Retail Condo Building on City
For Sale
$3,570,000
601 Genesee Street, Delafield, WI 53018
Ground-floor retail condo property with six tenant spaces within a mixed-use downtown development.
Property Size13,777 SF
Price / SF$259.13
Days on Market52
Property Features for 601 Genesee Street
General Information
Standard status
Active
Size
13,777 SF
Property subtype
Retail
Additional Details
Multifamily Units
16
Building Details
Year Built
2006
Listing Agency:
Mid America Real Estate Milwaukee
(414) 390-1402
Listed By:
Dan Rosenfeld · License #55452
Source:
Midamericagrp
Added: Jun 29
Changed: Jul 10
Last Checked: Aug 19 at 6:18AM
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.
Delafield Square is a mixed-use development with a dedicated retail condo component, built in 2006. The offering includes 13,777 square feet of ground-floor retail space configured as six-unit retail condominiums. The property sits within a larger development that also includes sixteen multi-family condominiums, creating a built-in residential customer base within the same project.
The development occupies a full city block at 601 Genesee Street in downtown Delafield. As a downtown retail project with multiple specialty retailers, the retail portion is positioned as part of the surrounding streetscape and day-to-day pedestrian activity.
For tenants and investors seeking a retail condo structure, this property provides separate, ground-level retail space in a newer, purpose-built downtown environment. The asset is designed to support specialty retail uses within a mixed-use setting, offering straightforward ownership of retail units alongside the adjacent residential condominiums.
The development occupies a full city block at 601 Genesee Street in downtown Delafield. As a downtown retail project with multiple specialty retailers, the retail portion is positioned as part of the surrounding streetscape and day-to-day pedestrian activity.
For tenants and investors seeking a retail condo structure, this property provides separate, ground-level retail space in a newer, purpose-built downtown environment. The asset is designed to support specialty retail uses within a mixed-use setting, offering straightforward ownership of retail units alongside the adjacent residential condominiums.
Key Highlights
- 13,777 SF ground‑floor retail condo with six tenant spaces in a mixed‑use downtown development
- Built in 2006; part of Delafield Square residential and retail development on a full city block
- Delafield Square includes six specialty retailers and sixteen multi‑family condominiums
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
$195,231
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
5.47%
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%
$3,904,620
$3.9M
Cap Rate 7%
$2,789,014
$2.8M
Cap Rate 9%
$2,169,233
$2.2M
Market Conditions
NOI Build-Up for 13,777 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
$289.3K $21.00/SF
− Vacancy
−$10.4K −$0.76/SF
EGI
$278.9K $20.24/SF
− OpEx
−$83.7K −$6.07/SF
NOI
$195.2K $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 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%
$3,904,620
Cap Rate 7%
$2,789,014
Cap Rate 9%
$2,169,233
Alternative Uses
Best Use
Retail
$2.79M
$2.44M – $3.25M
NOI $195,231 @ 7.0% cap · market cap 5.47%
Second Best
Apartment 5plus
$2.09M
$1.83M – $2.44M
NOI $146,343 @ 7.0% cap · market cap 4.10%
Theoretical Best
Flex RnD
$7.03M
$6.15M – $8.20M
NOI $492,196 @ 7.0% cap · market cap 13.79%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Ground-floor retail condo property with six tenant spaces within a mixed-use downtown development.
Where is this retail space located?
The property is located at 601 Genesee Street Delafield, WI.
What is the asking price?
The asking price for this property is $3,570,000.
What are key features of this property?
This property features: 13,777 SF ground‑floor retail condo with six tenant spaces in a mixed‑use downtown development; Built in 2006; part of Delafield Square residential and retail development on a full city block; Delafield Square includes six specialty retailers and sixteen multi‑family condominiums
