Building Details

Buildings 1

Building Size 15,000 SF

Listing Agency: Berkshire Hathaway Starck Real Estate t***@kilkennygrp.com Show Phone

Listed By: Kilkenny Group* · License #5332490 Show Phone

Source: Exprealty

Added: Jun 17 Changed: Aug 10 Last Checked: Aug 11 at 11:44AM

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Investment Insights

Based on property information with market context.

Located at 680 Gerry Way in Darien, Wisconsin, this 15,000-square-foot flex building offers a combination of warehouse and office functionality. The structure features 20-foot ceilings, ample office space, a loading dock, and overhead drive-in doors. A 6-inch concrete floor, radiant in-floor heat, and municipal sewer and water support a range of commercial operations. The property is available immediately.

The approximately three-acre site is visible from the full interchange connecting Route 14 with I-43. Its position along I-43 provides access toward Delavan, Beloit, Milwaukee, Janesville, northern Illinois, and the I-39/90 corridor. The property is located in the Village of Darien and carries SC—Suburban Commercial District zoning.

Key Highlights

• 15, 000 sq ft flex building on approximately three acres
• 20' ceilings with ample office space
• Loading dock and overhead drive‑in doors

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

$156,172

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

8.01%

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%

$3,123,440 $3.1M

Cap Rate 7%

$2,231,029 $2.2M

Cap Rate 9%

$1,735,244 $1.7M

Market Conditions

NOI Build-Up for 15,000 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

$255.6K $17.04/SF

− Vacancy

−$15.3K −$1.02/SF

EGI

$240.3K $16.02/SF

− OpEx

−$84.1K −$5.61/SF

NOI

$156.2K $10.41/SF

Area

Walworth County, WI

Vacancy

6.00%

Lease Rate

$17.04 /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%

$3,123,440

Cap Rate 7%

$2,231,029

Cap Rate 9%

$1,735,244

Alternative Uses

Best Use

Flex RnD

$2.23M

$1.95M – $2.60M (±1% cap)

NOI $156,172 @ 7.0% cap · market cap 8.01%

Second Best

Warehouse

$2.17M

$1.90M – $2.53M (±1% cap)

NOI $152,082 @ 7.0% cap · market cap 7.80%

Theoretical Best

Specialty Retail

$2.89M

$2.53M – $3.38M (±1% cap)

NOI $202,635 @ 7.0% cap · market cap 10.39%

Zoning and permitted uses should be independently verified with authorities.

Property Analytics

Current Use

Ligchine Industrial Manufacturer

Suggested Use

Top Pick Building Supply Electrical Service Plumbing Service Furniture & Home Goods (Bike/Boat/Book/etc) Store Hair Salon

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

Lease Details

20 ft

Clear height

1

Dock-high doors

Yes

Highway access

Yes

Utilities to site

Location Intelligence

Trade Area within ½ mile

77

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 53114, WI

2,491

Population

904

Households

2.8

Avg Household Size

41

Median Age

20%

College-Educated

90%

High-School Grad

30.0 sq mi

ZIP Area

83

Density / Sq Mi

$73,906

Median Household Income

$46,504

Median Earnings

$859

Median Rent

$226,400

Median Home Value

Market

Vacancy Rate% for Office in Midwest region

13.7% 2019

15.6% 2020

17.1% 2021

18.9% 2022

21% 2023

22% 2024

21.3% 2025

Questions? Ask Rey

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What type of property is this? Where is this flex space 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?

Flex space - Versatile commercial building with office areas, loading infrastructure, and drive-in access.

Where is this flex space located?

The property is located at 680 Gerry Way Darien, WI.

What is the asking price?

The asking price for this property is $1,950,000.

What are key features of this property?

This property features: 15, 000 sq ft flex building on approximately three acres; 20' ceilings with ample office space; Loading dock and overhead drive‑in doors