Office Condo with Four
For Sale
$299,900
N63W23524 Silver Spring Dr, Sussex, WI 53089
Commercial-zoned upper-floor suite includes built-in work areas, a conference room, elevator access, and shared basement storage.
Property Size1,795 SF
Price / SF$167.08
Days on Market29
Property Features for N63W23524 Silver Spring Dr
General Information
Standard status
Active
Size
1,795 SF
Total Parking Spaces
25
Elevators
Yes
Property subtype
Commercial
Zoning
Commercial
Additional Details
Floor
Upper
HOA Fee
$600
Office Units
4
Taxes and HOA fees
Annual Taxes
$3,352
Building Details
Building Size
1,795 SF
Year Built
1999
Tenancy
Multi
Listing Agency:
EXP Realty, LLC~MKE
(866) 848-6990
Listed By:
Jennifer Bronk Wieland · License #66388-94
(262) 370-2332
Source:
Defererealestate
Added: Oct 1
Changed: Oct 29
Last Checked: Oct 26 at 3:50AM
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 EXP Realty, LLC~MKE
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Investment Insights
Based on property information with market context.
The upper-floor office condo offers 1,795 square feet arranged with a front foyer, reception area, conference room, storage and utility room, and four private offices. Built-ins are provided in the reception area and three offices. A hallway coffee and snack station and a bathroom serve the suite, which has both front and rear entrances; the front entrance is equipped with an elevator. The building dates to 1999, and the property is zoned Commercial.
Shared building amenities include lower-level restrooms and basement storage rights covering one-quarter of the basement. The available parking allocation is also one-quarter. Other owners in the building include Lake Country Eye Care, Toy Family Dentistry, and Sussex Chiropractic.
Shared building amenities include lower-level restrooms and basement storage rights covering one-quarter of the basement. The available parking allocation is also one-quarter. Other owners in the building include Lake Country Eye Care, Toy Family Dentistry, and Sussex Chiropractic.
Key Highlights
- 1,795‑square‑foot upper‑level office condo
- Four offices; built‑ins in three offices and the reception area
- Conference room, foyer, and storage/utility room
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$24,920
Cap Rate
8.31%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$498,400
$498.4K
Cap Rate 7%
$356,000
$356.0K
Cap Rate 9%
$276,889
$276.9K
Market Conditions
NOI Build-Up for 1,795 SF
Gross rent
$44.6K $24.84/SF
− Vacancy
−$11.4K −$6.33/SF
EGI
$33.2K $18.51/SF
− OpEx
−$8.3K −$4.63/SF
NOI
$24.9K $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 Rate 5%
$498,400
Cap Rate 7%
$356,000
Cap Rate 9%
$276,889
Alternative Uses
Best Use
Office B
$356.0K
$311.5K – $415.3K
NOI $24,920 @ 7.0% cap · market cap 8.31%
Second Best
—
—
no second resolved use
Theoretical Best
Flex RnD
$916.1K
$801.6K – $1.07M
NOI $64,128 @ 7.0% cap · market cap 21.38%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
Who owns this building?
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Current Use
Lease Details
4
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
60
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in Midwest region
Frequently Asked Questions
What type of property is this?
Office unit - Commercial-zoned upper-floor suite includes built-in work areas, a conference room, elevator access, and shared basement storage.
Where is this office unit located?
The property is located at N63W23524 Silver Spring Dr Sussex, WI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,795‑square‑foot upper‑level office condo; Four offices; built‑ins in three offices and the reception area; Conference room, foyer, and storage/utility room
