Your AI Navigator in Commercial Real Estate
Sign Up Successful!
You now have access to more from Realmo!
    For Sale
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search

    6101 Greenfield Ave West Allis, WI 53214

    Sponsored
    For Sale
    $4,750,000

    High-yield Walgreens, Milwaukee MSA

    Property size:
    14,487 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    401
    This exceptional investment opportunity presents a 14,487-square-foot Walgreens located at 6101 W Greenfield Ave, West Allis, WI 53214. The property sits on a 1.54-acre lot and boasts a strong 8.00% cap rate, generating a net operating income (NOI) of $380,000. The absolute NNN lease with Walgreens, a credit-rated tenant, has a remaining term of approximately 8.7 years, expiring July 31, 2033, with fifty 1-year options. Built in 2008, this single-tenant retail property benefits from its high-traffic location on West Greenfield Avenue (11,400 vehicles per day), with convenient access to major interstates I-41/I-894 (173,000 VPD) and I-94 (161,000 VPD). The property enjoys excellent visibility and proximity to numerous national retailers including Walmart, Target, Menards, ALDI, Burlington, McDonald's, and Starbucks, as well as significant population centers. The area's strong demographics include 461,663 people within a 5-mile radius, with an average household income of $80,752. Furthermore, its location near American Family Field (Milwaukee Brewers), Wisconsin State Fair Park, Milwaukee Mile Speedway, and the Clement J Zablocki Veterans Affairs Medical Center ensures consistent high traffic and visibility. The asking price is $4,750,000, translating to a price per square foot of $327.88. Seller financing is available. This is a rare opportunity to acquire a well-positioned, high-performing Walgreens property in a thriving market.

    Property Features for 6101 Greenfield Ave

    General Information

    Property type
    Individual retail properties
    Square Feet
    14,487 SF
    Lot Size
    67,082 SF

    Building Details

    Year Built
    2008

    HighLights

    • Milwaukee MSA location, ranked #40 nationally by population.
    • Investment‑grade tenant with S&P rating of BBB.
    • Over nine years remaining on lease, operating since 2008.
    • NNN lease; no landlord responsibilities.
    • 1.54‑acre lot.
    • Excellent highway access via I‑41/I‑894 (173,000 VPD) and I‑94 (161,000 VPD).
    Property Profile Location Intelligence

    Current Use by Public Records

    Drug stores

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    West Allis
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.989132
    Latitude
    43.0165331

    Nearby Similar for Sale

    • $1,750,000
      12,672 SF

      West Allis Mixed-Use Investment

      Cash flowing retail and multifamily property in West Allis.
      1410 S 72 St, West Allis, WI
      View Details
    • $650,000
      6,531 SF

      Turnkey Bar and Restaurant Opportunity

      Bar and restaurant near Wisconsin State Fair Grounds for sale.
      8101 W Greenfield Ave, West Allis, WI 53214
      View Details
    • $2,600,000
      19,173 SF

      Former Retail Space For Sale

      High-visibility retail space suitable for retail, medical, or service uses.
      9220 W Greenfield Ave, West Allis, WI 53214
      View Details
    • $399,900
      2,366 SF

      Equipped Dental Practice Ready

      Fully equipped dental practice in a dense residential neighborhood.
      8801 W National Ave, West Allis, WI 53227
      View Details
    • Contact for pricing
      9,272 SF

      High-Traffic Retail/Restaurant Space Available

      5,800 SF space on high-traffic street near major retailers.
      2865 S 108 St, West Allis, WI
      View Details
    • $895,000
      22,440 SF

      West Allis Retail Portfolio

      Two tenant-occupied retail buildings near Hwy 100 and I-41.
      9633-9635 W Greenfield Ave, West Allis, WI 53214
      View Details
    • $400,000
      2,408 SF

      Retail Space with Basement Storage

      Retail space with basement, high visibility, and easy access.
      11401 W National Ave, West Allis, WI 53227
      View Details
    • Contact for pricing
      45,620 SF

      West Allis Specialty Property

      Historic rehabilitation eligible for tax credits in West Allis.
      6771 W National Ave, West Allis, WI 53214
      View Details
    • Contact for pricing
      20,076 SF

      Retail Space with Parking Available

      Retail property with courtyard and potential for additional development.
      6330-6350 W Greenfield Ave, West Allis, WI 53214
      View Details
    • Contact for pricing
      38,564 SF

      West Allis Office Building

      Office building with freeway visibility and flexible floor plan.
      2400 S 102 St, West Allis, WI
      View Details
    • $550,000
      7,000 SF

      West Allis Storefront Property

      Retail property with two storefront entrances and garage in back.
      7125 W Greenfield Ave, West Allis, WI 53204
      View Details
    • $1,495,000
      11,950 SF

      West Allis Industrial Property

      Renovated industrial property with multi-tenant potential in West Allis.
      1445 S 113 St, West Allis, WI
      View Details

    FAQs

    What type of property is this?
    Individual retail property - High-yield Walgreens, Milwaukee MSA
    Where is this individual retail property located?
    The property is located at 6101 Greenfield Ave West Allis, WI.
    What is the asking price?
    The asking price for this property is $4,750,000.
    What are key features of this property?
    This property features: Milwaukee MSA location, ranked #40 nationally by population.; Investment-grade tenant with S&P rating of BBB.; Over nine years remaining on lease, operating since 2008.
    Request Owner's contact information
    6101 Greenfield Ave West Allis, WI 53214
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    6101 Greenfield Ave
    West Allis, WI 53214
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    6101 Greenfield Ave West Allis, WI 53214
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.