Two-Tenant Absolute NNN
For Sale
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N96 W18200 & N96 W18250 COUNTY LINE ROAD, Germantown, WI 53022
Fee simple retail investment occupied by two tenants under absolute NNN leases.
Property Size181,048 SF
Price / SF$182.27
Days on Market153
Property Features for N96 W18200 & N96 W18250 COUNTY LINE ROAD
General Information
Standard status
Active
Size
181,048 SF
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute Net
Investment Type
Net Lease
Net Operating Income
$2,131,172
Additional Details
Anchor Co-Tenants
Fleet Farm, Chase Bank
Building Details
Year Built
1972
Year Renovated
2024
Buildings
2
Tenancy
Multi
Listing Agency:
Newmark | Orange County - Irvine
(949) 608-2175
Listed By:
Matthew Berres · License #CA 01977909
Source:
Crexi
Added: Apr 1
Changed: Aug 30
Last Checked: Aug 30 at 6:35PM
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 Newmark | Orange County - Irvine
Investment Insights
Based on property information with market context.
This fee simple retail property contains 181,048 square feet and was built in 1972. The asset is configured for two tenants and is leased on an absolute NNN basis.
The property is located at N96 W18200 and N96 W18250 County Line Road in Germantown, Wisconsin, within the Milwaukee MSA. Named occupants include Fleet Farm and Chase Bank.
The property is located at N96 W18200 and N96 W18250 County Line Road in Germantown, Wisconsin, within the Milwaukee MSA. Named occupants include Fleet Farm and Chase Bank.
Key Highlights
- 181,048‑square‑foot retail property
- Two‑tenant configuration with Fleet Farm and Chase Bank
- Absolute NNN lease structure
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
$2,199,081
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
6.66%
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%
$43,981,620
$44.0M
Cap Rate 7%
$31,415,443
$31.4M
Cap Rate 9%
$24,434,233
$24.4M
Market Conditions
NOI Build-Up for 181,048 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
$3.26M $18.00/SF
− Vacancy
−$117.3K −$0.65/SF
EGI
$3.14M $17.35/SF
− OpEx
−$942.5K −$5.21/SF
NOI
$2.20M $12.15/SF
Area
Washington County, WI
Vacancy
3.60%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
30.00%
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%
$43,981,620
Cap Rate 7%
$31,415,443
Cap Rate 9%
$24,434,233
Alternative Uses
Best Use
Retail
$31.42M
$27.49M – $36.65M
NOI $2,199,081 @ 7.0% cap · market cap 6.66%
Second Best
Specialty Retail
$28.05M
$24.54M – $32.72M
NOI $1,963,466 @ 7.0% cap · market cap 5.95%
Theoretical Best
Office A
$49.77M
$43.55M – $58.07M
NOI $3,484,096 @ 7.0% cap · market cap 10.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
86
Businesses Nearby
Explore this area
Business Placement
Demographics for 53022, WI
19,935
Population
8,229
Households
2.4
Avg Household Size
44
Median Age
48%
College-Educated
96%
High-School Grad
27.7 sq mi
ZIP Area
720
Density / Sq Mi
$105,324
Median Household Income
$58,683
Median Earnings
$1,315
Median Rent
$353,000
Median Home Value
Market
Vacancy Rate% for Retail in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
NNN property - Fee simple retail investment occupied by two tenants under absolute NNN leases.
Where is this nnn property located?
The property is located at N96 W18200 & N96 W18250 COUNTY LINE ROAD Germantown, WI.
What is the asking price?
The asking price for this property is $33,000,000.
What are key features of this property?
This property features: 181,048‑square‑foot retail property; Two‑tenant configuration with Fleet Farm and Chase Bank; Absolute NNN lease structure
