Redevelopment Opportunity Cold Storage
For Sale
Contact for pricing
824 W Delavan Dr, Janesville, WI 53546
12,492 sq. ft. building on 1.13-acre lot for sale.
Property Size12,492 SF
Lot Size1.13 Acres
Price / SF$60.04
Days on Market814
Property Features for 824 W Delavan Dr
General Information
Standard status
Active
Size
12,492 SF
Lot size
1.13 Acres
Property subtype
Retail, Office, Industrial, Mixed Use, Special Purpose
Zoning
M2
Listing Agency:
The Dickman Company Inc
(414) 271-6100
Listed By:
Michael Tomlin · License #88027-94
Source:
Crexi
Added: May 30, 2024
Changed: Aug 21
Last Checked: Aug 14 at 10:30AM
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 Dickman Company Inc
Investment Insights
Based on property information with market context.
Located at 824 W Delavan Dr, Janesville, WI 53546, this property presents a redevelopment opportunity. The building offers 12,492 sq. ft. of space, including a freezer size of approximately 3,000 sq. ft. The property is situated on a 1.13-acre lot and is zoned M-2 General Industrial. The building features metal construction and a 14' clear height, along with four exterior docks. The site allows for outdoor storage and is located within an Opportunity Zone. TIF availability further enhances the investment potential. The property is suitable for investors or owner-users. The current NOI is $85,800.
Key Highlights
- Redevelopment opportunity with M‑2 General Industrial zoning on a 1.13‑acre lot.
- Located within an Opportunity Zone and TIF availability.
- Existing cold storage building with approximately 3,000 sq. ft. freezer.
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
$39,423
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
5.26%
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%
$788,460
$788.5K
Cap Rate 7%
$563,186
$563.2K
Cap Rate 9%
$438,033
$438.0K
Market Conditions
NOI Build-Up for 12,492 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
$51.0K $4.08/SF
− Vacancy
−$4.6K −$0.37/SF
EGI
$46.4K $3.71/SF
− OpEx
−$7.0K −$0.56/SF
NOI
$39.4K $3.16/SF
Area
Rock County, WI
Vacancy
9.00%
Lease Rate
$4.08 /SF/Yr
Expense Ratio
15.00%
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%
$788,460
Cap Rate 7%
$563,186
Cap Rate 9%
$438,033
Alternative Uses
Best Use
Warehouse
$563.2K
$492.8K – $657.1K
NOI $39,423 @ 7.0% cap · market cap 5.26%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.00M
$2.63M – $3.50M
NOI $210,135 @ 7.0% cap · market cap 28.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
156
Businesses Nearby
Explore this area
Business Placement
Demographics for 53546, WI
31,190
Population
12,816
Households
2.4
Avg Household Size
41
Median Age
26%
College-Educated
95%
High-School Grad
81.1 sq mi
ZIP Area
385
Density / Sq Mi
$73,430
Median Household Income
$45,481
Median Earnings
$1,076
Median Rent
$220,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Refrigerated & cold storage - 12,492 sq. ft. building on 1.13-acre lot for sale.
Where is this refrigerated & cold storage located?
The property is located at 824 W Delavan Dr Janesville, WI.
What is the asking price?
The asking price for this property is $750,000.
What are key features of this property?
This property features: Redevelopment opportunity with M‑2 General Industrial zoning on a 1.13‑acre lot.; Located within an Opportunity Zone and TIF availability.; Existing cold storage building with approximately 3,000 sq. ft. freezer.
