenants.
For investors or owner-users seeking a downtown retail asset with established tenant variety and preserved architectural character, this property offers multiple entry points and modernized building systems. It is well suited to operators looking for a distinctive street-level setting for retail or office use, with customer convenience supported by nearby parking.
Located in historic downtown Delafield, the property sits along Delafield’s signature street and is positioned within a walkable, supply-constrained downtown environment described in the offering. The building is currently occupied by a mix of retail and service concepts, including a Wheel & Sprocket bike store, Bartelt Remodeling, Simply Nastural Cleaners, Boutique Wealth Management, and Fairy Face Aesthetic. Ample parking adjacent and shared parking support convenient access for customers and tenants.
For investors or owner-users seeking a downtown retail asset with established tenant variety and preserved architectural character, this property offers multiple entry points and modernized building systems. It is well suited to operators looking for a distinctive street-level setting for retail or office use, with customer convenience supported by nearby parking.
Key Highlights
- 16,744 SF multi‑tenant retail and office building in downtown Delafield
- Multiple street‑level entrances for flexible tenant configurations
- Tall ceilings with exposed brick and original wood detailing
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$237,276
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,745,520
$4.7M
Cap Rate 7%
$3,389,657
$3.4M
Cap Rate 9%
$2,636,400
$2.6M
Market Conditions
NOI Build-Up for 16,744 SF
Gross rent
$351.6K $21.00/SF
− Vacancy
−$12.7K −$0.76/SF
EGI
$339.0K $20.24/SF
− OpEx
−$101.7K −$6.07/SF
NOI
$237.3K $14.17/SF
Area
Waukesha County, WI
Vacancy
3.60%
Lease Rate
$21.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$4,745,520
Cap Rate 7%
$3,389,657
Cap Rate 9%
$2,636,400
Alternative Uses
Best Use
Retail
$3.39M
$2.97M – $3.95M
NOI $237,276 @ 7.0% cap · market cap 7.06%
Second Best
Office B
$3.32M
$2.91M – $3.87M
NOI $232,458 @ 7.0% cap · market cap 6.92%
Theoretical Best
Flex RnD
$8.55M
$7.48M – $9.97M
NOI $598,195 @ 7.0% cap · market cap 17.80%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
476
Businesses Nearby
Explore this area
Business Placement
Demographics for 53018, WI
7,396
Population
3,431
Households
2.2
Avg Household Size
49
Median Age
54%
College-Educated
99%
High-School Grad
11.2 sq mi
ZIP Area
660
Density / Sq Mi
$130,511
Median Household Income
$62,037
Median Earnings
$1,492
Median Rent
$485,200
Median Home Value
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Retail space - Multi-tenant retail and office building with street-level entrances, tall ceilings, and updated mechanical systems in downtown Delafield.
Where is this retail space located?
The property is located at 528 Wells Street Delafield, WI.
What is the asking price?
The asking price for this property is $3,360,000.
What are key features of this property?
This property features: 16,744 SF multi‑tenant retail and office building in downtown Delafield; Multiple street‑level entrances for flexible tenant configurations; Tall ceilings with exposed brick and original wood detailing
