Flex Building with
For Sale
$1,500,000
7901 N 66th St, Milwaukee, WI 53223
Configured for church and daycare use, the property includes offices, a commercial kitchen, and a fenced playground.
Property Size11,367 SF
Lot Size4.28 Acres
Price / SF$131.96
Days on Market88
Property Features for 7901 N 66th St
General Information
Standard status
Active
Size
11,367 SF
Total Parking Spaces
14
Lot size
4.28 Acres
Additional Details
Sprinkler System
Yes
Building Details
Year Built
2006
Buildings
1
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(414) 367-9456
Listed By:
Elizabeth Mitchell
(414) 367-9456
Source:
Exprealty
Added: May 27
Changed: Aug 21
Last Checked: Aug 21 at 4:15AM
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 Keller Williams Realty-Milwaukee Southwest
Investment Insights
Based on property information with market context.
This 11,367-square-foot flex building was constructed in 2006 and is currently configured for church and daycare operations. The interior includes 9 classrooms, 9 bathrooms, 2 offices, a laundry room, and a commercial kitchen. A full sprinkler system and fenced playground are also in place.
The property occupies 2.28 acres and includes an additional adjacent 2-acre lot. On-site parking accommodates 14 cars, with additional street parking available. The existing layout may also support consideration of a 20-24-bed assisted living facility, subject to applicable approvals.
The property occupies 2.28 acres and includes an additional adjacent 2-acre lot. On-site parking accommodates 14 cars, with additional street parking available. The existing layout may also support consideration of a 20-24-bed assisted living facility, subject to applicable approvals.
Key Highlights
- 11, 367 sqft commercial building constructed in 2006
- Current configuration includes 9 classrooms and 9 baths
- Commercial kitchen, laundry room, and 2 offices
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
$111,914
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
7.46%
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%
$2,238,280
$2.2M
Cap Rate 7%
$1,598,771
$1.6M
Cap Rate 9%
$1,243,489
$1.2M
Market Conditions
NOI Build-Up for 11,367 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
$184.1K $16.20/SF
− Vacancy
−$12.0K −$1.05/SF
EGI
$172.2K $15.15/SF
− OpEx
−$60.3K −$5.30/SF
NOI
$111.9K $9.85/SF
Area
Milwaukee, WI
Vacancy
6.50%
Lease Rate
$16.20 /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%
$2,238,280
Cap Rate 7%
$1,598,771
Cap Rate 9%
$1,243,489
Alternative Uses
Best Use
Flex RnD
$1.60M
$1.40M – $1.87M
NOI $111,914 @ 7.0% cap · market cap 7.46%
Second Best
Industrial
$591.3K
$517.4K – $689.9K
NOI $41,392 @ 7.0% cap · market cap 2.76%
Theoretical Best
Office A
$2.73M
$2.39M – $3.19M
NOI $191,211 @ 7.0% cap · market cap 12.75%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
362
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53223, WI
28,884
Population
13,436
Households
2.1
Avg Household Size
39
Median Age
29%
College-Educated
90%
High-School Grad
9.9 sq mi
ZIP Area
2,918
Density / Sq Mi
$60,477
Median Household Income
$44,625
Median Earnings
$1,071
Median Rent
$184,300
Median Home Value
Market
Vacancy Rate% for Industrial in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Configured for church and daycare use, the property includes offices, a commercial kitchen, and a fenced playground.
Where is this flex space located?
The property is located at 7901 N 66th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,500,000.
What are key features of this property?
This property features: 11, 367 sqft commercial building constructed in 2006; Current configuration includes 9 classrooms and 9 baths; Commercial kitchen, laundry room, and 2 offices
