Waukesha Mixed-Use Property For
For Sale
Contact for pricing
613 & 621 N Grandview Blvd. & 620 N Morgan Ave., Waukesha, WI 53188
Mixed-use property in Waukesha, WI, totaling 7,559 square feet.
Property Size7,559 SF
Price / SF$136.99
Days on Market181
Property Features for 613 & 621 N Grandview Blvd. & 620 N Morgan Ave.
General Information
Standard status
Active
Size
7,559 SF
Property subtype
Retail, Mixed Use
Listing Agency:
The Barry Company
(414) 271-1870
Listed By:
David Barry · License #WI 46982-90
Source:
Crexi
Added: Feb 13
Changed: Aug 8
Last Checked: Aug 12 at 12:55PM
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 Barry Company
Investment Insights
Based on property information with market context.
This mixed-use property, located in Waukesha, WI, offers a total area of 7,559 square feet. The property is available for sale.
Key Highlights
- Mixed Use Property
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
$89,801
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
8.67%
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%
$1,796,020
$1.8M
Cap Rate 7%
$1,282,871
$1.3M
Cap Rate 9%
$997,789
$997.8K
Market Conditions
NOI Build-Up for 7,559 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
$163.3K $21.60/SF
− Vacancy
−$19.6K −$2.59/SF
EGI
$143.7K $19.01/SF
− OpEx
−$53.9K −$7.13/SF
NOI
$89.8K $11.88/SF
Area
Waukesha County, WI
Vacancy
12.00%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
37.50%
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%
$1,796,020
Cap Rate 7%
$1,282,871
Cap Rate 9%
$997,789
Alternative Uses
Best Use
Mixed Use
$1.28M
$1.12M – $1.50M
NOI $89,801 @ 7.0% cap · market cap 8.67%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$3.86M
$3.38M – $4.50M
NOI $270,052 @ 7.0% cap · market cap 26.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
206
Businesses Nearby
Explore this area
Business Placement
Demographics for 53188, WI
35,552
Population
14,703
Households
2.4
Avg Household Size
41
Median Age
43%
College-Educated
97%
High-School Grad
26.8 sq mi
ZIP Area
1,327
Density / Sq Mi
$88,656
Median Household Income
$51,930
Median Earnings
$1,235
Median Rent
$317,300
Median Home Value
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Mixed-use property - Mixed-use property in Waukesha, WI, totaling 7,559 square feet.
Where is this mixed-use property located?
The property is located at 613 & 621 N Grandview Blvd. & 620 N Morgan Ave. Waukesha, WI.
What is the asking price?
The asking price for this property is $1,035,500.
What are key features of this property?
This property features: Mixed Use Property
