Flex Space with Three Drive-In
For Sale
Contact for pricing
811 W College Ave, Waukesha, WI 53186
Fully heated and air-conditioned flex building with close access to I-94, three drive-in doors, and ample parking.
Property Size5,000 SF
Lot Size0.40 Acres
Price / SF$115
Days on Market75
Property Features for 811 W College Ave
General Information
Standard status
Active
Size
5,000 SF
Lot size
0.40 Acres
Property subtype
Industrial
Zoning
M-1
Warehouse & Industrial
Office Build-Out
1,000 SF
Mezzanine
500 SF
Drive-In Doors
3
Heavy Power
Yes
Additional Details
Highway Access
Yes
Building Details
Year Built
1973
Listing Agency:
The Barry Company
Listed By:
David Bartelt · License #114296-94
(414) 828-2500
Source:
Crexi
Added: Jul 1
Changed: Sep 9
Last Checked: Sep 13 at 5:14AM
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 The Barry Company
Investment Insights
Based on property information with market context.
Located in the heart of Waukesha, this flex space offers a mix of office and warehouse functionality with a fully heated and air-conditioned interior. The building includes an ideal +/- 1,000 SF office component with a 500 SF mezzanine. It sits on 0.4 acres and provides ample staff and customer parking.
Operations are supported by a facility that currently has extremely heavy power and easy vehicle access through three drive-in doors. With a building size of 5,000 SF, the layout is designed to accommodate both day-to-day office needs and efficient moving or service activity.
The property’s proximity to I-94 provides convenient access for employees, customers, and deliveries.
Operations are supported by a facility that currently has extremely heavy power and easy vehicle access through three drive-in doors. With a building size of 5,000 SF, the layout is designed to accommodate both day-to-day office needs and efficient moving or service activity.
The property’s proximity to I-94 provides convenient access for employees, customers, and deliveries.
Key Highlights
- Three drive‑in doors for easy vehicle access
- Extremely heavy power for demanding electrical needs
- Ideal +/- 1,000 SF office component with 500 SF mezzanine
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
$18,207
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
3.17%
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%
$364,140
$364.1K
Cap Rate 7%
$260,100
$260.1K
Cap Rate 9%
$202,300
$202.3K
Market Conditions
NOI Build-Up for 5,000 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
$27.4K $5.47/SF
− Vacancy
−$1.3K −$0.27/SF
EGI
$26.0K $5.20/SF
− OpEx
−$7.8K −$1.56/SF
NOI
$18.2K $3.64/SF
Area
Waukesha County, WI
Vacancy
4.90%
Lease Rate
$5.47 /SF/Yr
Expense Ratio
30.00%
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%
$364,140
Cap Rate 7%
$260,100
Cap Rate 9%
$202,300
Alternative Uses
Best Use
Flex RnD
$2.55M
$2.23M – $2.98M
NOI $178,630 @ 7.0% cap · market cap 31.07%
Second Best
Industrial
$260.1K
$227.6K – $303.5K
NOI $18,207 @ 7.0% cap · market cap 3.17%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
3
Drive-in doors
Yes
Heavy power
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
407
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53186, WI
32,332
Population
15,066
Households
2.1
Avg Household Size
38
Median Age
39%
College-Educated
95%
High-School Grad
12.6 sq mi
ZIP Area
2,566
Density / Sq Mi
$74,596
Median Household Income
$42,007
Median Earnings
$1,180
Median Rent
$277,800
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Midwest region
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Frequently Asked Questions
What type of property is this?
Flex space - Fully heated and air-conditioned flex building with close access to I-94, three drive-in doors, and ample parking.
Where is this flex space located?
The property is located at 811 W College Ave Waukesha, WI.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Three drive‑in doors for easy vehicle access; Extremely heavy power for demanding electrical needs; Ideal +/- 1,000 SF office component with 500 SF mezzanine
