Three-Building Office
For Sale
$6,000,000
N27 W23957 Paul Rd, Pewaukee, WI 53072
Office portfolio positioned at a high-traffic intersection near Interstate 94.
Property Size15,154 SF
Price / SF$395.94
Days on Market109
Property Features for N27 W23957 Paul Rd
General Information
Standard status
Active
Size
15,154 SF
Property subtype
Office
Amenities
Three Office Buildings with 100 Percent Occupancy (41 Tenants)
Professionally Managed and Maintained
Has Never Hit Market; Developed, Owned, and Managed by Same Owner
Building Details
Building Size
15,154 SF
Year Built
2000
Listing Agency:
(262) 364-1970
Listed By:
Thomas Kopatich · License #License(s): WI: 48495-90
(262) 364-1970
Source:
Marcusmillichap
Added: May 14
Changed: Aug 29
Last Checked: Aug 29 at 5:17PM
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 Thomas Kopatich
Investment Insights
Based on property information with market context.
This office portfolio includes three buildings with a combined 45,899 rentable square feet. The improvements were completed in 2000 and are positioned for office use across a multi-building configuration.
The property is located at the corner of Pewaukee Rd and Paul Rd in Pewaukee, Wisconsin. The intersection records 25,000 vehicles per day, while nearby Interstate 94 provides regional access. The address is N27 W23957 Paul Rd, Pewaukee, WI 53072.
The property is located at the corner of Pewaukee Rd and Paul Rd in Pewaukee, Wisconsin. The intersection records 25,000 vehicles per day, while nearby Interstate 94 provides regional access. The address is N27 W23957 Paul Rd, Pewaukee, WI 53072.
Key Highlights
- Three‑building office portfolio totaling 45,899 rentable square feet
- Built in 2000
- Located at the corner of Pewaukee Rd and Paul Rd
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
$210,384
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
3.51%
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%
$4,207,680
$4.2M
Cap Rate 7%
$3,005,486
$3.0M
Cap Rate 9%
$2,337,600
$2.3M
Market Conditions
NOI Build-Up for 15,154 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
$376.4K $24.84/SF
− Vacancy
−$95.9K −$6.33/SF
EGI
$280.5K $18.51/SF
− OpEx
−$70.1K −$4.63/SF
NOI
$210.4K $13.88/SF
Area
Waukesha County, WI
Vacancy
25.48%
Lease Rate
$24.84 /SF/Yr
Expense Ratio
25.00%
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%
$4,207,680
Cap Rate 7%
$3,005,486
Cap Rate 9%
$2,337,600
Alternative Uses
Best Use
Office B
$3.01M
$2.63M – $3.51M
NOI $210,384 @ 7.0% cap · market cap 3.51%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$7.73M
$6.77M – $9.02M
NOI $541,391 @ 7.0% cap · market cap 9.02%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
404
Businesses Nearby
Explore this area
Business Placement
Demographics for 53072, WI
26,687
Population
12,594
Households
2.1
Avg Household Size
45
Median Age
53%
College-Educated
98%
High-School Grad
29.8 sq mi
ZIP Area
896
Density / Sq Mi
$97,434
Median Household Income
$61,762
Median Earnings
$1,352
Median Rent
$424,300
Median Home Value
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?
Office building - Office portfolio positioned at a high-traffic intersection near Interstate 94.
Where is this office building located?
The property is located at N27 W23957 Paul Rd Pewaukee, WI.
What is the asking price?
The asking price for this property is $6,000,000.
What are key features of this property?
This property features: Three‑building office portfolio totaling 45,899 rentable square feet; Built in 2000; Located at the corner of Pewaukee Rd and Paul Rd
