Building Details

Year Built 1950

Year Renovated 2023

Listing Agency: Coldwell Banker Real Estate Group j***@gmail.com Show Phone

Listed By: Jack Baker · License #4678490

Source: Jwregwi

Added: Aug 12 Changed: Aug 27 Last Checked: Aug 29 at 12:11PM

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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 Coldwell Banker Real Estate Group

Investment Insights

Based on property information with market context.

Built in 1950, this 2,970-square-foot mixed-use property pairs updated modern living space with two large heated garages. The garage improvements include a drive-through configuration with a 9' 8'' door opening, while the site also provides a large parking lot. B-2 zoning is in place, and the property can accommodate uses identified in the remarks including vehicle repair, antique refinishing, storage, sales, hobbies, and collecting.

The property is located at 629 Cogswell Dr in Salem Lakes, with Silver Lake access a short distance away. Recent exterior improvements include a new rubber roof and vinyl siding completed in 2023. The living area may be occupied by an owner, rented, or used for Airbnb, subject to applicable requirements.

Key Highlights

• 2,970‑square‑foot mixed‑use property at 629 Cogswell Dr
• B‑2 zoning with updated modern living space
• Two large heated garages for storage, repair, refinishing, or hobby use

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

$36,887

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

7.93%

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%

$737,740 $737.7K

Cap Rate 7%

$526,957 $527.0K

Cap Rate 9%

$409,856 $409.9K

Market Conditions

NOI Build-Up for 2,970 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

$64.2K $21.60/SF

− Vacancy

−$5.1K −$1.73/SF

EGI

$59.0K $19.87/SF

− OpEx

−$22.1K −$7.45/SF

NOI

$36.9K $12.42/SF

Area

Kenosha County, WI

Vacancy

8.00%

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%

$737,740

Cap Rate 7%

$526,957

Cap Rate 9%

$409,856

Alternative Uses

Best Use

Industrial

$2.85M

$2.49M – $3.32M (±1% cap)

NOI $199,330 @ 7.0% cap · market cap 42.87%

Second Best

Mixed Use

$527.0K

$461.1K – $614.8K (±1% cap)

NOI $36,887 @ 7.0% cap · market cap 7.93%

Theoretical Best

Warehouse

$3.46M

$3.03M – $4.03M (±1% cap)

NOI $242,043 @ 7.0% cap · market cap 52.05%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Property Profile

Current Use

Auto shops

Suggested Use

Top Pick Parking Lot & Garage Law Firm Big Box & Wholesale Store Grocery & Convenience Store (Bike/Boat/Book/etc) Store Kitchen & Bath Showroom

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

121

Businesses Nearby

Explore this area Business Placement

Demographics for 53170, WI

2,362

Population

922

Households

2.6

Avg Household Size

40

Median Age

26%

College-Educated

97%

High-School Grad

1.0 sq mi

ZIP Area

2,362

Density / Sq Mi

$78,456

Median Household Income

$55,052

Median Earnings

$963

Median Rent

$259,100

Median Home Value

Market

Vacancy Rate% for Multifamily in Midwest region

6.5% 2022

7.5% 2023

7.8% 2024

8% 2025

Questions? Ask Rey

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What type of property is this? Where is this mixed-use properties located? What is the asking price? Find similar properties ... What are key features of this property?

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Frequently Asked Questions

What type of property is this?

Mixed-use property - The property combines updated living space with two heated garages and a drive-through bay.

Where is this mixed-use property located?

The property is located at 629 Cogswell Dr Silver Lake, WI.

What is the asking price?

The asking price for this property is $465,000.

What are key features of this property?

This property features: 2,970‑square‑foot mixed‑use property at 629 Cogswell Dr; B‑2 zoning with updated modern living space; Two large heated garages for storage, repair, refinishing, or hobby use