Industrial Property with River
For Sale
Contact for pricing
2215 W Mt Vernon Ave, Milwaukee, WI 53233
Flex space with Menomonee River frontage and high ceilings.
Property Size16,477 SF
Price / SF$157.80
Days on Market758
Property Features for 2215 W Mt Vernon Ave
General Information
Standard status
Active
Size
16,477 SF
Property subtype
Special Purpose
Zoning
PD
Building Details
Stories
3
Listing Agency:
The Barry Company
(414) 271-1870
Listed By:
David Barry · License #WI 46982-90
Source:
Crexi
Added: Jul 17, 2024
Changed: Aug 8
Last Checked: Aug 8 at 4:17AM
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.
This industrial property offers approximately 750 feet of frontage on the Menomonee River. The building features ceiling heights of over 40 feet, offering potential for floor expansion and 100% clearspan construction. The property's PD zoning allows for multiple uses. Located within seconds of a four-way interchange at 27th Street and I-94, the site benefits from high visibility, with 164,000 vehicles per day along I-94. The property has a size of 16,477 square feet and multiple financing opportunities are possible.
Key Highlights
- Approximately 750 FT of Menomonee River frontage
- 164,000 VPD along I‑94 with huge intersection visibility**
- 40+ FT ceiling height for floor expansion & 100% clearspan**
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
$162,225
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
6.24%
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%
$3,244,500
$3.2M
Cap Rate 7%
$2,317,500
$2.3M
Cap Rate 9%
$1,802,500
$1.8M
Market Conditions
NOI Build-Up for 16,477 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
$266.9K $16.20/SF
− Vacancy
−$17.4K −$1.05/SF
EGI
$249.6K $15.15/SF
− OpEx
−$87.4K −$5.30/SF
NOI
$162.2K $9.85/SF
Area
Milwaukee, WI
Vacancy
6.50%
Lease Rate
$16.20 /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%
$3,244,500
Cap Rate 7%
$2,317,500
Cap Rate 9%
$1,802,500
Alternative Uses
Best Use
Flex RnD
$2.32M
$2.03M – $2.70M
NOI $162,225 @ 7.0% cap · market cap 6.24%
Second Best
Industrial
$857.1K
$750.0K – $1,000.0K
NOI $59,999 @ 7.0% cap · market cap 2.31%
Theoretical Best
Office A
$3.96M
$3.46M – $4.62M
NOI $277,170 @ 7.0% cap · market cap 10.66%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,008
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53233, WI
15,531
Population
5,531
Households
2.8
Avg Household Size
25
Median Age
17%
College-Educated
78%
High-School Grad
1.8 sq mi
ZIP Area
8,628
Density / Sq Mi
$20,306
Median Household Income
$10,060
Median Earnings
$846
Median Rent
$132,900
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 with Menomonee River frontage and high ceilings.
Where is this flex space located?
The property is located at 2215 W Mt Vernon Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,600,000.
What are key features of this property?
This property features: Approximately 750 FT of Menomonee River frontage; 164,000 VPD along I‑94 with huge intersection visibility**; 40+ FT ceiling height for floor expansion & 100% clearspan**
