West Allis Walgreens For
For Sale
Contact for pricing
6101 W Greenfield Ave, West Allis, WI 53214
Net leased Walgreens in Milwaukee MSA with long-term lease.
Property Size14,487 SF
Price / SF$327.88
Days on Market363
Property Features for 6101 W Greenfield Ave
General Information
Standard status
Active
Size
14,487 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$380,000
Building Details
Year Built
2008
Tenancy
Single
Listing Agency:
The Boulder Group
(847) 562-0003
Listed By:
John Feeney · License #IL 475154756
Source:
Crexi
Added: Aug 14, 2025
Changed: Aug 8
Last Checked: Aug 10 at 3:25PM
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 The Boulder Group
Investment Insights
Based on property information with market context.
The property is a single tenant net leased Walgreens located within the Milwaukee MSA in West Allis, Wisconsin. The building has been operating since 2008. The current lease runs through July 2033 and has options totaling fifty years. The lease is absolute triple net. Sales at this location have increased year-over-year for the last three years. The 14,487 square-foot building is positioned on West Greenfield Avenue, which experiences 11,400 vehicles per day. West Greenfield Avenue intersects with I-41/I-894 (173,000 VPD) and connects to I-94 (161,000 VPD). The property is located near several regional shopping centers and popular entertainment options. Nationally recognized tenants occupying surrounding centers include Walmart, Target, Menards, ALDI, Walmart, Burlington, McDonald’s, and Starbucks. The property is located less than 2 miles southwest of American Family Field, the stadium for the Milwaukee Brewers, less than 2 miles east of the Wisconsin State Fair Park and the Milwaukee Mile Speedway, and 1 mile southwest of the Clement J Zablocki Veterans Affairs Medical Center, which is a 637-bed medical facility that receives 500,000 visits annually. There are over 456,000 people living within a 5-mile radius, with an average household income exceeding $87,461. The property is just 4 miles southwest of Marquette University and 5 miles southwest of downtown Milwaukee.
Key Highlights
- Absolute triple net lease with no landlord responsibilities.
- Long‑term lease with Walgreens running through July 2033, plus options totaling fifty years.
- Established Walgreens location operating successfully since 2008, with increasing year‑over‑year sales for the last three years.
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
$195,293
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
4.11%
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%
$3,905,860
$3.9M
Cap Rate 7%
$2,789,900
$2.8M
Cap Rate 9%
$2,169,922
$2.2M
Market Conditions
NOI Build-Up for 14,487 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
$274.7K $18.96/SF
− Vacancy
−$14.3K −$0.99/SF
EGI
$260.4K $17.97/SF
− OpEx
−$65.1K −$4.49/SF
NOI
$195.3K $13.48/SF
Area
Milwaukee County, WI
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
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%
$3,905,860
Cap Rate 7%
$2,789,900
Cap Rate 9%
$2,169,922
Alternative Uses
Best Use
Specialty Retail
$2.79M
$2.44M – $3.25M
NOI $195,293 @ 7.0% cap · market cap 4.11%
Second Best
Retail
$2.09M
$1.83M – $2.44M
NOI $146,637 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$3.44M
$3.01M – $4.01M
NOI $240,478 @ 7.0% cap · market cap 5.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,234
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53214, WI
34,297
Population
17,530
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
4,831
Density / Sq Mi
$62,712
Median Household Income
$46,304
Median Earnings
$999
Median Rent
$178,600
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- COVID-19 Drive-Thru Testing at Walgreens — 6101 W Greenfield Ave, West Allis, WI 53214
- Aurora Pharmacy — 6609 W Greenfield Ave, West Allis, WI 53214
- Supplement Warehouse Retail Store — 7110 W Greenfield Ave, West Allis, WI 53214
- LGH Dockside Inc — 1431 s 72nd st, west allis, wi 53214
- Pick 'n Save Pharmacy — 6760 W National Ave, West Allis, WI 53214
Frequently Asked Questions
What type of property is this?
Drug store - Net leased Walgreens in Milwaukee MSA with long-term lease.
Where is this drug store located?
The property is located at 6101 W Greenfield Ave West Allis, WI.
What is the asking price?
The asking price for this property is $4,750,000.
What are key features of this property?
This property features: Absolute triple net lease with no landlord responsibilities.; Long‑term lease with Walgreens running through July 2033, plus options totaling fifty years.; Established Walgreens location operating successfully since 2008, with increasing year‑over‑year sales for the last three years.
