Pewaukee Flex/Industrial/Office
For Sale
Contact for pricing
N25W23050 Paul Road, Pewaukee, WI 14624
37,765 SqFt flex, industrial, and office space for sale.
Property Size37,765 SF
Price / SF$119.16
Days on Market159
Property Features for N25W23050 Paul Road
General Information
Standard status
Active
Size
37,765 SF
Total Parking Spaces
90
Property subtype
Office, Industrial
Zoning
B-6 Mixed-Use Business
Building Details
Year Built
1990
Listing Agency:
Newmark - Milwaukee
(414) 347-9400
Listed By:
Brian Vanevenhoven · License #WI 52951
Source:
Crexi
Added: Mar 3
Changed: Aug 8
Last Checked: Aug 8 at 6:27AM
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 Newmark - Milwaukee
Investment Insights
Based on property information with market context.
This commercial real estate property in Pewaukee, Wisconsin, offers 37,765 square feet of space suitable for office, flex space, industrial, and warehouse use. The property is located at N25W23050 Paul Road.
Key Highlights
- Office Property
- Boasting 37,765 SqFt
- Built in 1990
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
$166,809
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
3.71%
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%
$3,336,180
$3.3M
Cap Rate 7%
$2,382,986
$2.4M
Cap Rate 9%
$1,853,433
$1.9M
Market Conditions
NOI Build-Up for 37,765 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
$206.6K $5.47/SF
− Vacancy
−$10.3K −$0.27/SF
EGI
$196.2K $5.20/SF
− OpEx
−$29.4K −$0.78/SF
NOI
$166.8K $4.42/SF
Area
Waukesha County, WI
Vacancy
5.00%
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%
$3,336,180
Cap Rate 7%
$2,382,986
Cap Rate 9%
$1,853,433
Alternative Uses
Best Use
Flex RnD
$19.27M
$16.86M – $22.49M
NOI $1,349,191 @ 7.0% cap · market cap 29.98%
Second Best
Office B
$7.49M
$6.55M – $8.74M
NOI $524,294 @ 7.0% cap · market cap 11.65%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
346
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Market
Vacancy Rate% for Office 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?
Flex space - 37,765 SqFt flex, industrial, and office space for sale.
Where is this flex space located?
The property is located at N25W23050 Paul Road Pewaukee, WI.
What is the asking price?
The asking price for this property is $4,500,000.
What are key features of this property?
This property features: Office Property; Boasting 37,765 SqFt; Built in 1990
