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 31 Last Checked: Sep 2 at 6:06AM

Report an Issue

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 building has a metal roof and is suited to commercial or industrial applications requiring adaptable interior space. Solar power serves the building, while electrical service is located at the lot line along the road. A boiler system will remain with the property.

The site encompasses 5 acres in a rural setting, including productive tillable land. That acreage can support equipment storage, expansion, or other property needs. The tillable portion is leased through 2026. The property is zoned Com/Ag and is located at 5A Sandusky Road in Hillpoint, Wisconsin.

Key Highlights

• Approximately 7,000 sq ft open commercial building
• Approximately 640 sq ft of dedicated office space
• 5 acres of productive, tillable land

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

Flex RnD

$639.6K

$559.7K – $746.2K (±1% cap)

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

Second Best

Warehouse

$603.5K

$528.1K – $704.1K (±1% cap)

NOI $42,244 @ 7.0% cap · market cap 10.30%

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

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 Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Questions? Ask Rey

Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.

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?

Ask Rey about this property ...

Similar For Sale Nearby

Flexible Industrial Building with Office

5A Sandusky Rd, Hillpoint, WI 53937

$410,000

7,000 SF

View details

Vacant Residential Land Acreage

S7204 Sandusky Road, Hillpoint, WI 53937

$119,000

1.80 Acres

View details

Tillable Agricultural Land

20A Sandusky Road, Hillpoint, WI 53937

$260,000

20.00 Acres

View details

Frequently Asked Questions

What type of property is this?

Flex space - Rural commercial property combining an open workspace, dedicated office area, tillable acreage, and solar power.

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: Approximately 7,000 sq ft open commercial building; Approximately 640 sq ft of dedicated office space; 5 acres of productive, tillable land