Add Listing
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    Multi-Tenant Industrial Warehouse Title is generated by Realmo AI

    5407 & 5501 West Mill Road, Milwaukee, WI 53218

    View on Map
    Claim this Listing
    New
    For Sale
    Contact for pricing

    Multi-tenant industrial asset with dock-high and drive-in doors plus heavy power on NNN leases.

    Type:Industrial
    Property size:
    41,224 SF
    Lot size:
    2.48 Acres
    Price / SF:
    $75/SF
    Added:
    Jun 2, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 4:19 am

    Property Features for 5407 & 5501 West Mill Road

    General Information

    Standard status
    Active
    Size
    41,224 SF
    Lot size
    2.48 Acres
    Property subtype
    Industrial

    Building Details

    Year Built
    1966

    We can help!

    Listing Contact
    Cole Babcock

    Listing agent Cole Babcock License #IL

    Listing office Vieweg Real Estate

    Listing date Jun 2, 2026

    Source Crexi

    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 Vieweg Real Estate

    HighLights

    • 99%+ occupied 41,224 SF multi‑tenant industrial property at 5407 & 5501 West Mill Road (Milwaukee), built in 1966
    • 2.48 acres with 14'–16' clear height, four dock‑high doors, and three drive‑in doors
    • Heavy power setup includes three‑phase, 600 amps, plus 40 parking spaces
    • Long‑term NNN lease: Bell Ambulance occupies 27%+ of the space; lease expires August 2033
    • 2025 actual operations reported $264,791 NOI and an 8.54% cap rate on the $3,100,000 offering price
    • Frontage on Mill Road with proximity to WI Highway 145 and I‑43 for access to Downtown Milwaukee

    Overview

    This multi-tenant industrial property is 99%+ occupied and totals 41,224 square feet across two addresses. The building offers 14’–16’ clear height, four dock-high doors, three drive-in doors, and three-phase heavy power with 600 amps. The site includes 40 parking spaces and is operated under an NNN structure designed to shift most operating costs to tenants, supporting low landlord-management requirements. The property is anchored by Bell Ambulance, which occupies more than 27% of the space under a long-term NNN lease expiring August 2033.

    Fronting Mill Road, the asset provides access to Wisconsin Highway 145 and Interstate 43 for routes into Downtown Milwaukee. The Milwaukee Northwest submarket context is supported by 2024 annual rent growth of 7.8%, and the remarks note no new industrial supply under construction.

    For buyers seeking a leased industrial investment, the tenant profile includes an anchor with long-duration occupancy and a defined lease expiration date, along with additional existing tenants contributing to overall occupancy. The property generated $264,791 in NOI in 2025 based on actual operations, and the offering reflects an 8.54% cap rate on the stated price.
    Location Intelligence

    Current Use by Public Records

    Warehouses

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    • SNSHN Storage Units — 6471 N Industrial Rd, Milwaukee, WI 53223
    • Regent Mini-Storage — 4562 W Woolworth Ave, Milwaukee, WI 53218
    • Cream City Truckyard — 6101 N 64th St, Milwaukee, WI 53218

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.979628
    Latitude
    43.1335087

    Nearby Similar for Sale

    • $349,900
      4,892 SF

      Updated Office Building For Sale

      Turnkey office building with flexible floor plan in Milwaukee.
      2001 West Capitol Dr, Milwaukee, WI 53206
      View Details
    • $500,000
      9,688 SF

      Multi-Tenant Office Building For Sale

      Multi-tenant office building with flexible spaces and ample parking.
      9306 N 107th St, Milwaukee, WI 53224
      View Details
    • $735,000
      6,114 SF

      Multi-Unit Commercial Property For Sale

      Well-maintained commercial property with restaurant and retail/office spaces.
      8301 W Silver Spring Dr, Milwaukee, WI 53218
      View Details
    • $469,000
      2,863 SF

      Prime Commercial Building on S 76th

      Free-standing building in a high-traffic commercial area.
      3171 S 76th St, Milwaukee, WI 53219
      View Details
    • $499,900
      9,688 SF

      One-Story Multi-Tenant Office Building

      One-story office building with multiple private offices, meeting/conference space, and ample parking on landscaped grounds.
      9306 N 107th St, Milwaukee, WI 53224
      View Details
    • $475,000
      5,616 SF

      Mixed-Use Investment Opportunity

      Eight-unit mixed-use property in the Burleigh Street business district.
      4404 W Burleigh St, Milwaukee, WI 53210
      View Details
    • $490,000
      6,327 SF

      Villard Avenue Commercial Property

      Commercial property suitable for daycare, retail, office, or service use.
      3311 W Villard Ave, Milwaukee, WI 53209
      View Details
    • $379,900
      5,208 SF

      Versatile Office Building in Milwaukee

      High-traffic office building suitable for retail, medical, or studios.
      6915 W Capital Dr, Milwaukee, WI 53216
      View Details
    • $230,000
      2,012 SF

      Established Commercial Garage Opportunity

      Well-established commercial garage with equipment in place for automotive businesses.
      4870 W Fond Du Lac Ave, Milwaukee, WI 53216
      View Details
    • $474,900
      6,391 SF

      Mixed-Use Commercial Property on Capitol

      Large mixed-use commercial property on high-traffic Capitol Dr corridor.
      3524 W Capitol Dr, Milwaukee, WI 53216
      View Details
    • $400,000
      18,433 SF

      Light Industrial Facility For Sale

      Industrial facility with 3-phase power, compressed air, and office space.
      4602 20Th St, Milwaukee, WI 53029
      View Details
    • $299,900
      2,690 SF

      Turnkey Automotive Property on MLK

      Freestanding commercial property ideal for automotive service business.
      3210 N Dr Martin Luther King Jr Dr, Milwaukee, WI 53212
      View Details

    FAQs

    What type of property is this?
    Warehouse - Multi-tenant industrial asset with dock-high and drive-in doors plus heavy power on NNN leases.
    Where is this warehouse located?
    The property is located at 5407 & 5501 West Mill Road Milwaukee, WI.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: 99%+ occupied 41,224 SF multi‑tenant industrial property at 5407 & 5501 West Mill Road (Milwaukee), built in 1966; 2.48 acres with 14'–16' clear height, four dock‑high doors, and three drive‑in doors; Heavy power setup includes three‑phase, 600 amps, plus 40 parking spaces
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Cole Babcock
    Real Estate License ID: IL
    Learn More
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Thank You for Inquiry
    5407 & 5501 West Mill Road, Milwaukee, WI 53218
    letter with green check mark
    Check your email
    We sent you the
    agent's contact details. yellow underline
    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!