Flexible Flex Space
For Sale
$220,000
9903 W Brown Deer Rd, Milwaukee, WI 53224
N, Milwaukee, WI
Property Size2,900 SF
Lot Size0.29 Acres
Price / SF$75.86
Days on Market9
Property Features for 9903 W Brown Deer Rd
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
IL 1
Standard status
Active
APN
0408100000
Size
2,900 SF
Lot size
0.29 Acres
Taxes and HOA fees
Tax Year
2025
Amenities
secured storage
on-site parking
Building Details
Year built
1968
Architectural style
Other
Listing Agency:
Homestead Realty, Inc
(800) 339-4444
Listed By:
Imani London
(414) 404-5797
Added: Sep 19
Last Checked: Sep 27 at 11:06AM
MLS# 1981418
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2,900-square-foot flex space building, constructed in 1968, provides a practical layout for commercial use. The interior includes open work areas, secured storage, and ceilings approximately 10 feet high. On-site parking is also available, adding convenience for daily operations and visitors.
The property is located at 9903 W Brown Deer Rd in Milwaukee, near 99th and Brown Deer Rd. Its position along W Brown Deer Rd provides street visibility and access to the surrounding area. The 0.29-acre site is zoned IL 1 and offers a compact commercial setting for an owner-user or other business operation.
The property is located at 9903 W Brown Deer Rd in Milwaukee, near 99th and Brown Deer Rd. Its position along W Brown Deer Rd provides street visibility and access to the surrounding area. The 0.29-acre site is zoned IL 1 and offers a compact commercial setting for an owner-user or other business operation.
Key Highlights
- 2,900‑square‑foot flex space building
- 0.29‑acre site zoned IL 1
- Open work areas with secured storage
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
$12,823
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
5.83%
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%
$256,460
$256.5K
Cap Rate 7%
$183,186
$183.2K
Cap Rate 9%
$142,478
$142.5K
Market Conditions
NOI Build-Up for 2,900 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
$15.9K $5.47/SF
− Vacancy
−$777 −$0.27/SF
EGI
$15.1K $5.20/SF
− OpEx
−$2.3K −$0.78/SF
NOI
$12.8K $4.42/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$256,460
Cap Rate 7%
$183,186
Cap Rate 9%
$142,478
Alternative Uses
Best Use
Flex RnD
$407.9K
$356.9K – $475.9K
NOI $28,552 @ 7.0% cap · market cap 12.98%
Second Best
Warehouse
$183.2K
$160.3K – $213.7K
NOI $12,823 @ 7.0% cap · market cap 5.83%
Theoretical Best
Office A
$696.9K
$609.8K – $813.1K
NOI $48,783 @ 7.0% cap · market cap 22.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
10 ft
Clear height
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
220
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53224, WI
20,786
Population
8,530
Households
2.4
Avg Household Size
32
Median Age
27%
College-Educated
92%
High-School Grad
10.1 sq mi
ZIP Area
2,058
Density / Sq Mi
$69,727
Median Household Income
$44,745
Median Earnings
$1,160
Median Rent
$194,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Industrial in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Open work areas, secured storage, and on-site parking support varied commercial operations.
Where is this flex space located?
The property is located at 9903 W Brown Deer Rd Milwaukee, WI.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: 2,900‑square‑foot flex space building; 0.29‑acre site zoned IL 1; Open work areas with secured storage
