Flex Space with
For Sale
$1,500,000
7901 N 66th St, Milwaukee, WI 53223
Y, Milwaukee, WI
Property Size11,367 SF
Lot Size4.28 Acres
Price / SF$131.96
Days on Market100
Property Features for 7901 N 66th St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
RM1
Directions
Bradley RD to 66th st. 66th st South to property.
Standard status
Active
APN
0830142000
Size
11,367 SF
Lot size
4.28 Acres
Taxes and HOA fees
Tax Year
2025
Amenities
9 classrooms
9 baths
laundry room
2 offices
commercial kitchen
fenced playground area
Building Details
Year built
2006
Architectural style
Other
Listing Agency:
Keller Williams Realty-Milwaukee Southwest
(262) 599-8980
Listed By:
Elizabeth Mitchell
(414) 367-9456
Added: May 27
Changed: Aug 19
Last Checked: Sep 3 at 5:06PM
MLS# 1964484
Copyright © 2026 Metro MLS. 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 11,367-square-foot flex property was built in 2006 and is currently arranged for church and daycare operations. The interior includes 9 classrooms, 9 baths, 2 offices, a laundry room, and a commercial kitchen, supported by a full sprinkler system. A fenced playground occupies the rear of the property.
The site encompasses 4.28 acres and includes an adjacent 2-acre lot. On-site parking accommodates 14 cars, with additional street parking available. The property is located in Milwaukee and is identified with RM1 zoning.
The site encompasses 4.28 acres and includes an adjacent 2-acre lot. On-site parking accommodates 14 cars, with additional street parking available. The property is located in Milwaukee and is identified with RM1 zoning.
Key Highlights
- 11,367 square feet; built in 2006
- 4.28‑acre site with an adjacent 2‑acre lot
- 9 classrooms and 9 baths
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
Yes
Fenced yard
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 - Commercial building configured with classrooms, offices, a 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 square feet; built in 2006; 4.28‑acre site with an adjacent 2‑acre lot; 9 classrooms and 9 baths
