Industrial Flex Property with
For Sale
Contact for pricing
6222 W State St, Wauwatosa, WI 53213
Industrial flex space with office and warehouse use plus outdoor storage yard and over-bay outdoor storage.
Property Size6,974 SF
Lot Size0.39 Acres
Price / SF$111.13
Days on Market510
Property Features for 6222 W State St
General Information
Standard status
Active
Size
6,974 SF
Lot size
0.39 Acres
Property subtype
INDUSTRIAL
Additional Details
Outdoor Storage
Yes
Listing Agency:
Judson & Associates, S.C.
Listed By:
Matthew Judson · License #9477202
(262) 695-8800
Source:
Moodyscre
Added: Apr 22, 2025
Changed: Sep 12
Last Checked: Sep 13 at 11:46AM
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 Judson & Associates, S.C.
Investment Insights
Based on property information with market context.
This versatile industrial flex property combines indoor workspace with outdoor storage capacity. The offering includes flexible space suitable for both office and warehouse use, along with outdoor storage totaling 0.39 acres and 5,165 SF of over-bay outdoor storage.
The property is located at 6222 W State St in Wauwatosa, with convenient access to major transportation routes serving the Milwaukee area.
With its mix of indoor operations space and secure exterior yard storage, the layout is well-suited to users needing both warehouse functionality and dedicated outdoor staging or storage.
The property is located at 6222 W State St in Wauwatosa, with convenient access to major transportation routes serving the Milwaukee area.
With its mix of indoor operations space and secure exterior yard storage, the layout is well-suited to users needing both warehouse functionality and dedicated outdoor staging or storage.
Key Highlights
- Industrial flex space offering office and warehouse use, with indoor and outdoor operational space
- Includes 0.39 acres of outdoor storage/yard space
- Features 5,165 SF of over‑bay outdoor storage
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
$61,345
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
7.92%
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%
$1,226,900
$1.2M
Cap Rate 7%
$876,357
$876.4K
Cap Rate 9%
$681,611
$681.6K
Market Conditions
NOI Build-Up for 6,974 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
$101.3K $14.52/SF
− Vacancy
−$6.9K −$0.99/SF
EGI
$94.4K $13.53/SF
− OpEx
−$33.0K −$4.74/SF
NOI
$61.3K $8.80/SF
Area
Milwaukee County, WI
Vacancy
6.80%
Lease Rate
$14.52 /SF/Yr
Expense Ratio
35.00%
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%
$1,226,900
Cap Rate 7%
$876,357
Cap Rate 9%
$681,611
Alternative Uses
Best Use
Flex RnD
$876.4K
$766.8K – $1.02M
NOI $61,345 @ 7.0% cap · market cap 7.92%
Second Best
Warehouse
$440.1K
$385.1K – $513.4K
NOI $30,804 @ 7.0% cap · market cap 3.97%
Theoretical Best
Office A
$1.65M
$1.45M – $1.93M
NOI $115,765 @ 7.0% cap · market cap 14.94%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
698
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53213, WI
26,469
Population
12,591
Households
2.1
Avg Household Size
37
Median Age
63%
College-Educated
98%
High-School Grad
3.9 sq mi
ZIP Area
6,787
Density / Sq Mi
$94,144
Median Household Income
$59,472
Median Earnings
$1,228
Median Rent
$311,200
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Industrial flex space with office and warehouse use plus outdoor storage yard and over-bay outdoor storage.
Where is this flex space located?
The property is located at 6222 W State St Wauwatosa, WI.
What is the asking price?
The asking price for this property is $775,000.
What are key features of this property?
This property features: Industrial flex space offering office and warehouse use, with indoor and outdoor operational space; Includes 0.39 acres of outdoor storage/yard space; Features 5,165 SF of over‑bay outdoor storage
