Building Details

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Listing Agency: Follmer Commercial Real Estate

Listed By: Greg Follmer · License #MN 27078 Show Phone

Source: Crexi

Added: Nov 10, 2023 Changed: Oct 25 Last Checked: Oct 28 at 6:00AM

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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 Follmer Commercial Real Estate

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Review the available facts, identify missing information and prepare questions for the agent.

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Investment Insights

Based on property information with market context.

This 5,000 SF steel frame shop/warehouse is situated on 2.5 acres directly adjacent to Hwy 53, just outside the city limits and above the weight station. The finished building features in-floor heat, a truck lift, and an insulated and finished interior. It includes some offices, a break room, and a fenced area. There are three drive-in doors, two measuring 12 feet and one measuring 9 feet. The property also features a 10,000 LB truck lift. The 2022 taxes were $1,099.06.

Key Highlights

• Steel frame shop/warehouse with 5,000 SF on 2.5 acres.
• Located directly adjacent to Hwy 53, outside city limits.
• Features in‑floor heat and insulated, finished interior.

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$24,265

Cap Rate

4.90%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$485,300 $485.3K

Cap Rate 7%

$346,643 $346.6K

Cap Rate 9%

$269,611 $269.6K

Is this asking price fair?

Market Conditions

NOI Build-Up for 5,000 SF

Gross rent

$29.4K $5.88/SF

− Vacancy

−$853 −$0.17/SF

EGI

$28.5K $5.71/SF

− OpEx

−$4.3K −$0.86/SF

NOI

$24.3K $4.85/SF

Area

Douglas County, WI

Vacancy

2.90%

Lease Rate

$5.88 /SF/Yr

Expense Ratio

15.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$485,300

Cap Rate 7%

$346,643

Cap Rate 9%

$269,611

Alternative Uses

Best Use

Retail

$876.6K

$767.0K – $1.02M (±1% cap)

NOI $61,362 @ 7.0% cap · market cap 12.40%

Second Best

Warehouse

$346.6K

$303.3K – $404.4K (±1% cap)

NOI $24,265 @ 7.0% cap · market cap 4.90%

Theoretical Best

Specialty Retail

$1.58M

$1.38M – $1.84M (±1% cap)

NOI $110,352 @ 7.0% cap · market cap 22.29%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Auto shops

Suggested Use

Top Pick Auto Repair Shop Plumbing Service Hotel & Motel Bar & Pub

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

3

Businesses Nearby

Well-served

Demand for This Use

Explore this area Business Placement

Demographics for 54874, WI

3,568

Population

1,660

Households

2.1

Avg Household Size

44

Median Age

24%

College-Educated

96%

High-School Grad

144.7 sq mi

ZIP Area

25

Density / Sq Mi

$83,350

Median Household Income

$45,431

Median Earnings

$966

Median Rent

$206,500

Median Home Value

Market

Vacancy Rate% for Industrial in Midwest region

4.4% 2019

4.9% 2020

3.6% 2021

3.1% 2022

4.6% 2023

5% 2024

4.9% 2025

Frequently Asked Questions

What type of property is this?

Warehouse - 5,000 SF shop/warehouse on 2.5 acres near Hwy 53.

Where is this warehouse located?

The property is located at 3302 Humane Society Rd South Range, WI.

What is the asking price?

The asking price for this property is $495,000.

What are key features of this property?

This property features: Steel frame shop/warehouse with **5,000 SF on 2.5 acres.**; Located directly adjacent to Hwy 53, outside city limits.; Features in‑floor heat and insulated, finished interior.