Garage Condo Storage with Oversized
For Sale
$2,800,000
LT0 Hobbs Dr, Delavan, WI 53115
New construction garage condo storage units with oversized 12' x 14' doors and customizable interior options.
Property Size20,000 SF
Price / SF$140
Days on Market200
Property Features for LT0 Hobbs Dr
General Information
Standard status
Active
Size
20,000 SF
Listing Agency:
Anderson Commercial Group, LLC
(414) 425-2700
Listed By:
Kristen Parks · License #9034194
(414) 858-5226
Source:
Exprealty
Added: Feb 18
Changed: Sep 2
Last Checked: Sep 5 at 9:39AM
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 Anderson Commercial Group, LLC
Investment Insights
Based on property information with market context.
Now available at 2008 Hobbs Drive in Delavan, Wisconsin, this newly constructed, energy-efficient garage condo storage property is presented as smart, technology-enabled, high-end new construction. The offering consists of +/- 2,500 square foot units that can be customized with interior amenities such as kitchens, baths, bars, and game room options. The storage configuration includes oversized 12' x 14' doors designed to accommodate boats, RVs, lifted trucks, and contractor storage.
The property is located in Walworth County and is described as being near Delavan Lake, with Lake Geneva a short drive away, supporting an outdoor-oriented buyer profile.
For users and investors seeking storage built as individual garage condo units with large access doors and interior customization, this asset offers a purpose-built configuration tailored to larger vehicle and equipment storage needs.
The property is located in Walworth County and is described as being near Delavan Lake, with Lake Geneva a short drive away, supporting an outdoor-oriented buyer profile.
For users and investors seeking storage built as individual garage condo units with large access doors and interior customization, this asset offers a purpose-built configuration tailored to larger vehicle and equipment storage needs.
Key Highlights
- New construction garage condo units near Delavan Lake in Delavan, Wisconsin (Walworth County).
- Units offer about 2,500 sq ft each and are fully customizable with kitchens, baths, bars, and game room options.
- Oversized 12' x 14' doors designed for boats, RVs, lifted trucks, or contractor 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
$202,776
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
7.24%
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%
$4,055,520
$4.1M
Cap Rate 7%
$2,896,800
$2.9M
Cap Rate 9%
$2,253,067
$2.3M
Market Conditions
NOI Build-Up for 20,000 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
$240.0K $12.00/SF
− Vacancy
−$1.4K −$0.07/SF
EGI
$238.6K $11.93/SF
− OpEx
−$35.8K −$1.79/SF
NOI
$202.8K $10.14/SF
Area
Walworth County, WI
Vacancy
0.60%
Lease Rate
$12.00 /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%
$4,055,520
Cap Rate 7%
$2,896,800
Cap Rate 9%
$2,253,067
Alternative Uses
Best Use
Warehouse
$2.90M
$2.53M – $3.38M
NOI $202,776 @ 7.0% cap · market cap 7.24%
Second Best
Self Storage
$2.71M
$2.37M – $3.16M
NOI $189,504 @ 7.0% cap · market cap 6.77%
Theoretical Best
Specialty Retail
$3.86M
$3.38M – $4.50M
NOI $270,180 @ 7.0% cap · market cap 9.65%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
492
Businesses Nearby
Explore this area
Business Placement
Demographics for 53115, WI
15,884
Population
8,848
Households
1.8
Avg Household Size
43
Median Age
25%
College-Educated
89%
High-School Grad
71.9 sq mi
ZIP Area
221
Density / Sq Mi
$70,880
Median Household Income
$38,871
Median Earnings
$1,012
Median Rent
$225,900
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Self storage facility - New construction garage condo storage units with oversized 12' x 14' doors and customizable interior options.
Where is this self storage facility located?
The property is located at LT0 Hobbs Dr Delavan, WI.
What is the asking price?
The asking price for this property is $2,800,000.
What are key features of this property?
This property features: New construction garage condo units near Delavan Lake in Delavan, Wisconsin (Walworth County).; Units offer about 2,500 sq ft each and are fully customizable with kitchens, baths, bars, and game room options.; Oversized 12' x 14' doors designed for boats, RVs, lifted trucks, or contractor storage.
