Single-Tenant Flex Industrial Building with Loading
New
For Sale
$2,845,000
N116W18500 Morse Drive, Germantown, WI 53022
Single-tenant flex industrial building with air-conditioned office, 18–19 foot clear heights, and three loading docks.
Property Size25,800 SF
Price / SF$110.27
Days on Market2
Property Features for N116W18500 Morse Drive
General Information
Standard status
Active
Size
25,800 SF
Property subtype
Office Warehouse
Warehouse & Industrial
Clear Height
18.25 ft
Dock-High Doors
3
Drive-In Doors
1
Sprinkler System
Yes
Amenities
25,800 SF owner-user warehouse used by a single operator since construction.
3 dock doors, 1 drive-in, and 18'3" clear heights, suitable for wide range of tenants.
$165K worth of CAPX conducted since 2020, including roof work, tuck pointing, man doors replacement, parking lot seal and patch, landscaping, and sprinkler maintenance.
Building Details
Building Size
25,800 SF
Year Built
1992
Tenancy
Single
Listing Agency:
Marcus & Millichap - Milwaukee
(262) 364-1915
Listed By:
Peyton Mueller · License #License(s): WI: 112571-94
(262) 364-1915
Source:
Marcusmillichap
Added: Jul 29
Changed: Jul 30
Last Checked: Jul 30 at 11:13AM
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 Marcus & Millichap - Milwaukee
Investment Insights
Based on property information with market context.
This single-tenant flex industrial property totals 25,800 square feet and is set up with a uniform layout that can support warehouse and air-conditioned office use. Clear heights are listed at 18–19 feet, with three loading docks and a drive-in door to support efficient loading and receiving.
The building is located within the Germantown Industrial Park and was built in 1992. Recent CAPX improvements noted include roof work, tuckpointing, parking lot re-seal, sprinkler riser rehab, and landscaping.
The property also provides an expansion pathway: tenants have the ability to expand by at least 9,000 square feet into the adjacent open lot, with three pre-cut drive-in doors already in place to support future build-out.
The building is located within the Germantown Industrial Park and was built in 1992. Recent CAPX improvements noted include roof work, tuckpointing, parking lot re-seal, sprinkler riser rehab, and landscaping.
The property also provides an expansion pathway: tenants have the ability to expand by at least 9,000 square feet into the adjacent open lot, with three pre-cut drive-in doors already in place to support future build-out.
Key Highlights
- 25,800 SF single‑tenant flex industrial building in Germantown Industrial Park
- 18–19 foot clear heights with three loading docks and a drive‑in door
- Air‑conditioned office space with a uniform layout for tenant use
Financial Insights For Warehouse
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $141.1k | $5.47 |
| − Vacancy | −$7.1k | −$0.27 |
| EGI | $134.1k | $5.20 |
| − OpEx | −$20.1k | −$0.78 |
| NOI | $114.0k | $4.42 |
25,800 SF · lease $5.47/SF/yr · vacancy 5.00% · expense 15.00%
Alternative Uses
Best Use
Office B
$5.24M
$4.59M – $6.11M
NOI $366,835 @ 7.0% cap · market cap 12.89%
Second Best
Warehouse
$1.63M
$1.42M – $1.90M
NOI $113,959 @ 7.0% cap · market cap 4.01%
Theoretical Best
Office A
$7.09M
$6.21M – $8.27M
NOI $496,496 @ 7.0% cap · market cap 17.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
18 ft
Clear height
3
Dock-high doors
1
Drive-in doors
Single-tenant
Tenancy
Yes
Sprinkler system
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53022, WI
19,935
Population
8,229
Households
2.4
Avg Household Size
44
Median Age
48%
College-Educated
96%
High-School Grad
27.7 sq mi
ZIP Area
720
Density / Sq Mi
$105,324
Median Household Income
$58,683
Median Earnings
$1,315
Median Rent
$353,000
Median Home Value
Market
Vacancy Rate% for Office in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Flex space - Single-tenant flex industrial building with air-conditioned office, 18–19 foot clear heights, and three loading docks.
Where is this flex space located?
The property is located at N116W18500 Morse Drive Germantown, WI.
What is the asking price?
The asking price for this property is $2,845,000.
What are key features of this property?
This property features: 25,800 SF single‑tenant flex industrial building in Germantown Industrial Park; 18–19 foot clear heights with three loading docks and a drive‑in door; Air‑conditioned office space with a uniform layout for tenant use
