Single-Story Retail
For Sale
Contact for pricing
9220 W Greenfield Ave, West Allis, WI 53214
Former CVS space with single-story layout, loading area, three restrooms, and ample on-site parking.
Property Size19,173 SF
Price / SF$135.61
Days on Market328
Property Features for 9220 W Greenfield Ave
General Information
Standard status
Active
Size
19,173 SF
Property subtype
RETAIL
Additional Details
Business Included
No
Highway Access
Yes
Sprinkler System
Yes
Amenities
loading area
display cases
signage opportunities
Building Details
Stories
1
Listing Agency:
Cushman & Wakefield | Boerke
Listed By:
Kevin T. Riordan
(414) 347-1000
Source:
Moodyscre
Added: Oct 22, 2025
Changed: Sep 6
Last Checked: Sep 13 at 5:09AM
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 Cushman & Wakefield | Boerke
Investment Insights
Based on property information with market context.
Former CVS retail storefront offered for sale or lease with a single-story layout. The building is fully sprinklered and includes three restrooms, a loading area, and display cases, along with prominent signage opportunities.
The property is positioned in a high-visibility location and is described as having strong traffic counts, within dense residential neighborhoods with strong daytime population. It also notes easy access to I-94 and I-41, plus major arterial roads, and proximity to national retailers, restaurants, and community amenities.
This configuration supports retail, medical, or service use based on the property’s stated fit and on-site amenities, including dedicated parking for customers and staff.
The property is positioned in a high-visibility location and is described as having strong traffic counts, within dense residential neighborhoods with strong daytime population. It also notes easy access to I-94 and I-41, plus major arterial roads, and proximity to national retailers, restaurants, and community amenities.
This configuration supports retail, medical, or service use based on the property’s stated fit and on-site amenities, including dedicated parking for customers and staff.
Key Highlights
- Former CVS with single‑story layout
- Fully sprinklered building with loading area and display cases
- Three restrooms
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
$194,069
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
7.46%
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%
$3,881,380
$3.9M
Cap Rate 7%
$2,772,414
$2.8M
Cap Rate 9%
$2,156,322
$2.2M
Market Conditions
NOI Build-Up for 19,173 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
$287.6K $15.00/SF
− Vacancy
−$10.4K −$0.54/SF
EGI
$277.2K $14.46/SF
− OpEx
−$83.2K −$4.34/SF
NOI
$194.1K $10.12/SF
Area
Milwaukee County, WI
Vacancy
3.60%
Lease Rate
$15.00 /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%
$3,881,380
Cap Rate 7%
$2,772,414
Cap Rate 9%
$2,156,322
Alternative Uses
Best Use
Specialty Retail
$3.69M
$3.23M – $4.31M
NOI $258,463 @ 7.0% cap · market cap 9.94%
Second Best
Retail
$2.77M
$2.43M – $3.23M
NOI $194,069 @ 7.0% cap · market cap 7.46%
Theoretical Best
Office A
$4.55M
$3.98M – $5.30M
NOI $318,263 @ 7.0% cap · market cap 12.24%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Sprinkler system
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
528
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53214, WI
34,297
Population
17,530
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
4,831
Density / Sq Mi
$62,712
Median Household Income
$46,304
Median Earnings
$999
Median Rent
$178,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Prescriptions Plus — 10233 W Greenfield Ave, Milwaukee, WI 53214
- Good Value Pharmacy — 10233 W Greenfield Ave, Milwaukee, WI 53214
- Guardian Pharmacy of Wisconsin - Milwaukee — 10233 W Greenfield Ave, West Allis, WI 53214
- Trobentar Cynthia L — 10233 W Greenfield Ave, Milwaukee, WI 53214
- Taylor Page — 10101 W Greenfield Ave #130, West Allis, WI 53214
Frequently Asked Questions
What type of property is this?
Drug store - Former CVS space with single-story layout, loading area, three restrooms, and ample on-site parking.
Where is this drug store located?
The property is located at 9220 W Greenfield Ave West Allis, 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: Former CVS with single‑story layout; Fully sprinklered building with loading area and display cases; Three restrooms
