Industrial Warehouse
For Sale
$7,500,000
W190N11393 Carnegie Dr, Germantown, WI 53022
Large industrial facility offered for sale with substantial warehouse capacity.
Property Size105,664 SF
Price / SF$70.98
Days on Market69
Property Features for W190N11393 Carnegie Dr
General Information
Standard status
Active
Size
105,664 SF
Property subtype
Industrial
Building Details
Building Size
105,664 SF
Listing Agency:
Milwaukee
(414) 278-6823
Listed By:
Steve Sewart · License #71433
(414) 278-6823
Source:
Colliers
Added: Jun 23
Changed: Aug 30
Last Checked: Aug 30 at 7:23AM
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 Milwaukee
Investment Insights
Based on property information with market context.
This industrial warehouse building contains approximately 105,664 square feet and is offered for sale. The property is located at W190N11393 Carnegie Dr in Germantown, Wisconsin 53022.
Key Highlights
- Approximately 105,664 SF industrial building
- Warehouse property available for sale
- Located at W190N11393 Carnegie Dr, Germantown, WI 53022
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
$466,721
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
6.22%
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%
$9,334,420
$9.3M
Cap Rate 7%
$6,667,443
$6.7M
Cap Rate 9%
$5,185,789
$5.2M
Market Conditions
NOI Build-Up for 105,664 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
$578.0K $5.47/SF
− Vacancy
−$28.9K −$0.27/SF
EGI
$549.1K $5.20/SF
− OpEx
−$82.4K −$0.78/SF
NOI
$466.7K $4.42/SF
Area
Washington 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%
$9,334,420
Cap Rate 7%
$6,667,443
Cap Rate 9%
$5,185,789
Alternative Uses
Best Use
Warehouse
$6.67M
$5.83M – $7.78M
NOI $466,721 @ 7.0% cap · market cap 6.22%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$29.05M
$25.42M – $33.89M
NOI $2,033,403 @ 7.0% cap · market cap 27.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
270
Businesses Nearby
Well-served
Demand for This Use
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 Industrial in Midwest region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- StorageMart — N112W18518 Mequon Rd, Germantown, WI 53022
Frequently Asked Questions
What type of property is this?
Warehouse - Large industrial facility offered for sale with substantial warehouse capacity.
Where is this warehouse located?
The property is located at W190N11393 Carnegie Dr Germantown, WI.
What is the asking price?
The asking price for this property is $7,500,000.
What are key features of this property?
This property features: Approximately 105,664 SF industrial building; Warehouse property available for sale; Located at W190N11393 Carnegie Dr, Germantown, WI 53022
