Multi-Tenant Flex
For Sale
$1,675,000
N60W14434 Kaul Ave, Menomonee Falls, WI 53051
Four suites and separately metered units support a functional small-bay industrial configuration.
Property Size15,365 SF
Price / SF$109.01
Days on Market40
Property Features for N60W14434 Kaul Ave
General Information
Standard status
Active
Size
15,365 SF
Property subtype
Office Warehouse
Occupancy
100%
Net Operating Income
$131,846
Financials
Cap Rate
7.87%
Gross Income
$172,776
Warehouse & Industrial
Clear Height
16.6 ft
Drive-In Doors
6
Additional Details
Highway Access
Yes
Amenities
One Hundred Percent Leased Multi-Tenant Industrial in Waukesha County, WI with Two Percent Industrial Vacancy.
Outdoor Storage Capabilities for a Large Range of Tenants | Four Minutes Off I-41.
Long Term Tenants with an Average Occupancy of More Than Eight Years and Over $146K CAPX Since 2016.
Building Details
Building Size
15,365 SF
Year Built
1989
Buildings
1
Tenancy
Multi
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 22
Changed: Aug 29
Last Checked: Aug 29 at 6:41PM
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 15,365-square-foot flex property in Menomonee Falls, Wisconsin, contains four suites occupied by three tenants. The small-bay layout includes six drive-in doors, 16-foot and seven-inch clear heights, and separate metering for each unit. Built in 1989, the building has remained 100 percent occupied since inception.
Recent capital work includes a new roof and parking lot completed in 2018. The property is positioned approximately four minutes from Interstate 41, providing access to Milwaukee’s industrial corridors and the broader Waukesha County market. Staggered lease expirations and established tenancy are supported by the existing multi-suite configuration.
Recent capital work includes a new roof and parking lot completed in 2018. The property is positioned approximately four minutes from Interstate 41, providing access to Milwaukee’s industrial corridors and the broader Waukesha County market. Staggered lease expirations and established tenancy are supported by the existing multi-suite configuration.
Key Highlights
- 15,365 square feet with 100 percent leased occupancy
- Three‑tenant configuration across four suites
- Six drive‑in doors and 16‑foot and seven‑inch clear heights
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
$67,868
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
4.05%
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%
$1,357,360
$1.4M
Cap Rate 7%
$969,543
$969.5K
Cap Rate 9%
$754,089
$754.1K
Market Conditions
NOI Build-Up for 15,365 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
$84.0K $5.47/SF
− Vacancy
−$4.2K −$0.27/SF
EGI
$79.8K $5.20/SF
− OpEx
−$12.0K −$0.78/SF
NOI
$67.9K $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%
$1,357,360
Cap Rate 7%
$969,543
Cap Rate 9%
$754,089
Alternative Uses
Best Use
Flex RnD
$7.84M
$6.86M – $9.15M
NOI $548,929 @ 7.0% cap · market cap 32.77%
Second Best
Warehouse
$969.5K
$848.4K – $1.13M
NOI $67,868 @ 7.0% cap · market cap 4.05%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
16 ft
Clear height
6
Drive-in doors
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
363
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 53051, WI
38,562
Population
16,972
Households
2.3
Avg Household Size
44
Median Age
49%
College-Educated
96%
High-School Grad
33.3 sq mi
ZIP Area
1,158
Density / Sq Mi
$98,423
Median Household Income
$60,331
Median Earnings
$1,257
Median Rent
$341,700
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?
Flex space - Four suites and separately metered units support a functional small-bay industrial configuration.
Where is this flex space located?
The property is located at N60W14434 Kaul Ave Menomonee Falls, WI.
What is the asking price?
The asking price for this property is $1,675,000.
What are key features of this property?
This property features: 15,365 square feet with 100 percent leased occupancy; Three‑tenant configuration across four suites; Six drive‑in doors and 16‑foot and seven‑inch clear heights
