Upper-Level Office
For Sale
$299,900
N63W23524 Silver Spring Dr, Sussex, WI 53089
Y, Sussex, WI
Property Size1,795 SF
Lot Size1.18 Acres
Price / SF$167.08
Days on Market191
Property Features for N63W23524 Silver Spring Dr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
Commercial
Directions
Silver Spring Dr in downtown Sussex between Main St and Waukesha Ave (aka Hwy F).
Standard status
Active
APN
SUXV0246962002
Size
1,795 SF
Lot size
1.18 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
3352
Amenities
conference room
storage/utility room
coffee/snack station
Building Details
Year built
1999
Architectural style
Other
Listing Agency:
EXP Realty, LLC~MKE
(866) 848-6990
Listed By:
Jennifer Bronk Wieland · License #66388-94
(262) 370-2332
Added: Mar 12
Changed: Aug 22
Last Checked: Sep 18 at 9:06AM
MLS# 1953532
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This upper-level commercial condominium contains 1,795 square feet arranged for professional office use. The interior includes a foyer or waiting area, reception space with built-in cabinetry, a conference room, storage and utility areas, four separate offices, a hallway coffee and snack station, and a bathroom. Built-ins are installed in three of the offices.
Access is provided through front and rear entrances, with an elevator serving the front entry. The lower level includes restrooms and a full basement, with permission to use one-quarter of the basement for storage. The property is located at N63W23524 Silver Spring Dr in Sussex, Wisconsin, carries Commercial zoning, and was built in 1999.
Access is provided through front and rear entrances, with an elevator serving the front entry. The lower level includes restrooms and a full basement, with permission to use one-quarter of the basement for storage. The property is located at N63W23524 Silver Spring Dr in Sussex, Wisconsin, carries Commercial zoning, and was built in 1999.
Key Highlights
- 1,795‑square‑foot upper‑level commercial condominium
- Four separate offices, including built‑ins in 3 offices
- Front foyer, reception area, conference room, storage, utility room, and hallway refreshment station
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
$24,920
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
8.31%
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%
$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
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
$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 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%
$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.
Property Analytics
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Current Use
Lease Details
1
Office units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
305
Businesses Nearby
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Midwest region
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Frequently Asked Questions
What type of property is this?
Office units - Commercially zoned office unit with four offices, elevator access, built-in features, and separate front and rear entrances.
Where is this office units 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 commercial condominium; Four separate offices, including built‑ins in 3 offices; Front foyer, reception area, conference room, storage, utility room, and hallway refreshment station
