Milwaukee Flex Space For
For Sale
Contact for pricing
10003 W Carmen Ave, Milwaukee, WI 53225
Flex space available for sale in Milwaukee, Wisconsin.
Property Size6,131 SF
Price / SF$44.85
Days on Market2579
Property Features for 10003 W Carmen Ave
General Information
Standard status
Active
Size
6,131 SF
Total Parking Spaces
8
Property subtype
Office, Industrial
Zoning
IL-1
Lease Type
NNN
Building Details
Year Built
1962
Listing Agency:
Newmark - Milwaukee
(308) 384-1101
Listed By:
Mitchell Starczynski · License #WI 75795
Source:
Crexi
Added: Aug 9, 2019
Changed: Aug 21
Last Checked: Aug 29 at 3:55AM
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 Newmark - Milwaukee
Investment Insights
Based on property information with market context.
This property, located in Milwaukee, Wisconsin, offers 6,131 square feet of flex space. The property is suitable for commercial real estate purposes, including use as an office, warehouse, or industrial space. It can also be used as office units and office spaces.
Key Highlights
- For sale
- Year Built: 1962
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
$22,325
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
8.12%
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%
$446,500
$446.5K
Cap Rate 7%
$318,929
$318.9K
Cap Rate 9%
$248,056
$248.1K
Market Conditions
NOI Build-Up for 6,131 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
$33.5K $5.47/SF
− Vacancy
−$1.6K −$0.27/SF
EGI
$31.9K $5.20/SF
− OpEx
−$9.6K −$1.56/SF
NOI
$22.3K $3.64/SF
Area
Milwaukee, 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%
$446,500
Cap Rate 7%
$318,929
Cap Rate 9%
$248,056
Alternative Uses
Best Use
Flex RnD
$862.3K
$754.5K – $1.01M
NOI $60,363 @ 7.0% cap · market cap 21.95%
Second Best
Industrial
$318.9K
$279.1K – $372.1K
NOI $22,325 @ 7.0% cap · market cap 8.12%
Theoretical Best
Office A
$1.47M
$1.29M – $1.72M
NOI $103,133 @ 7.0% cap · market cap 37.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
332
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53225, WI
25,138
Population
11,019
Households
2.3
Avg Household Size
33
Median Age
22%
College-Educated
91%
High-School Grad
7.0 sq mi
ZIP Area
3,591
Density / Sq Mi
$54,433
Median Household Income
$40,463
Median Earnings
$1,094
Median Rent
$174,500
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 - Flex space available for sale in Milwaukee, Wisconsin.
Where is this flex space located?
The property is located at 10003 W Carmen Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: For sale; Year Built: 1962
