Leased Industrial Portfolio with
For Sale
$18,000,000
N53W24950 S Corporate Cir, Sussex, WI 53089
100% leased, multi-building industrial portfolio featuring triple-net structures and diversified tenant mix across eight facilities.
Property Size152,275 SF
Price / SF$118.21
Days on Market57
Property Features for N53W24950 S Corporate Cir
General Information
Standard status
Active
Size
152,275 SF
Property subtype
Warehouse
Amenities
100 percent-leased, 38-suite industrial portfolio totaling 152,275 Square Feet across Eight buildings in five tight Waukesha County submarkets.
$18.0 Million offering price with $1.33 Million in-place NOI, 7.41 percent in-place cap, and a clear path to $1.42 Million / 7.88 percent pro forma NOI.
38 tenancies across Eight assets, with no tenant exceeding 10% of portfolio rent; largest tenant is 9.6 percent.
Triple Net Lease-dominant structure: six of eight buildings are triple-net; Travis Double Net leases and WestAve CAM true-up create renewal upside.
Flexible acquisition structure: buy full portfolio at $18.0 Million, Singles at $6.75 Million, Two-Pack at $2.45 Million, or Four-Pack at $8.80 Million.
Additional upside from active property tax contests: ~$12.8K a year illustrative NOI recovery, not underwritten in base pricing.
Pro forma growth is driven by contractual rent escalations, not lease-up assumptions, with the portfolio already 100 percent leased.
Near-term mark-to-market opportunity with ~72,500 Square Foot rolling in 2026–27 and in-place average base rent of $9.07 per Square Foot.
Building Details
Building Size
152,275 SF
Year Built
1990
Listing Agency:
(262) 364-1915
Listed By:
Peyton Mueller · License #License(s): WI: 112571-94
(262) 364-1915
Source:
Marcusmillichap
Added: Jun 28
Changed: Aug 14
Last Checked: Aug 23 at 2:31AM
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 Peyton Mueller
Investment Insights
Based on property information with market context.
Marcus & Millichap is pleased to offer the Waukesha Industrial Portfolio, a 100% leased, 38-suite industrial portfolio totaling 152,275 square feet across eight buildings in Waukesha County, Wisconsin. The portfolio is diversified across five infill submarkets within Greater Milwaukee, with granular tenancy and no tenant accounting for more than 10% of portfolio rent. Contractual rent escalations through August 2027 are a key component of the current and pro forma earnings.
The portfolio is offered for sale at the portfolio level, and may also be acquired through defined offering packs: Singles, Two-Pack, and Four-Pack. Six of the eight buildings operate under triple-net lease structures with CAM recovery provisions. Additional items cited include WestAve CAM true-up, a Travis lease conversion from NN to NNN at renewal, and potential property tax contest recoveries not included in the base underwriting.
For buyers seeking an industrial investment with existing cash flow, this portfolio provides an all-occupied suite structure across multiple buildings, supported by a tenancy mix designed to limit concentration. With scheduled contractual escalations through August 2027 and both triple-net and non-triple-net configurations across the asset set, it can be positioned for operators evaluating a multi-tenant industrial strategy within Waukesha County.
The portfolio is offered for sale at the portfolio level, and may also be acquired through defined offering packs: Singles, Two-Pack, and Four-Pack. Six of the eight buildings operate under triple-net lease structures with CAM recovery provisions. Additional items cited include WestAve CAM true-up, a Travis lease conversion from NN to NNN at renewal, and potential property tax contest recoveries not included in the base underwriting.
For buyers seeking an industrial investment with existing cash flow, this portfolio provides an all-occupied suite structure across multiple buildings, supported by a tenancy mix designed to limit concentration. With scheduled contractual escalations through August 2027 and both triple-net and non-triple-net configurations across the asset set, it can be positioned for operators evaluating a multi-tenant industrial strategy within Waukesha County.
Key Highlights
- 100% leased Waukesha industrial portfolio with 38 suites across eight buildings totaling 152,275 SF
- Diversified tenant mix with granular tenancy; no tenant accounts for more than 10% of portfolio rent
- Offered at $18,000,000 ($118.20/SF) with a 7.41% in‑place cap rate on $1,333,868 annualized NOI
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
$672,602
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
3.74%
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%
$13,452,040
$13.5M
Cap Rate 7%
$9,608,600
$9.6M
Cap Rate 9%
$7,473,356
$7.5M
Market Conditions
NOI Build-Up for 152,275 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
$832.9K $5.47/SF
− Vacancy
−$41.6K −$0.27/SF
EGI
$791.3K $5.20/SF
− OpEx
−$118.7K −$0.78/SF
NOI
$672.6K $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%
$13,452,040
Cap Rate 7%
$9,608,600
Cap Rate 9%
$7,473,356
Alternative Uses
Best Use
Warehouse
$9.61M
$8.41M – $11.21M
NOI $672,602 @ 7.0% cap · market cap 3.74%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$77.72M
$68.00M – $90.67M
NOI $5,440,169 @ 7.0% cap · market cap 30.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
187
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53089, WI
19,657
Population
7,856
Households
2.5
Avg Household Size
43
Median Age
45%
College-Educated
98%
High-School Grad
26.9 sq mi
ZIP Area
731
Density / Sq Mi
$116,042
Median Household Income
$60,356
Median Earnings
$1,270
Median Rent
$387,100
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
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- Captivate Exhibits — N56W24701 N Corporate Cir, Sussex, WI 53089
Frequently Asked Questions
What type of property is this?
Warehouse - 100% leased, multi-building industrial portfolio featuring triple-net structures and diversified tenant mix across eight facilities.
Where is this warehouse located?
The property is located at N53W24950 S Corporate Cir Sussex, WI.
What is the asking price?
The asking price for this property is $18,000,000.
What are key features of this property?
This property features: 100% leased Waukesha industrial portfolio with 38 suites across eight buildings totaling 152,275 SF; Diversified tenant mix with granular tenancy; no tenant accounts for more than 10% of portfolio rent; Offered at $18,000,000 ($118.20/SF) with a 7.41% in‑place cap rate on $1,333,868 annualized NOI
