Building Details

Year built 2023

Number of units 3

Roof type Metal

Listing Agency: Judd Realty, LLC i***@juddrealtyllc.com Show Phone

Listed By: Jamie Judd · License #8040294 Show Phone

Added: Jun 26 Changed: Aug 10 Last Checked: Aug 10 at 3:06PM

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MLS# 2026121

Copyright © 2026 REALTORS® Association of South Central Wisconsin. 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 2023, this flex-space property combines an open commercial building with approximately 640 square feet of office area. The layout is adaptable for commercial or industrial operations, while the metal roof and included boiler system support the existing improvements. The building does not have utility electricity and currently operates on solar power; electrical service is available at the lot line along the road.

The property includes 5 acres of tillable land in a rural Hillpoint setting, providing room for equipment storage, expansion, or other site needs. The tillable acreage is leased through 2026. Com/Ag zoning applies, and additional land is available separately.

Key Highlights

• 5 acres of tillable land included
• Approximately 640 sq ft of dedicated office space
• Open commercial building with flexible layout

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

$34,789

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

8.49%

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%

$695,780 $695.8K

Cap Rate 7%

$496,986 $497.0K

Cap Rate 9%

$386,544 $386.5K

Market Conditions

NOI Build-Up for 7,796 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

$53.3K $6.84/SF

− Vacancy

−$3.6K −$0.47/SF

EGI

$49.7K $6.37/SF

− OpEx

−$14.9K −$1.91/SF

NOI

$34.8K $4.46/SF

Area

Sauk County, WI

Vacancy

6.80%

Lease Rate

$6.84 /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%

$695,780

Cap Rate 7%

$496,986

Cap Rate 9%

$386,544

Alternative Uses

Best Use

Office B

$1.09M

$957.7K – $1.28M (±1% cap)

NOI $76,619 @ 7.0% cap · market cap 18.69%

Second Best

Flex RnD

$639.6K

$559.7K – $746.2K (±1% cap)

NOI $44,772 @ 7.0% cap · market cap 10.92%

Theoretical Best

Office A

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,466 @ 7.0% cap · market cap 26.94%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Flex space

Suggested Use

Top Pick Grocery & Convenience Store Food Market

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Paved road access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

4

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 53937, WI

1,172

Population

382

Households

3.1

Avg Household Size

35

Median Age

18%

College-Educated

80%

High-School Grad

52.6 sq mi

ZIP Area

22

Density / Sq Mi

$86,957

Median Household Income

$44,194

Median Earnings

$970

Median Rent

$261,700

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Flex space - Open commercial layout includes dedicated offices and solar power, with Com/Ag zoning and rural acreage.

Where is this flex space located?

The property is located at 5A Sandusky Road Hillpoint, WI.

What is the asking price?

The asking price for this property is $410,000.

What are key features of this property?

This property features: 5 acres of tillable land included; Approximately 640 sq ft of dedicated office space; Open commercial building with flexible layout