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    8840 Greenview Dr Middleton, WI 53562

    Sponsored
    For Sale
    $6,700,000

    Rare NNN Lease, Strong Tenant, High NOI

    Property size:
    39,972 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    404
    This exceptional investment opportunity presents a 39,972-square-foot industrial property located at 8840 N Greenview Dr, Middleton, WI 53562. The property, built in 1998 and situated on 3.1 acres, boasts a compelling combination of features, including 18,380 square feet of office space and 21,592 square feet of industrial space. A significant highlight is the specialized facility, featuring multiple cleanrooms and lab space, with a high-quality industrial finish (excluding a small loading dock area). The Class 10,000 square-foot cleanroom is crucial for the tenant's manufacturing processes. The property is currently 100% occupied under an absolute triple-net (NNN) lease with a corporate guarantee, offering zero landlord responsibilities. The lease, with a remaining term of 11.5 years, commenced September 7, 2005, and expires May 19, 2036, featuring annual rental escalations. The asking price is $6,700,000, representing a 7.56% cap rate and a NOI of $506,516. The tenant, Wi2Wi, a global manufacturer of wireless connectivity, timing, and frequency control devices, demonstrates a strong commitment with a recent 12-year lease extension. The property benefits from its location in a thriving business park within a high-income area; Middleton is a suburban city near Madison, Wisconsin. This offering presents a secure, long-term investment with significant upside potential.

    Property Features for 8840 Greenview Dr

    General Information

    Property type
    Distribution properties
    Square Feet
    39,972 SF
    Lot Size
    135,036 SF

    Building Details

    Year Built
    1998

    We can help!

    Listing Contact
    Deno Bistolarides
    Deno Bistolarides

    Learn more

    HighLights

    • $6,700,000 asking price, 7.56% cap rate, and $506,516 NOI.
    • Absolute NNN net lease with corporate guarantee, 11.5 years remaining on a 30.7‑year lease.
    • 39,972 SF building on 3.1 acres; 18,380 SF office, 21,592 SF industrial space.
    • Specialized facility with multiple cleanrooms and a Class 10,000 cleanroom; high‑quality industrial finish (excluding loading dock).
    • Annual rent escalations.
    • Tenant, Wi2Wi, is a global manufacturer of wireless connectivity and frequency control devices.
    Property Profile Location Intelligence

    Current Use by Public Records

    Manufacturing properties

    Suggested Use

    Restaurant Realty agency Law Firm Dental Office Spa & Massage Building Supply Wholesale Shop Auto Repair Shop Hair Salon Nail Salon

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

    Location Insight

    • Map
    • Local Demand
    City
    Middleton
    County
    Dane
    State
    Wisconsin
    Longitude
    -89.5428368
    Latitude
    43.099751

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    FAQs

    What type of property is this?
    Distribution property - Rare NNN Lease, Strong Tenant, High NOI
    Where is this distribution property located?
    The property is located at 8840 Greenview Dr Middleton, WI.
    What is the asking price?
    The asking price for this property is $6,700,000.
    What are key features of this property?
    This property features: $6,700,000 asking price, 7.56% cap rate, and $506,516 NOI.; Absolute NNN net lease with corporate guarantee, 11.5 years remaining on a 30.7-year lease.; 39,972 SF building on 3.1 acres; 18,380 SF office, 21,592 SF industrial space.
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    8840 Greenview Dr Middleton, WI 53562
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    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    8840 Greenview Dr Middleton, WI 53562
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    We can help!
    Listing Contact
    Deno Bistolarides
    Deno Bistolarides
    Real Estate License ID: MI 6502378067
    Learn more
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