Flex Space Business
For Sale
$370,000
732 Maritime Dr, Port Washington, WI
Individually owned commercial units accommodate office, workshop, storage, inventory, and personal project needs.
Property Size4,000 SF
Price / SF$92.50
Days on Market18
Property Features for 732 Maritime Dr
General Information
Standard status
Active
Size
4,000 SF
Taxes and HOA fees
Annual Taxes
$4,657
Listing Agency:
RE/MAX United - Cedarburg
(262) 339-1525
Listed By:
Stephanie Long
(262) 339-1525
Source:
Exprealty
Added: Jul 24
Changed: Aug 8
Last Checked: Aug 9 at 10:21AM
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 RE/MAX United - Cedarburg
Investment Insights
Based on property information with market context.
Billy Goat Business District offers individually owned business condominiums designed for flexible commercial and personal use. Available spaces range from approximately 2,250 to 5,500 square feet, providing room for offices, workshops, equipment storage, inventory, RVs, boats, hobbies, or personal projects. The property is suited to contractors, tradespeople, entrepreneurs, manufacturers, service businesses, and investors seeking ownership rather than a traditional leased arrangement.
Located at 732 Maritime Dr in Port Washington, Wisconsin, the district supports businesses that need adaptable space for operations, storage, or expansion. The ownership format allows each unit to serve as a dedicated business or project space within a purpose-built commercial setting.
Located at 732 Maritime Dr in Port Washington, Wisconsin, the district supports businesses that need adaptable space for operations, storage, or expansion. The ownership format allows each unit to serve as a dedicated business or project space within a purpose-built commercial setting.
Key Highlights
- Individually owned business condominiums at Billy Goat Business District
- Spaces range from approximately 2,250 to 5,500 square feet
- Uses include offices, workshops, equipment storage, and inventory
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
$17,668
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
4.78%
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%
$353,360
$353.4K
Cap Rate 7%
$252,400
$252.4K
Cap Rate 9%
$196,311
$196.3K
Market Conditions
NOI Build-Up for 4,000 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
$21.9K $5.47/SF
− Vacancy
−$1.1K −$0.27/SF
EGI
$20.8K $5.20/SF
− OpEx
−$3.1K −$0.78/SF
NOI
$17.7K $4.42/SF
Area
Ozaukee County, WI
Vacancy
5.00%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
15.00%
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%
$353,360
Cap Rate 7%
$252,400
Cap Rate 9%
$196,311
Alternative Uses
Best Use
Office B
$725.7K
$635.0K – $846.7K
NOI $50,801 @ 7.0% cap · market cap 13.73%
Second Best
Warehouse
$252.4K
$220.9K – $294.5K
NOI $17,668 @ 7.0% cap · market cap 4.78%
Theoretical Best
Office A
$942.4K
$824.6K – $1.10M
NOI $65,971 @ 7.0% cap · market cap 17.83%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
126
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Individually owned commercial units accommodate office, workshop, storage, inventory, and personal project needs.
Where is this flex space located?
The property is located at 732 Maritime Dr Port Washington, WI.
What is the asking price?
The asking price for this property is $370,000.
What are key features of this property?
This property features: Individually owned business condominiums at Billy Goat Business District; Spaces range from approximately 2,250 to 5,500 square feet; Uses include offices, workshops, equipment storage, and inventory
