Fully Finished Flex Shop
For Sale
$154,900
8-Unit #8 407 S Wengel Drive, Reedsburg, WI 53959
A finished warehouse-style unit with private office, HVAC, overhead door, and 4-inch concrete floors for contractor, light manufacturing, or storage use.
Property Size1,250 SF
Price / SF$123.92
Days on Market108
Property Features for 8-Unit #8 407 S Wengel Drive
General Information
Standard status
Active
Size
1,250 SF
Additional Details
Drive-In Doors
1
Taxes and HOA fees
Annual Taxes
$464
Listing Agency:
First Weber Inc
(608) 524-2988
Listed By:
Chelsey Steele · License #7951994
(608) 434-1080
Source:
Exprealty
Added: May 22
Changed: Sep 4
Last Checked: Sep 5 at 1:52PM
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 First Weber Inc
Investment Insights
Based on property information with market context.
Unit 8 is a fully finished shop space designed for a mix of workspace and operations. The unit includes durable 4-inch concrete floors, full insulation, and a 13-foot overhead door for convenient loading and equipment access. Inside, there is a private office with HVAC, a private bathroom, and hot water with heat throughout. Practical utility is supported by a floor drain and a 200-amp 220V electrical service, making the space well-suited for a variety of business activities.
The property is part of an 8-unit development and offers low-maintenance exterior with designated dumpster space. The listing notes a monthly HOA fee of $60 that covers many exterior expenses, with no lawn care or snow removal.
This unit can fit tenants or buyers who need a finished interior for day-to-day work, along with shop functionality for tools, light manufacturing, or storage. The combination of an overhead door, dedicated office space, and restroom supports both operational and client-facing needs, depending on the business. The unit is available for sale, on land contract, or for rent, providing flexibility for different types of operators and buyers.
The property is part of an 8-unit development and offers low-maintenance exterior with designated dumpster space. The listing notes a monthly HOA fee of $60 that covers many exterior expenses, with no lawn care or snow removal.
This unit can fit tenants or buyers who need a finished interior for day-to-day work, along with shop functionality for tools, light manufacturing, or storage. The combination of an overhead door, dedicated office space, and restroom supports both operational and client-facing needs, depending on the business. The unit is available for sale, on land contract, or for rent, providing flexibility for different types of operators and buyers.
Key Highlights
- Fully finished 1,250 SF warehouse/shop unit (Unit 8) with private office and private bathroom
- 13' overhead door for loading access plus 4‑inch concrete floors
- 200‑amp 220V electrical service and full insulation
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
$7,179
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
4.63%
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%
$143,580
$143.6K
Cap Rate 7%
$102,557
$102.6K
Cap Rate 9%
$79,767
$79.8K
Market Conditions
NOI Build-Up for 1,250 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
$11.9K $9.48/SF
− Vacancy
−$806 −$0.64/SF
EGI
$11.0K $8.84/SF
− OpEx
−$3.9K −$3.09/SF
NOI
$7.2K $5.74/SF
Area
Sauk County, WI
Vacancy
6.80%
Lease Rate
$9.48 /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%
$143,580
Cap Rate 7%
$102,557
Cap Rate 9%
$79,767
Alternative Uses
Best Use
Flex RnD
$102.6K
$89.7K – $119.7K
NOI $7,179 @ 7.0% cap · market cap 4.63%
Second Best
Warehouse
$96.8K
$84.7K – $112.9K
NOI $6,773 @ 7.0% cap · market cap 4.37%
Theoretical Best
Office A
$253.0K
$221.4K – $295.2K
NOI $17,712 @ 7.0% cap · market cap 11.43%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Drive-in doors
Location Intelligence
Trade Area within ½ mile
147
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53959, WI
14,298
Population
5,930
Households
2.4
Avg Household Size
41
Median Age
25%
College-Educated
94%
High-School Grad
111.6 sq mi
ZIP Area
128
Density / Sq Mi
$76,313
Median Household Income
$41,886
Median Earnings
$954
Median Rent
$240,500
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 - A finished warehouse-style unit with private office, HVAC, overhead door, and 4-inch concrete floors for contractor, light manufacturing, or storage use.
Where is this flex space located?
The property is located at 8-Unit #8 407 S Wengel Drive Reedsburg, WI.
What is the asking price?
The asking price for this property is $154,900.
What are key features of this property?
This property features: Fully finished 1,250 SF warehouse/shop unit (Unit 8) with private office and private bathroom; 13' overhead door for loading access plus 4‑inch concrete floors; 200‑amp 220V electrical service and full insulation
