Insulated Flex Space
For Sale
$259,900
7577 BLACKTOP Way, Neenah, WI 54956
Commercial Sale, NEENAH, WI
Property Size2,560 SF
Lot Size9.30 Acres
Price / SF$101.52
Days on Market81
Property Features for 7577 BLACKTOP Way
General Information
Property type
Commercial Sale
Property subtype
Other
Property condition
Under Construction
Zoning
Commercial
Elementary school district
Neenah
Middle school district
Neenah
High school district
Neenah
Directions
Hwy 41 to Winchester Rd (County II) west. Left on County CB. Right on Larsen Rd. Left on Blacktop Way to property
Standard status
Active
APN
089506
Lot size
9.30 Acres
Taxes and HOA fees
Tax Year
2024
Tax Annual Amount
379
Utilities
Sewer type
Public Sewer
Water source
Public
Amenities
lawn care
snow removal
Building Details
Year built
2026
Building materials
Aluminum Siding
Listing Agency:
Score Realty Group, LLC
(920) 731-4100
Listed By:
Andrew D. Boehm
(920) 731-4100
Added: Jun 3
Changed: Aug 21
Last Checked: Aug 22 at 12:06AM
MLS# 50326665
Copyright © 2026 Realtor Association of Northeast Wisconsin. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This under-construction flex space condominium is planned as a 40-by-64-foot unit within a 9.3-acre commercial development. The standard build includes an insulated, steel-lined interior, OSB wall surfaces, concrete flooring, a floor drain, hose faucets, a half bath, and a slop sink. A 200-amp electrical service and 14-foot overhead door with operator support a range of storage and workspace functions. Finish selections and additional upgrades are available through the build process, with completion scheduled for 2026.
The property is zoned Commercial and will have access to public water and public sewer. Aluminum siding is specified for the exterior. Lawn and snow maintenance are addressed through the HOA structure, and the unit is planned for turnkey delivery to the buyer.
The property is zoned Commercial and will have access to public water and public sewer. Aluminum siding is specified for the exterior. Lawn and snow maintenance are addressed through the HOA structure, and the unit is planned for turnkey delivery to the buyer.
Key Highlights
- 40x64 storage condominium unit
- 9.3‑acre commercial development
- 200 amp electrical service
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
$22,631
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
8.71%
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%
$452,620
$452.6K
Cap Rate 7%
$323,300
$323.3K
Cap Rate 9%
$251,456
$251.5K
Market Conditions
NOI Build-Up for 2,560 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
$38.4K $15.00/SF
− Vacancy
−$3.6K −$1.40/SF
EGI
$34.8K $13.60/SF
− OpEx
−$12.2K −$4.76/SF
NOI
$22.6K $8.84/SF
Area
Winnebago County, WI
Vacancy
9.33%
Lease Rate
$15.00 /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%
$452,620
Cap Rate 7%
$323,300
Cap Rate 9%
$251,456
Alternative Uses
Best Use
Flex RnD
$323.3K
$282.9K – $377.2K
NOI $22,631 @ 7.0% cap · market cap 8.71%
Second Best
Warehouse
$219.8K
$192.4K – $256.5K
NOI $15,389 @ 7.0% cap · market cap 5.92%
Theoretical Best
Office A
$552.5K
$483.5K – $644.6K
NOI $38,678 @ 7.0% cap · market cap 14.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
7
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 54956, WI
46,316
Population
20,104
Households
2.3
Avg Household Size
40
Median Age
38%
College-Educated
96%
High-School Grad
61.7 sq mi
ZIP Area
751
Density / Sq Mi
$81,386
Median Household Income
$49,445
Median Earnings
$1,005
Median Rent
$238,200
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Under-construction commercial condominium with customizable finishes and planned turnkey delivery in 2026.
Where is this flex space located?
The property is located at 7577 BLACKTOP Way Neenah, WI.
What is the asking price?
The asking price for this property is $259,900.
What are key features of this property?
This property features: 40x64 storage condominium unit; 9.3‑acre commercial development; 200 amp electrical service
