Finished Flex Space with Overhead
For Sale
$219,900
721 W Main St, Watertown, WI 53094
Finished commercial condo with high ceilings, restroom, and overhead-door access.
Property Size1,000 SF
Price / SF$219.90
Days on Market29
Property Features for 721 W Main St
General Information
Standard status
Active
Size
1,000 SF
Total Parking Spaces
2
Additional Details
Road Access
Yes
Building Details
Year Built
2024
Listing Agency:
Shine Realty
(920) 674-9821
Listed By:
Adriane Stuebs
Source:
Nikolicgroup
Added: Aug 1
Changed: Aug 29
Last Checked: Aug 29 at 3:55PM
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 Shine Realty
Investment Insights
Based on property information with market context.
This 1,000 SF commercial condo was built in 2024 and finished in a drywalled white-box condition. The space includes a restroom, high ceilings with room for a mezzanine, two 12-foot overhead doors, and two parking spaces. It is wired for Spectrum and has an exhaust system setup, supporting a range of indoor commercial operations.
The property is located at 721 W Main St in Watertown, Wisconsin, just off Main Street and across from Glenn's Market. The configuration combines open workspace with direct overhead-door access, making the unit adaptable for office, storage, indoor sales or service, and maintenance-oriented uses.
The property is located at 721 W Main St in Watertown, Wisconsin, just off Main Street and across from Glenn's Market. The configuration combines open workspace with direct overhead-door access, making the unit adaptable for office, storage, indoor sales or service, and maintenance-oriented uses.
Key Highlights
- 1,000 SF commercial condo built in 2024
- Two 12‑foot overhead doors
- High ceilings with mezzanine potential
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
$10,245
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
4.66%
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%
$204,900
$204.9K
Cap Rate 7%
$146,357
$146.4K
Cap Rate 9%
$113,833
$113.8K
Market Conditions
NOI Build-Up for 1,000 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
$17.0K $17.04/SF
− Vacancy
−$1.3K −$1.28/SF
EGI
$15.8K $15.76/SF
− OpEx
−$5.5K −$5.52/SF
NOI
$10.2K $10.25/SF
Area
Dodge County, WI
Vacancy
7.50%
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%
$204,900
Cap Rate 7%
$146,357
Cap Rate 9%
$113,833
Alternative Uses
Best Use
Flex RnD
$146.4K
$128.1K – $170.8K
NOI $10,245 @ 7.0% cap · market cap 4.66%
Second Best
Warehouse
$103.1K
$90.2K – $120.2K
NOI $7,214 @ 7.0% cap · market cap 3.28%
Theoretical Best
Office A
$217.2K
$190.1K – $253.4K
NOI $15,206 @ 7.0% cap · market cap 6.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
462
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53094, WI
18,510
Population
7,387
Households
2.5
Avg Household Size
39
Median Age
22%
College-Educated
92%
High-School Grad
88.8 sq mi
ZIP Area
208
Density / Sq Mi
$71,973
Median Household Income
$40,673
Median Earnings
$1,039
Median Rent
$223,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Finished commercial condo with high ceilings, restroom, and overhead-door access.
Where is this flex space located?
The property is located at 721 W Main St Watertown, WI.
What is the asking price?
The asking price for this property is $219,900.
What are key features of this property?
This property features: 1,000 SF commercial condo built in 2024; Two 12‑foot overhead doors; High ceilings with mezzanine potential
