Renovated Flex Space with Trail
For Sale
$565,000
8655 N 43rd St, Brown Deer, WI 53209
Y, Brown Deer, WI
Property Size4,000 SF
Lot Size0.93 Acres
Price / SF$141.25
Days on Market95
Property Features for 8655 N 43rd St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
OVPD
Directions
Brown Deer to Deerwood South to 43rd St
Standard status
Active
APN
0479987001
Size
4,000 SF
Lot size
0.93 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
6819
Amenities
pergola patio
trail access
Building Details
Year built
1940
Architectural style
Other
Listing Agency:
Keller Williams Milwaukee North Shore · Keller Williams Realty
(414) 962-3605
Listed By:
On Point Realty Group* · License #82189-94
(262) 671-6868
Added: Jun 1
Changed: Aug 25
Last Checked: Sep 3 at 9:06PM
MLS# 1965531
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 4,000-square-foot commercial property is configured as flex space within an updated cinderblock building. The three-unit layout includes an approximately 2,450-square-foot open training and flex area, a roughly 200-square-foot wellness studio, and an approximately 800-square-foot private office suite. The building includes four-unit HVAC, a good roof, a large pergola patio, and an oversized parking lot. Constructed in 1940, the property is positioned for owner-user occupancy or continued multi-unit use.
The 0.93-acre site has direct access to the Oakleaf Trail and is located in Brown Deer, Wisconsin, near new development. Zoning is OVPD. The commercial site also offers additional development opportunity, providing flexibility for future planning. Its existing layout and trail connection support fitness, wellness, bike-related, and hospitality uses as identified for the property.
The 0.93-acre site has direct access to the Oakleaf Trail and is located in Brown Deer, Wisconsin, near new development. Zoning is OVPD. The commercial site also offers additional development opportunity, providing flexibility for future planning. Its existing layout and trail connection support fitness, wellness, bike-related, and hospitality uses as identified for the property.
Key Highlights
- 4,000‑square‑foot commercial building on a 0.93‑acre site
- Three‑unit layout with approximately 2,450 SF flex space, approximately 200 SF studio, and approximately 800 SF office
- Direct access to the Oakleaf Trail
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
$45,738
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
8.10%
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%
$914,760
$914.8K
Cap Rate 7%
$653,400
$653.4K
Cap Rate 9%
$508,200
$508.2K
Market Conditions
NOI Build-Up for 4,000 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
$79.2K $19.80/SF
− Vacancy
−$18.2K −$4.55/SF
EGI
$61.0K $15.25/SF
− OpEx
−$15.2K −$3.81/SF
NOI
$45.7K $11.43/SF
Area
ZIP 53209
Vacancy
23.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$914,760
Cap Rate 7%
$653,400
Cap Rate 9%
$508,200
Alternative Uses
Best Use
Office B
$653.4K
$571.7K – $762.3K
NOI $45,738 @ 7.0% cap · market cap 8.10%
Second Best
Flex RnD
$544.7K
$476.6K – $635.4K
NOI $38,126 @ 7.0% cap · market cap 6.75%
Theoretical Best
Office A
$961.2K
$841.1K – $1.12M
NOI $67,286 @ 7.0% cap · market cap 11.91%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
422
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53209, WI
44,586
Population
21,466
Households
2.1
Avg Household Size
37
Median Age
25%
College-Educated
89%
High-School Grad
10.9 sq mi
ZIP Area
4,090
Density / Sq Mi
$45,288
Median Household Income
$33,854
Median Earnings
$980
Median Rent
$150,200
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Firehouse Subs Brown Deer Marketplace — 9070 N Green Bay Rd, Brown Deer, WI 53209
Frequently Asked Questions
What type of property is this?
Flex space - Cinderblock commercial building with three flexible units, patio space, oversized parking, and a move-in-ready configuration.
Where is this flex space located?
The property is located at 8655 N 43rd St Brown Deer, WI.
What is the asking price?
The asking price for this property is $565,000.
What are key features of this property?
This property features: 4,000‑square‑foot commercial building on a 0.93‑acre site; Three‑unit layout with approximately 2,450 SF flex space, approximately 200 SF studio, and approximately 800 SF office; Direct access to the Oakleaf Trail
