Rova
Aerial view of Silvernail Village Shopping Center on Silvernail Road

Silvernail Village · City of Waukesha, Waukesha County, Wisconsin

21 condominium units. 27,458 SF. 95.3% leased.

A private valuation and comp study for Jay and Laura Orcholski, prepared by Mark Kvetkovskiy, CCIM. Seven comps per set, one map per set, every figure linked to the record it came from.

Rent roll
09/30/2026
Occupied
95.3%
NNN share of SF
83.8%
Value, today's leases
$3,475,000

01 / Subject

The asset, the purchase that reset it, and the tax bill it carries now.

Jay and Laura Orcholski own 21 of the 31 commercial condominium units in the Silvernail Village association, 27,458 SF configured as 15 suites on Silvernail Road. They bought at 89.6% occupancy with 40% of the center on NNN leases. The center is 95.3% leased today, 83.8% of the SF pays NNN, and the 2025 assessment reset cut the property tax bill 36.3%.

46.0% of the SF is front storefront facing Silvernail Road. The other 54.0% is rear and exposed lower-level service and office space, which is why this study prices the two tiers separately instead of blending them into one rent.

Total SF
27,458 SF21 units, 15 suites
Occupied
95.3%26,159 SF of 27,458 SF
Front storefront
12,623 SF46.0% of SF
Rear and service
14,835 SF54.0% of SF
Weighted base rent
$13.13/SF09/30/2026, on total SF
Year built
1991B-5 Community Business District

What changed since the purchase

  1. Oct 2024Purchased 21 units for $2,170,000 ($79.03/SF), deed 4794033, $40,000 seller credit; 89.6% occupied, 40% NNN.
  2. 20252025 assessment reset to $2,170,000; net general tax $44,255.87 to $28,180.08 (-36.3%).
  3. Apr 2025American Advantage Insurance converted to NNN through 03/31/2032.
  4. Mar 2026Caught Looking Cards: new 36-month NNN lease, 2329.
  5. May 2026Essentially For You: new 60-month NNN lease, 2345.
  6. Jun 2026Believe Spa and Nails: new 60-month NNN lease, 2323.
  7. Jul 2026The Piano Lab: new 62-month NNN lease, 2315.
  8. 10/01/2026Plaza Garibaldi converts from $12.71 MG to $20.00 NNN (executed 09/24/2026); NNN coverage reaches 83.8% of SF.

The purchase and the assessment

Silvernail Village LLC bought the 21 units for $2,170,000 in October 2024, $79.03/SF, deed 4794033, with a $40,000 seller credit at closing. The Waukesha County assessment followed the sale: the 21 units were assessed at $2,930,500 for 2024 and $2,170,000 for 2025, and the net general tax fell from $44,256 to $28,180.

The 2025 assessment equals the $2,170,000 purchase price exactly. The bills establish what changed and when; they do not record why, so this study reports the roll reset as an assessed-value change between the 2024 and 2025 rolls and assigns no Board of Review date, open-book window or assessor ruling to it.

Assessment detail: Waukesha County property tax portal, search Parcel ID, then Tax Listing or Tax Bill. Every one of the 21 units is listed in the appendix with its 2024 and 2025 figures.

Debt in place

Lender
WaterStone Bank32008685-7747
Principal
$1,582,542.70as of 09/30/2026
Rate
6.875%fixed
Maturity
12/01/2027balloon
Monthly payment
$13,840principal, interest, escrow

Frontage and traffic

The center carries 446 feet of frontage on Silvernail Road, with I-94 visibility from American Eagle Drive. WisDOT counts at the three stations around the site:

StationRoadAnnual average daily trafficCount year
I-94 between CTH G and CTH TWisDOT station 672816, 966 m from the centerI-94 between CTH G and CTH T72,8002022
N Grandview Blvd / CTH T, the signalized corner east of the centerWisDOT station 670473, 623 m from the centerN Grandview Blvd / CTH T, the signalized corner east of the center22,4002022
Silvernail Road at the center's frontageWisDOT station 672121, 409 m from the centerSilvernail Road at the center's frontage8,1002022

Source: WisDOT TRAFFIC_COUNTS ArcGIS layer on dotmaps.wi.gov, fields TRADS_ID and RDWY_AADT, 2022 reporting year.

02 / Rent roll

The rent roll, and the contracted rate the day after it.

The 09/30/2026 Anderson Commercial Group rent roll is the operating truth for this study. One day later the Plaza Garibaldi amendment took effect at $20.00/SF NNN, so the second rent column is a contracted run rate, not a projection.

Suite ↕Tenant ↕SF ↕Base $/SF
09/30/2026		Base $/SF
10/01/2026		Lease ends ↕
2301 & 2307MG · 2 unitsPlaza Garibaldi (El Nayarita MTZ Restaurant LLC)mixed front rear3,163$12.71/SF $3,349.40/mo$20.00/SF $5,271.67/mo plus $1,626.31 NNN04/30/2027
2305 & 2303NNN · 2 unitsMidwest Dentalrear service office2,446$18.90/SF $3,852.45/mo$18.90/SF $3,852.45/mo01/31/2031
2309, 2317 & 2321NNN · 3 unitsAmerican Advantage Insurancerear service office3,242$11.33/SF $3,060.99/mo$11.33/SF $3,060.99/mo03/31/2032
2315NNNThe Piano Lab LLCfront retail1,250$14.50/SF $1,510.42/mo$14.50/SF $1,510.42/mo08/31/2031
2319NNNMarillian Massage, LLCfront retail672$16.16/SF $905.07/mo$16.16/SF $905.07/mo03/31/2027
2323NNNBelieve Spa and Nails, LLCfront retail1,250$14.50/SF $1,510.42/mo$14.50/SF $1,510.42/mo05/31/2031
2327 & 2325NNN · 2 unitsBlack Gold Sports Cards, LLCfront retail2,974$15.12/SF $3,746.70/mo$15.12/SF $3,746.70/mo07/31/2029
2329NNNCaught Looking Cards Inc.rear service office1,451$9.33/SF $1,128.16/mo$9.33/SF $1,128.16/mo02/28/2029
2329AVacantVacantrear service office1,299– – –
2329BStorageJavaTwist (storage)rear service office100– – Month to month
2331NNNJavaTwist, LLCfront retail790$15.91/SF $1,047.41/mo$15.91/SF $1,047.41/mo10/31/2028
2333NNNSlowinski & Associates, SCrear service office971$16.73/SF $1,353.42/mo$16.73/SF $1,353.42/mo06/30/2028
2335 & 2337MG · 2 unitsMission Breakout, LLCrear service office3,058$14.00/SF $3,567.67/mo$14.00/SF $3,567.67/mo12/31/2027
2343, 2339A & 2339BNNN · 3 unitsShepherd Chiropractic Clinic S.C.front retail3,135$13.92/SF $3,637.57/mo$13.92/SF $3,637.57/mo11/30/2029
2345NNNEssentially For You LLCrear service office1,657$10.00/SF $1,380.83/mo$10.00/SF $1,380.83/mo04/30/2031
Total, 15 suites14 occupied, 1 vacant27,458$13.13/SF$13.97/SF
Occupied26,159 SF of 27,458 SF, 95.3% occupied26,159$13.79/SF$14.67/SF
Vacant2329A, rear suite1,299–––

Base rent only. NNN charges bill separately: $10,794 a month on the 09/30/2026 roll and $12,421 a month from 10/01/2026, a weighted $4.95/SF on occupied SF. The roll prints 13.84 in its own annual rent per SF column, which does not divide to its own dollars on either an occupied or a total SF basis, so this study carries $13.13/SF on 27,458 SF and $13.79/SF on 26,159 SF occupied. Every row is the Anderson statement, pages 7 to 8, plus the executed lease for the suite.

Three dates to watch on this roll

2319 Marillian Massage, 672 SF, $16.16/SF NNN, expires 03/31/2027. The tenant declined renewal and the suite is being re-let, so the front rent on that bay resets at the next signing.

2335 and 2337 Mission Breakout, 3,058 SF, $14.00/SF modified gross, expires 12/31/2027. It is the last modified gross lease in the center; converting it to NNN adds the load to the owner instead of the tenant covering it.

2329A, 1,299 SF rear, vacant. The only vacancy on the roll, and the reason occupancy reads 95.3% instead of 100%.

03 / Gallery

Eighteen views of the center.

Front elevations on Silvernail Road, the rear courtyard and service drive, the parking field, the monument sign and the site plan. Click any frame for the full size and the caption.

Aerial view of the 27,458 SF center and its parking field off Silvernail Road. USGS aerial, public domain.
Aerial view of the 27,458 SF center and its parking field off Silvernail Road. USGS aerial, public domain.
Wider aerial showing the center's position between Silvernail Road and the I-94 corridor. USGS aerial, public domain.
Wider aerial showing the center's position between Silvernail Road and the I-94 corridor. USGS aerial, public domain.
Silvernail Village monument sign at the Silvernail Road entrance, tenant panel stack below the center name.
Silvernail Village monument sign at the Silvernail Road entrance, tenant panel stack below the center name.
Front elevation of the storefront row from Silvernail Road, camera facing south.
Front elevation of the storefront row from Silvernail Road, camera facing south.
Streetscape along Silvernail Road at the center's frontage: sidewalk, fire hydrant and the drive entrance. The building sits back from the right-of-way verge.
Streetscape along Silvernail Road at the center's frontage: sidewalk, fire hydrant and the drive entrance. The building sits back from the right-of-way verge.
Rear elevation of the center from the courtyard side, camera facing north.
Rear elevation of the center from the courtyard side, camera facing north.
Stacked-stone entry pier and lamp post on the front walkway, with the storefront row and parking field behind. A close vertical detail of the walk architecture.
Stacked-stone entry pier and lamp post on the front walkway, with the storefront row and parking field behind. A close vertical detail of the walk architecture.
Front walkway looking into the recessed storefront bays along the Silvernail Road side.
Front walkway looking into the recessed storefront bays along the Silvernail Road side.
Single front bay: gable with louvered vent, brick base, entry door and landscape bed at the walkway.
Single front bay: gable with louvered vent, brick base, entry door and landscape bed at the walkway.
Front parking field and pergola-covered walkway at the Midwest Dental and Piano Lab suites.
Front parking field and pergola-covered walkway at the Midwest Dental and Piano Lab suites.
Covered walkway at the front storefronts: pergola framing, stone piers, green standing-seam canopy and concrete walk. A close vertical detail of the covered frontage.
Covered walkway at the front storefronts: pergola framing, stone piers, green standing-seam canopy and concrete walk. A close vertical detail of the covered frontage.
Raised landscape bed and lamp post along the front walk, with rooftop HVAC visible above the suites.
Raised landscape bed and lamp post along the front walk, with rooftop HVAC visible above the suites.
Rear service walk under the overhang, with exterior HVAC condensers and unit entry doors.
Rear service walk under the overhang, with exterior HVAC condensers and unit entry doors.
Drive aisle passing beneath the canopy at the rear courtyard, the center's service and drop-off route.
Drive aisle passing beneath the canopy at the rear courtyard, the center's service and drop-off route.
Rear courtyard drive and recessed bay entries, with suite numbers 2309, 2311 and 2313 on the doors.
Rear courtyard drive and recessed bay entries, with suite numbers 2309, 2311 and 2313 on the doors.
Upper facade above the 2309 and 2313 bays: lap siding, clerestory window with safety railing, and the green standing-seam roof over the louvered rooftop screen.
Upper facade above the 2309 and 2313 bays: lap siding, clerestory window with safety railing, and the green standing-seam roof over the louvered rooftop screen.
Shepherd Chiropractic storefront on the front walk, stone veneer base and lamp post in the planting bed.
Shepherd Chiropractic storefront on the front walk, stone veneer base and lamp post in the planting bed.
Upper-floor plan of the center showing every suite letter and address, 2301 through 2359.
Upper-floor plan of the center showing every suite letter and address, 2301 through 2359.

Sixteen frames come from the owner documents on file, the October 2024 appraisal and the property manager inspection set. The two aerial frames are USGS National Agriculture Imagery Program orthophotography, public domain, cut to the center and its Silvernail Road frontage. Frames that were small, cropped or duplicated were excluded rather than scaled up.

04 / Front retail rents

Front retail rents: seven live storefront asks, and what you signed instead.

Seven single-rate NNN storefront bays between 0.7 and 9.7 miles out, on the Silvernail Road, Bluemound Road, Capitol Drive and National Avenue corridors. The median ask is $22.00/SF. The owner signed two new front leases at $14.50/SF in 2026, so the asking band is where a vacant front bay gets listed, not where this center clears.

Subject, 2301-2345 Silvernail RdComparable storefront asksTap a pin for the photo, the figures and the source.

Map data © OpenStreetMap contributors, vector tiles by OpenFreeMap, rendered with MapLibre GL 5.16.0.

What the owner actually signed

$14.50/SF The two 2026 front new leases signed at 1,250 SF each (2315 Piano Lab, 2323 Believe Spa), both $14.50/SF NNN. The 2026 Plaza Garibaldi $20.00 is a restaurant amend-and-extend of an existing tenant with an equipped kitchen, so it is not a vacant-bay new-lease rate.

Sort
Property and use ↕Suite SF ↕Base rent ↕Occupancy cost ↕Days on market ↕
Silvernail Plaza2020-2030 Silvernail Rd, Waukesha. Storefront retail (in-line strip bay). 0.74 mi from the center.1,680$15.00/SFNNN NNN, asking$20.00/SFbase plus $5.00/SF published load2,269activated 2020-08-26 (Crexi)
Pewaukee CrossingsN20 W22951 Watertown Road, Pewaukee. Storefront retail (in-line strip bay). 3.22 mi from the center.NNN1,061$22.00/SFNNN NNN, askingnot publishedpriced on base rent only92activated 2026-08-12 (Crexi)
18895 W Bluemound Rd18895 W. Bluemound Rd., Brookfield. Storefront retail (in-line strip bay). 5.96 mi from the center.NNN1,751$23.00/SFNNN NNN, askingnot publishedpriced on base rent only409activated 2025-09-29 (Crexi)
17925 W Bluemound Rd17925 W Bluemound Rd, Brookfield. Retail bay. 6.57 mi from the center.NNN3,228$23.00/SFNNN NNN, askingnot publishedpriced on base rent only913activated 2024-05-13 (Crexi)
Shoppes on Capitol3930 N Brookfield Rd, Brookfield. Storefront retail (in-line strip bay). 6.79 mi from the center.NNN1,200$22.00/SFNNN NNN, askingnot publishedpriced on base rent only363activated 2025-11-14 (Crexi)
Grocery Shadow-Anchored Strip Center15459 W Howard Ave, New Berlin. Storefront retail (in-line strip bay). 9.39 mi from the center.NNN1,200$20.00/SFNNN NNN, askingnot publishedpriced on base rent only248activated 2026-03-09 (Crexi)
14200 West National Avenue14200 West National Avenue, New Berlin. Retail bay. 9.70 mi from the center.NNN1,650$17.50/SFNNN NNN, askingnot publishedpriced on base rent only42activated 2026-10-01 (Crexi)
Subject: Plaza Garibaldi (executed 09/24/2026)Plaza Garibaldi (El Nayarita MTZ Restaurant LLC). Executed lease on file.3,163$20.00/SFNNN from 10/01/2026 NNN, signed$26.17/SFbase plus the $6.17/SF loadsubjectexpires 04/30/2027
Subject: The Piano Lab (executed 2026)The Piano Lab LLC. Executed lease on file.1,250$14.50/SFNNN NNN, signed$20.67/SFbase plus the $6.17/SF loadsubjectexpires 08/31/2031
Subject: Believe Spa and Nails (executed 2026)Believe Spa and Nails, LLC. Executed lease on file.1,250$14.50/SFNNN NNN, signed$20.67/SFbase plus the $6.17/SF loadsubjectexpires 05/31/2031
Subject: Marillian Massage (in place, expiring 03/31/2027)Marillian Massage, LLC. Executed lease on file.672$16.16/SFNNN, tenant declined renewal; re-leasing NNN, signed$26.01/SFbase plus the $9.85/SF loadsubjectexpires 03/31/2027
Mean and median of the 7 comps above, subject rows excluded
Mean–$20.36/SF–n = 7
Median–$22.00/SF–$15/SF to $23/SF

Days on market are computed in your browser as today minus the listing activation date on Crexi, so the column is live rather than a snapshot. Base rent is the published asking rate; occupancy cost adds the load where the listing publishes one. Rows stay at seven, the closest matches by class, size and corridor position.

What a tenant pays all in

The base rent is only the part the lease calls rent. Add the published load and the tenant at 2315 or 2323 pays $20.67/SF all in, against $20.00/SF all in at Silvernail Plaza across the street. The corridor publishes a median load of $6.07/SF across 7 listings, and the subject bills $6.17/SF.

Suite and tenantBase rentLoadAll-in occupancy cost
Subject 2315 / 2323 (1,250 SF, 2026)$14.50/SF$6.17/SF$20.67/SF
Subject 2301 & 2307 Plaza Garibaldi (2026)$20.00/SF$6.17/SF$26.17/SF
Silvernail Plaza 2020-2030 Silvernail Rd ask (0.36 mi)$15.00/SF$5.00/SF$20.00/SF

The tenant at 2315 or 2323 pays $20.67/SF all in, within $0.67 of the $20.00 all-in that Silvernail Plaza asks across the street. The subject's $6.17 billed load sits at the corridor median published retail load and $1.17 above Silvernail Plaza's $5.00. The 2025 tax reset cut the owner's actual cost pool by $0.57/SF, so the $6.17 estimate now covers dues, tax and insurance ($5.53/SF) with room for the management fee the leases allow in Operating Expenses. Uniform pro-rata recoveries stay across the roll.

The front band medians from the wider corridor sweep, for context on the seven asks above: 1,000 to 1,499 SF at $18/SF, 1,500 to 2,499 SF at $21/SF, 2,500 to 4,999 SF at $26/SF. The ask median for this set is $22/SF.

05 / Rear service rents

Rear service rents: the tier that carries 54% of your square footage.

Seven NNN service, office and rear-bay asks between 0.6 and 6.5 miles out, median $13.25/SF. Two 2026 rear new leases signed at $10.00/SF, and the midpoint of the asking band sits above that, so the re-leasing upside on 2329A is real but modest.

Subject, 2301-2345 Silvernail RdComparable rear and service asksTap a pin for the photo, the figures and the source.

Map data © OpenStreetMap contributors, vector tiles by OpenFreeMap, rendered with MapLibre GL 5.16.0.

What the owner actually signed

$10.00/SF The two 2026 rear new leases (2345 Essentially For You, 2329 Caught Looking Cards), both $10.00/SF NNN Year 1. Midwest Dental $18.90 is a medical renewal and American Advantage $11.33 a conversion of a sitting tenant.

Sort
Property and use ↕Suite SF ↕Base rent ↕Occupancy cost ↕Days on market ↕
Silvernail Woods IV2607 N Grandview Blvd, Waukesha. Office suite. 0.64 mi from the center.NNN1,531$12.00/SFNNN NNN, askingnot publishedpriced on base rent only742activated 2024-10-31 (Crexi)
Riverwood Corporate CenterN19W24200 Riverwood Drive, Waukesha. Office suite. 1.97 mi from the center.NNN1,389$15.00/SFNNN NNN, askingnot publishedpriced on base rent only111activated 2026-07-24 (Crexi)
W239 N1700 Busse RdW239 N1700 Busse Rd, Waukesha. Office suite. 2.14 mi from the center.NNN3,000$18.00/SFNNN NNN, askingnot publishedpriced on base rent only495activated 2025-07-05 (Crexi)
Stoneridge IIN14W23777 Stone Ridge Dr, Waukesha. Office suite. 2.69 mi from the center.NNN1,600$10.00/SFNNN NNN, askingnot publishedpriced on base rent only742activated 2024-10-31 (Crexi)
Stone Ridge IN14W23755 Stone Ridge Dr, Waukesha. Office suite. 2.76 mi from the center.NNN953$11.00/SFNNN NNN, askingnot publishedpriced on base rent only891activated 2024-06-04 (Crexi)
Westfield Office Building860 Rose Dr, Hartland. Office suite. 5.42 mi from the center.NNN2,364$14.50/SFNNN NNN, askingnot publishedpriced on base rent only804activated 2024-08-30 (Crexi)
17975 W Sarah Lane17975 W Sarah Ln, Brookfield. Office suite. 6.54 mi from the center.NNN2,572$13.25/SFNNN NNN, askingnot publishedpriced on base rent only864activated 2024-07-01 (Crexi)
Subject: Essentially For You (executed 2026)Essentially For You LLC. Executed lease on file.1,657$10.00/SFNNN NNN, signed$16.17/SFbase plus the $6.17/SF loadsubjectexpires 04/30/2031
Subject: Caught Looking Cards (executed 2026, Schedule I)Caught Looking Cards Inc.. Executed lease on file.1,451$10.00/SFNNN NNN, signed$16.17/SFbase plus the $6.17/SF loadsubjectexpires 02/28/2029
Subject: American Advantage Insurance (converted to NNN 2025)American Advantage Insurance. Executed lease on file.3,242$11.33/SFNNN NNN, signed$17.43/SFbase plus the $6.10/SF loadsubjectexpires 03/31/2032
Subject: Midwest Dental (renewed, rear bays)Midwest Dental. Executed lease on file.2,446$18.90/SFNNN NNN, signed$27.04/SFbase plus the $8.14/SF loadsubjectexpires 01/31/2031
Subject: vacant rear suite 2329AVacant. Executed lease on file.1,299$0.00/SFVacant NNN, signed–base plus the – loadsubjectexpires –
Mean and median of the 7 comps above, subject rows excluded
Mean–$13.39/SF–n = 7
Median–$13.25/SF–$10/SF to $18/SF

Days on market are computed in your browser as today minus the listing activation date on Crexi, so the column is live rather than a snapshot. Base rent is the published asking rate; occupancy cost adds the load where the listing publishes one. Rows stay at seven, the closest matches by class, size and corridor position.

Why the rear tier prices lower, and why that is not a discount to argue about

The rear 54.0% of the center carries the loading, the service doors and the lower-level access, so it leases at a lower rate than the Silvernail Road frontage. The seven asks here median $13.25/SF and the owner signed two new rear leases at $10.00/SF NNN in 2026. Both sit inside the asking band rather than below it, which is the honest read: the rear tier is priced, not distressed.

Rear band medians from the wider corridor sweep: 1,000 to 1,499 SF at $13/SF, 1,500 to 2,499 SF at $14/SF, 2,500 to 4,999 SF at $13/SF. One row, 2607 N Grandview Blvd, is a Class B office building 0.64 mi away rather than a retail bay; it is carried because it is the closest published single-rate service and office ask to this center, and it is labeled in its drawer.

06 / Sales

Sales: seven arm's-length trades, and what your own purchase implies.

Seven Waukesha County retail and service center sales recorded from 2024 through 2026, median $106.17/SF and $197,143 per suite. Every one is a deed of record, not a listing. The subject is the last row: 21 condominium units bought as one package at $79.03/SF in October 2024.

Subject, 2301-2345 Silvernail RdComparable salesTap a pin for the photo, the figures and the source.

Map data © OpenStreetMap contributors, vector tiles by OpenFreeMap, rendered with MapLibre GL 5.16.0.

Sort
Property ↕Price ↕Building SF ↕$/SF ↕$/Suite ↕Days on market ↕
1921 Silvernail RdPewaukee (City of Waukesha). Multi-tenant retail strip (Crestwood Commons Plaza / Silvernail Retail Center). 0.43 mi from the center.$1,150,000closed 03-21-20256,857$167.71/SFnot publishedat closedeed (RETR doc 4812660, conveyed 03-21-2025)
2100 Silvernail Rd (2100-2160)Pewaukee. Anchored multi-tenant retail center. 0.19 mi from the center.$12,330,000closed 06-07-2024116,135$106.17/SFnot publishedat closedeed (RETR doc 4769727, conveyed 06-07-2024)
2000 Silvernail RdWaukesha. Multi-tenant retail/office center. 0.50 mi from the center.$4,450,000closed 07-13-202645,473$97.86/SFnot publishedat closedeed (RETR doc 4886852, conveyed 07-13-2026)
707 W Moreland BlvdWaukesha. Multi-tenant retail/office center. 2.10 mi from the center.$1,150,000closed 06-05-202618,808$61.14/SF$127,778at closedeed (RETR doc 4880801, conveyed 06-05-2026)
N20W22951 Watertown RdPewaukee. Multi-tenant storefront strip. 3.22 mi from the center.$2,500,000closed 07-31-202615,683$159.41/SF$277,778at closedeed (RETR doc 4889875, conveyed 07-31-2026)
2212 E Moreland BlvdWaukesha. Multi-tenant office/retail. 4.20 mi from the center.$1,200,000closed 07-01-202412,240$98.04/SF$171,429at closedeed (RETR doc 4773205, conveyed 07-01-2024)
144 E Summit AveWales. Multi-tenant office/medical/retail. 6.12 mi from the center.$1,560,000closed 07-31-202512,525$124.55/SF$222,857at closedeed (RETR doc 4829667, conveyed 07-31-2025)
2301-2345 Silvernail Rd (subject purchase)21 condominium units bought as a bulk package at 89.6% occupancy and 40% NNN. The deed sits in the November 2024 RETR month that is missing from the on-disk set.. Deed 4794033.$2,170,000October 202427,458$79.03/SF$144,667subjectpurchased 10/2024
Mean and median of the 7 comps above, subject row excluded
Mean––$116.41/SF$199,960n = 7
Median––$106.17/SF$197,143$61/SF to $168/SF

Days on market for a sold comp is the close date, because a deed has no activation clock. $/Suite uses the four sales that publish a suite count; the rest read not published rather than an estimate.

07 / GRM

Gross rent multiples: four properties that publish their rent.

A gross rent multiple needs a documented gross rent, and most sales never publish one. Four properties do, so the table stops at four and says so rather than padding. Median 10.03x. Your own purchase sits at 4.43x on today's roll, which is a measure of how far below market pricing the 2024 purchase was, not a market multiple.

Subject, 2301-2345 Silvernail RdComparable sales with published rentTap a pin for the photo, the figures and the source.

Map data © OpenStreetMap contributors, vector tiles by OpenFreeMap, rendered with MapLibre GL 5.16.0.

Sort
Property ↕Price ↕Gross annual rent ↕GRM ↕Rent basis
1900 Silvernail Rd, Waukesha (Arby's)0.40 mi from the center.$1,450,000$86,96116.67xNNN single tenant (base rent only)
Silvernail Plaza, 2160 Silvernail Rd, Pewaukee0.19 mi from the center.$12,330,000$1,646,5647.49xNNN (anchored strip; gross revenue includes recoveries)
19395 W Capitol Dr, Brookfield6.47 mi from the center.$2,400,000$246,5109.74xGross (office condo P&L gross income)
5250 S 108th St, Hales Corners12.80 mi from the center.$5,500,000$532,82210.32xNNN (base rent + CAM recoveries)
Subject: your October 2024 purchase2024 purchase price over the 09/30/2026 roll, base + recurring NNN charges ($40,844.75/mo x 12)$2,170,000$490,1374.43xbase plus recurring NNN
Mean and median of the four comps above, subject row excluded
Mean––11.05xn = 4
Median––10.03x7.49x to 16.67x

Four distinct properties survive with a documented gross scheduled rent. The pool has no fifth verified property, so the table stays at four rather than padding with alternate bases. Three of the four rows are a different asset type from this center (an office condominium, a medical office building and a single-tenant drive-through), which is why the multiple band reads high and why direct capitalization leads the reconciliation.

08 / Cap rates

Going-in cap rates: one closed trade, six asks, one clear anchor.

The closest comparable is also the only closed one: 2100-2160 Silvernail Rd traded next door at 8.92% on an SEC-audited trailing NOI. The other six rows are asking cap rates, median 7.76%, and asks run below closes. Your own October 2024 appraisal concluded 9.75% on this property.

Subject, 2301-2345 Silvernail RdComparable sales and asksTap a pin for the photo, the figures and the source.

Map data © OpenStreetMap contributors, vector tiles by OpenFreeMap, rendered with MapLibre GL 5.16.0.

Sort
Property ↕Price ↕NOI ↕Cap rate ↕Days on market ↕
Silvernail Plaza, 2160 Silvernail Rd, Pewaukee0.19 mi from the center.$12,330,000$1,100,1188.92%at closeat close (Jun 2024)
N19W24101 Riverwood Dr, Pewaukee1.97 mi from the center.$5,000,000$458,9949.18%not publishedlisting date not published (CARW / Newmark offering)
501 S Grand Ave, Waukesha3.67 mi from the center.$1,075,000–7.40%client-side: today minus activated_dateactivated Feb 13, 2026 (Crexi)
19555 W Bluemound Rd, Brookfield5.64 mi from the center.$16,950,000–6.90%client-side: today minus activated_dateactivated May 14, 2026 (Crexi)
Sussex Plaza, N64W22622-N64W22694 Main St, Sussex6.92 mi from the center.$2,550,000$210,5688.25%client-side: today minus activated_dateactivated Aug 26, 2026 (Crexi)
Brookfield Plaza, 13800-13870 W Greenfield Ave, Brookfield9.33 mi from the center.$1,600,000$124,2227.76%client-side: today minus activated_dateactivated Nov 6, 2026 (Crexi)
Plaza 108, 1461-1511 S 108th St, West Allis11.23 mi from the center.$2,880,000$223,7147.76%client-side: today minus activated_dateactivated Jul 18, 2026 (Crexi)
Subject Oct 2024 MAI appraisalL & A Appraisal concluded 9.75% (comparable-sale caps 8.82%-9.79%) at 89.6% occupancy and 40% NNN.$2,230,000appraisal year9.75%subjectOctober 2024 opinion
Mean and median of the seven comps above, subject row excluded
Mean––8.02%n = 7
Median––7.76%6.90% to 9.18%

No separate sold or listed status column: the days-on-market cell carries its own basis, either a live count from the listing activation date or the close date, and each row's details carry the NOI basis. That is deliberate. A status label next to a cap rate invites reading an asking cap as a closed one, and the difference across this set is more than a point.

Why 8.92% is the anchor and 7.76% is not

The seven-row median of 7.76% is mostly asking pricing on grocery-anchored or newer product. The one closed trade on this corridor is a grocery-anchored center that sold at 8.92% on audited income, and a grocery anchor lowers a cap rate rather than raising it, so an unanchored 1991 strip does not price through it. Direct capitalization in the valuation chapter applies 9.67%, which is the closed cap plus a 75 basis point condominium spread, and lands within 8 basis points of the 9.75% the 2024 MAI appraisal concluded on these same units.

09 / Income & expenses

Nine months of the manager's books, annualized, then run forward.

The trailing column is the Anderson Commercial Group statement for the nine months ended 09/30/2026 with documented one-offs stripped and the remainder times twelve ninths. The second column is the contracted roll from 10/01/2026. The third re-lets the rollover suites at the rates this owner actually signed in 2026 and carries 10% vacancy. One NOI per column.

Line itemTrailing 9 Months, AnnualizedWith Today's Leases (10/01/2026)At Stabilized Market RentsPer SF, today's leases
Income
Base RentBase rent from the 15 suites. The trailing column is cash actually received over nine months, so it already excludes the empty suite and the free-rent months. The With Today's Leases column is the contracted roll after the 10/01/2026 Plaza Garibaldi step-up to $5,271.67 a month, plus $972.12 a year to bill Caught Looking Cards at its signed Schedule I rent ($1,209.17 a month, booked at $1,128.16), plus the vacant 2329A at $10.00/SF so the vacancy line has something real to deduct. The stabilized column re-lets 2319 at $14.50, leases 2329A at $10.00 and converts Mission Breakout to NNN at $10.00. As booked: GL 4102-00 Rent - Commercial $266,925.75 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$355,901$397,635$384,287$14.48/SF
Storage RentThe 100 SF storage bay 2329B rents at $100 a month, $1,200 a year. The rent roll shows it at $0.00 but the manager collects it. As booked: GL 4107-00 Rent - Storage $900.00 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$1,200$1,200$1,200$0.04/SF
Free-Rent ConcessionsFree rent given to close the 2026 leases (The Piano Lab had July and August 2026 free). The concession window is closed, so it comes out before annualizing and no forward column carries it. As booked: GL 4151-00 Less - Concession (Retail/Commercial) -$4,306.26 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$0$0$0$0.00/SF
Late and Returned-Payment FeesLate and returned-payment charges booked as a reduction of income. Not a repeating income stream, so it comes out before annualizing. As booked: GL 4308-00 Late Fee/NSF Fee -$191.62 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$0$0$0$0.00/SF
NNN Recoveries (CAM, Tax, Insurance)What NNN tenants pay toward taxes, insurance, association dues and the management fee. The forward columns carry the contracted monthly NNN charges on the 09/30/2026 roll plus Plaza Garibaldi's 7.04% share from 10/01/2026: $12,420.55 a month, $149,046.60 a year. Cross-check: the owner's pool of dues, 2025 tax, insurance and fee is $178,353 a year, and 83.8% of the space now pays NNN, which supports $149,403. The 2025 reconciliation also collected another $12,430.86 in 2026, so the monthly estimates run below actual cost, not above it. The stabilized column bills the re-let and converted suites at the $6.17/SF the 2026 leases carry. As booked: GL 4510-00 Estimated CAM $69,078.30; GL 4620-00 Real Estate Tax Reimbursement $15,845.56; GL 4650-00 Insurance Reimbursement $1,210.83; GL 4610-00 Maintenance Reimbursement $0.00 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$114,846$149,047$173,457$5.43/SF
Prior-Year CAM ReconciliationThe 2025 common area true-up, billed and collected in 2026. It covers a prior year and does not repeat, so it comes out before annualizing. As booked: GL 4511-00 Prior Year CAM $12,430.86 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$0$0$0$0.00/SF
Utility Pass-ThroughsMetered electricity and gas billed back to one tenant in a single month. Not a steady line, so it comes out before annualizing. As booked: GL 4630-00 Electricity Reimbursement $76.83; GL 4631-00 Gas Reimbursement $34.02 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$0$0$0$0.00/SF
Less Vacancy and Credit LossTrailing column: zero, because cash rent is already net of the empty suite. With Today's Leases: the empty rear suite 2329A, 1,299 SF at $10.00/SF. Stabilized: 10% of all rent and recoveries, the standing default for this kind of value-add underwriting and the same 10% the October 2024 appraisal used. Stabilized income is never shown 100% leased. As booked: not a booked line (model allowance), no GL account (Anderson Commercial Group statement).$0-$12,990-$55,894-$0.47/SF
Effective Gross Incomerent and recoveries less vacancy$471,947$534,892$503,050$19.48/SF
Operating expenses
Condo Association DuesDues paid to Shops at Silvernail Village, Inc. for the owner's 21 condominium units ($9,690.81 in September). The largest single cost in the building. Most of it comes back through the NNN recoveries. No special assessment was levied this year. As booked: GL 5800-00 Association Fees $87,565.79; GL 5850-00 Condo Special Assessment $0.00 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$116,754$116,754$116,754$4.25/SF
Real Estate TaxThe 2025 bills on all 21 units: $28,180.08 of net general tax plus $190.00 of fire-inspection special assessments, $28,370.08 billed, down from $44,255.87 of general tax for 2024 (a $16,075.79 a year saving). The forward columns hold the tax at the current assessment of $2,170,000. Source: tax.waukeshacounty.gov, search each Tax Key WAKC0974017 through WAKC0974039, Tax Bill. As booked: GL 5627-00 Real Estate Tax Exp $21,769.11 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$29,025$28,370$28,370$1.03/SF
Property InsuranceSelective Insurance policy S 2731371, $6,596 a year, paid in ten $660 installments. The trailing column annualizes nine installments and overstates the year by about $2,267, so the forward columns carry the actual premium. As booked: GL 5620-00 Property Insurance $6,647.00 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$8,863$6,596$6,596$0.24/SF
Management FeeAnderson Commercial Group's fee runs 4.98% of income ($18,024.58 on $362,004.27 over nine months). Each forward column charges the same percentage of that column's collected income, so the fee rises and falls with rent. As booked: GL 5610-00 Management $18,024.58 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$24,033$26,633$25,047$0.97/SF
Repairs and MaintenanceThere are two repair lines because the property manager's books split them: repairs and maintenance is general building upkeep the owner pays (including HVAC service), while tenant-billed repairs is work inside a tenant's suite that the lease lets the owner bill back. Same kind of work, different space and different who-pays. No expense appears in both rows; each general ledger account feeds exactly one line. The October 2024 appraisal budgeted $20,099 a year; the association carries the roof and paving, which is why the owner's own repair line runs lower. As booked: GL 5202-00 Maintenance - Other $0.00; GL 6210-00 Maintenance - Unrecoverable $1,888.82; GL 6212-00 HVAC Maintenance - Unrecoverable $1,664.31; GL 6215-00 Materials - Unrecoverable $27.80 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$4,775$4,775$4,775$0.17/SF
Tenant-Billed Repairs and UtilitiesThere are two repair lines because the property manager's books split them: repairs and maintenance is general building upkeep the owner pays, while tenant-billed repairs is work inside a tenant's suite that the lease lets the owner bill back. Same kind of work, different space and different who-pays. No expense appears in both rows; each general ledger account feeds exactly one line. As booked: GL 6110-00 Maintenance- Tenant Specific $978.60; GL 6115-00 Materials - Tenant-Specific $4.45; GL 6121-00 Electricity - Billed to Tenants $315.00; GL 6122-00 Gas - Billed to Tenants $290.27; GL 6156-00 CAM Reconciliation $0.00 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$2,118$2,118$2,118$0.08/SF
Vacant Suite Upkeep and UtilitiesUpkeep, electricity and gas on the empty rear suite. Carried in every forward column because the stabilized column still assumes 10% vacancy somewhere in the center. As booked: GL 6230-00 Maintenance - Vacant $404.76; GL 6240-00 Electricity - Vacant $579.52; GL 6240-05 Gas - Vacant $384.22 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$1,825$1,825$1,825$0.07/SF
Legal, Accounting and AdministrativeLegal and accounting (mostly Mallery S.C. lease work), postage and payment late charges. The $1,572.50 September charge for drafting the Plaza Garibaldi lease and guaranty is a one-time transaction cost and comes out before annualizing. As booked: GL 6360-00 Legal & Accounting $4,966.62; GL 6335-00 Postage/Delivery Expense $23.24; GL 6372-00 Late Charges $29.09 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$4,595$4,595$4,595$0.17/SF
Turnover and One-Time ItemsSuite turnover for the 2026 leasing push ($10,069.42), a one-time tenant goodwill credit and a single sign purchase. None repeats in a normal year, so all three come out before annualizing. As booked: GL 6220-00 Turnover Expenses $10,069.42; GL 6280-00 Goodwill / Credit Expense $212.62; GL 6340-00 Signage Non-CAM $178.50 YTD (9 months ended Sep 30, 2026, Anderson Commercial Group statement).$0$0$0$0.00/SF
Replacement ReservesAn owner allowance for roof, paving, HVAC and exterior replacement: $500 a suite across the 15 leased suites, $7,500 a year. Not a booked expense. Counting the 21 condominium units instead would be $10,500; the association already carries the shared roof and paving, so the suite count is the right base. The appraisal used $13,730. As booked: not a booked line (model allowance), no GL account (Anderson Commercial Group statement).$0$7,500$7,500$0.27/SF
Total Operating Expensesincluding the model reserves line$191,988$199,166$197,580$7.25/SF
Net Operating Incomethe single NOI line for this study$279,960$335,726$305,469$12.23/SF
Expense RatioOperating expenses divided by effective gross income. It answers how much of every rent dollar the building keeps before debt.This center runs low because the tenants reimburse the taxes, insurance and association dues that would otherwise sit here.The October 2024 appraisal modeled a 44.0% expense ratio on $393,304 of effective gross income. As booked: GL 4102-00 through 6360-00 twelve-month roll (9 months, Anderson Commercial Group statement).40.7%37.2%39.3%of gross income

27,458 SF stated once; annual dollars throughout; trailing column = (9-month YTD minus documented one-offs) x 12/9. Every arithmetic chain in the tooltips computes in the units shown: dollars in, dollars out. One-offs are stripped before annualizing, because an annualized total minus an un-annualized item would not foot.

Three things below net operating income, and why they stay there

Leasing Commission Expense, GL 6375-00, $0 year to date. No leasing commission was booked to expense this year. Commissions on the 2026 leases are carried on the balance sheet as a deferred asset and amortized, not run through the operating statement.

Mortgage Interest, GL 6510-00, $83,385 year to date. Interest on the WaterStone Bank loan at 6.875% on a $1,582,542.70 balance. Debt service is not an operating expense, so it sits below net operating income and never in the cap-rate math.

Buildouts / Tenant Improvements, GL 9501-00, $14,282 year to date. Capital spending on tenant improvements for the 2026 leases, booked below net operating income. It is not an operating cost and it does not annualize.

What the stabilized column actually assumes

It carries 10% vacancy on the center, re-lets 2319 Marillian at the $14.50/SF front rate the owner signed in 2026, leases the vacant 2329A at the $10.00/SF rear rate, and converts Mission Breakout from modified gross to NNN at $10.00. At 5% vacancy the same plan produces $332,025 of NOI; at 10% it produces $305,469. The vacancy assumption is what moves this column, not the rents.

10 / Condo discount

The condominium form costs about 10% of the price, and it cannot be undone.

These are 21 condominium units inside a 31-unit association, not a fee-simple shopping center. A buyer of the package acquires a supermajority problem, a second expense layer and a narrower lender pool. This chapter prices that, once, and then the valuation chapter applies it to the comp baseline instead of pretending the comps are the same asset.

The structure you are selling into

Association parcels
2831 condominium units
Complex SF
44,941 SFcross-check: 44,941 SF in the executed leases
Your units
21 units27,458 SF, 61.1% of the SF
Your share of assessed value
56.4%2025 association roll
Third-party owners
7 parcels10 units, 2311 Silvernail Road LLC (2311, 2313), Lennyland Limited LLC (2341)

Declaration of Condominium recorded June 24, 1991, Waukesha County Register of Deeds, Document No. 1657473 (as recited in WI RETR legal descriptions, doc 4759873). The Waukesha County tax portal returns 28 parcels and 31 condominium units for this association; the association assessed value for 2025 was $3,850,700 with a $50,802 tax bill, and your 21 units carry 56.4% of it.

The four statutes that decide what a buyer can do

StatuteWhat it means for these 21 units
Wis. Stat. 703.21(1)Every unit is a separate parcel taxed separately; this is why the association files as 28 tax parcels with 28 separate 2025 tax bills.
Wis. Stat. 703.28(1)Removal from condominium status, the only route to a fee-simple redevelopment play, requires ALL unit owners plus consent of ALL lienholders. Jay at 61.1% cannot force it, and the WaterStone mortgage would have to consent.
Wis. Stat. 703.18(2)(b)Even a partition action after uninsured damage needs unit owners holding 75 percent or more of the votes.
Wis. Stat. 703.17(1)The association, not the unit owner, insures the building at full replacement value and the premium is a common expense. A buyer of Jay's units buys into that pool and cannot insure the shell itself.

What that does to a buyer

  1. Removal from condominium status, the only route to a fee-simple redevelopment or a single-parcel sale, needs every unit owner plus every lienholder (Wis. Stat. 703.28(1)). At 61.1% of the SF, the owner cannot force it.
  2. A partition after uninsured damage needs 75% of the votes (Wis. Stat. 703.18(2)(b)); 61.1% falls short.
  3. Two cost layers: association dues ($4.25/SF a year on the owner's units) sit under the NNN pool, and the association, not the owner, insures the shell (Wis. Stat. 703.17(1)).
  4. Financing: 50.6% of 348 Milwaukee-area commercial condo transfers (2021-2026) closed with no financing, against 38.8% of 4,969 fee-simple commercial transfers. A thinner lender pool narrows the buyer pool.

The evidence: 348 commercial condominium transfers, 2021 through 2026

State transfer returns for Waukesha, Milwaukee, Ozaukee and Washington counties, filtered to commercial sales of $100,000 or more with the full transfer fee paid, give 5,317 arms-length commercial transfers. Of those, 348 are condominiums and 4,969 are fee simple. The same filter on both sides is what makes the comparison usable.

Commercial transfer cohort, 2021 to 2026CondominiumFee simple
Transfers in the cohort3484,969
Median sale price$300,000$750,000
Lower quartile price$195,000$367,000
Upper quartile price$811,750$1,800,000
Closed with no financing50.6%38.8%
Conventional mortgage1522,599
Government-backed financing488

Half of the condominium transfers close with no mortgage at all, against 38.8% of fee-simple commercial transfers. A cash-heavy, small-check buyer pool is what a condominium unit attracts, and that pool prices differently from the one that buys a strip center. By county the condo cohort is 145 Waukesha, 58 Milwaukee, 91 Ozaukee and 54 Washington; by year it runs 47 in 2021, 73 in 2022, 43 in 2023, 35 in 2024, 83 in 2025 and 67 in 2026 through August.

Same street, same decade: what the gap is made of

StepFigureComponent
What you paid, 21 units as a packageOctober 2024, deed 4794033$79.03/SFbulk basis
2100-2160 Silvernail Rd, next doorfee-simple grocery-anchored center, June 2024 deed$106.17/SFfee simple
2000-2030 Silvernail Rdfee-simple strip, same corridor$97.86/SFfee simple
Gross spread to 2100-2160 Silvernail-25.6%raw, before splitting
Explained by income and tenancy mixrear bays, occupancy at purchase, rent level-8.5%already in NOI
Residual legal-form discount, subtractedthe part that belongs to the condominium structure-17.1%condo only
Same residual, compoundedthe check that the two decompositions agree-18.6%condo only
Bulk price against the 2024 appraisal as-is$2,230,000 as-is and $2,260,000 stabilized-2.7%purchase check

P2 reproduced every W4 ratio. The legal-form residual is -17.1% when the two pieces are subtracted (W4) and -18.6% when compounded (P2); both sit inside the -2.7% to -18.6% bracket and neither moves the recommended 8%-12% band.

The same association, three unit sales

UnitDatePriceSF$/SFFinancing
2347 & 234902-13-2024$295,0002,670$110.49/SFConventional
2347 & 2349 (resale)01-21-2026$291,8002,670$109.29/SFCash
23512,300 SF per the unit's own listing (GB); 2,500 SF public record gives $192.0003-22-2024$480,0002,300$208.70/SFConventional + government (owner-user)

Single-unit trades inside this same association clear at $109 to $209/SF, against the $79/SF the 21-unit package cost. That spread is not a bargain the buyer missed: it is what a small owner-user check pays for one unit with its own mortgage and no governance problem, and it is why a piecemeal exit looks tempting on paper and loses on execution below.

The adjustment is applied once

One condo adjustment, applied once at exit pricing: a percentage haircut on the fee-simple sales and GRM baselines, and a cap-rate spread on direct capitalization. Never both on the same approach, and never to NOI.

The 54% rear and lower-level bays (14,835 SF) earn $10.00-$11.33/SF NNN on the newest rear leases. That lower rent is already inside the NOI and the stabilized rent plan, so it is not deducted again as a condo discount.

The -25.6% gap to the 2100-2160 Silvernail sale is never applied as the discount: 8.5 points of it is income and tenancy already captured by the cap-rate difference.

Bulk sale against a piecemeal unit breakup

PathGross proceedsCostsMonthsNet before taxNet per SF
One bulk sale at market valuesingle closing, one 1031 clock$3,475,0006.0% commission and transfer fee1$3,256,075$118.58/SF
Base: front at the verified in-complex $110.49/SF, rear at 73.9% of front, 30 months$2,605,993$190,42830$2,699,224$98.30/SF
Upside: front $120/SF, rear $90/SF, 24 months$2,849,910$205,79424$2,871,042$104.56/SF
Downside: front $100/SF, rear $70/SF, 36 months$2,300,750$171,19736$2,469,943$89.95/SF

Every breakup case credits the rent the unsold units keep collecting ($419,658 in the base case) and still nets less than one closing. It also charges the commission and transfer fee on each separate sale, carries the legal and resale-certificate cost of 21 unit transfers, and pays interest on debt the lender has not released.

Owner-user pricing ($208.70/SF at 2351) needs an empty unit. The owner's leases run to 2028-2032, so before the 12/01/2027 WaterStone maturity only 2329A (vacant), 2319 (03/31/2027), Mission Breakout (12/31/2027) and Plaza Garibaldi (04/30/2027 unless extended) could reach an owner-user. The rest sell leased, to investors, at the unit prices modeled here.

WaterStone Bank loan 32008685-7747, $1,582,542.70 at 6.875%, matures 12/01/2027. A sell-off of 24-36 months runs past maturity and needs per-unit partial releases from the lender. A bulk sale retires the loan at one closing.

What this chapter recommends

A 10% haircut on the sales-comparison and gross-rent-multiple baselines, or a 75% basis point spread on direct capitalization, and never both on the same approach. The defensible range is 8% to 12% on the haircut and 50% to 100% on the cap spread; this study applies the midpoint of each.

A single bulk sale at 3,475,000 nets about 3,256,075 before tax at one closing. The best piecemeal case nets 2,871,042 over 24 months, even crediting the rent on unsold units, and the base case nets 2,699,224 over 30 months. The breakup also splits the 1031 exchange into many small closings and runs past the 12/01/2027 loan maturity.

11 / Valuation

Three approaches, two scenarios, one condominium bridge.

Every cell is the same comp band in both scenarios, the way an appraiser carries it: the band comes from the market, the income inside it comes from the scenario. The condominium adjustment is applied inside each cell, not as a separate afterthought, so the bridge from fee-simple baseline to condo-adjusted value is visible line by line. One SF basis throughout: 27,458 SF (15 suites, 21 condominium units).

With Today's Leases (leased fee, 10/01/2026 contracted run rate)At Stabilized Market Rents (near-term rollover re-let at the owner's 2026 achieved rates, 10% vacancy)
Sales Comparison: Price per SF$106.17/SF ($98/SF to $142/SF)-10% (W4 band 8%-12%)
Fee simple$2,915,216Condominium-adjusted$2,623,694band $2,420,560 to $3,508,638
Fee simple$2,915,216Condominium-adjusted$2,623,694band $2,420,560 to $3,508,638
Sales Comparison: Price per Suite$197,143 ($160,516 to $236,587)-10%
Fee simple$2,957,145Condominium-adjusted$2,661,431band $2,166,970 to $3,193,928
Fee simple$2,957,145Condominium-adjusted$2,661,431band $2,166,970 to $3,193,928
Direct Capitalization7.76% (7.58% to 8.59%)+75 bps (W4 band +50 to +100)
Fee simple$4,326,372Condominium-adjusted$3,945,082band $4,030,330 to $3,596,427
Fee simple$3,936,461Condominium-adjusted$3,589,535band $3,667,100 to $3,272,302
Gross Rent Multiple10.03x (9.18x to 11.91x)-10%
Fee simple$5,364,968Condominium-adjusted$4,828,471band $4,418,075 to $5,732,304
Fee simple$5,606,207Condominium-adjusted$5,045,586band $4,616,737 to $5,990,062

The one CLOSED cap in the set is next door: 2100-2160 Silvernail Rd traded in June 2024 at 8.92% on an SEC-audited T-12 NOI. The other six rows are listing or broker asks (median 7.76%), and asks run below closes, so they set the list-price room, not the market value. A grocery anchor usually lowers a center's cap rate, so an unanchored strip should not price richer than 8.92%. With the 75 bps condo spread the applied rate is 9.67%, within 8 bps of the 9.75% the October 2024 MAI appraisal concluded on this same property.

Price per SF reads lowest of the four because it cannot see income: it prices every square foot of this building like a front bay. The gross rent multiple band reads high because three of its four rows are a different asset type. Direct capitalization is the approach that reflects what these particular leases produce, and the reconciliation says so rather than averaging the four.

The bridge, in dollars

With today's leasesFee-simple comp baseline$3,775,000Condominium adjustment-$300,000Condominium-adjusted value$3,475,000$126.56/SF on 27,458 SF, rounded to the nearest $25,000
At stabilized market rentsFee-simple comp baseline$3,425,000Condominium adjustment-$275,000Condominium-adjusted value$3,150,000$114.72/SF on 27,458 SF, rounded to the nearest $25,000
The rent and occupancy gap

-$325,000

The center's leases already sit at or above what the 2026 new leases achieved. Re-letting 2319, leasing 2329A and converting Mission Breakout adds income, but a buyer's stabilized underwriting carries 10% vacancy on a center that is 95.3% leased, and that allowance costs more than the rent gain. The gap is negative: today's long NNN leases are worth more than a market-rent rewrite, so the sale is priced on the leases in place.

Decomposition: rent and recovery changes $11,062, vacancy allowance -$42,904, management fee $1,585. The stabilized column carries 10% vacancy on a center that is 95.3% leased today, and that allowance is bigger than the rent the rollover adds.

Reconciliation

Reconciled by judgment on evidence quality; no approach is averaged. Direct capitalization leads because it prices the income the executed leases actually produce, and that income is documented suite by suite. At the closed corridor cap of 8.92% plus the 75 bps condo spread (9.67%), today's leases support $3,475,000 ($126.56/SF). Two reads confirm it. The same-format GRM row (the 2100-2160 Silvernail close at 7.49x gross revenue) gives $3,605,708 condo-adjusted, and the upper quartile of the price-per-SF band gives $3,508,638 condo-adjusted. The price-per-SF median reads lower ($95.55/SF condo-adjusted) because price per SF does not see income: the subject now earns $12.23/SF of NOI after its tax reset and NNN conversion, against $9.47/SF at the 2100-2160 Silvernail close (its SEC T-12 NOI of $1,100,118 on 116,135 SF). The full GRM band reads high because three of its four rows are different asset types.

Omitted: a 1991 condominium building with shared common elements gives depreciated cost little support.

Where this prices

ReadNumberWhat it is
Market value with today's leases$3,475,000$126.56/SF
Realistic landing range$3,443,349 to $3,730,294from the MAI's 9.75% on today's NOI to the closest-format ask (Sussex Plaza 8.25%) plus the 75 bps condo spread
List-price reference$3,945,082today's NOI at the asking-cap median 7.76% plus the 75 bps condo spread: room to negotiate down toward market value

Priced to clear for a 1031 exchange (identified replacement, closing on time), not to set a record.

12 / Where you stand

Five things the numbers say about your position.

  1. 01

    Your leases are already the market.

    83.8% of the SF pays NNN, 95.3% is leased, and the two 2026 front leases signed at $14.50/SF against a $22.00/SF corridor asking median. The value sits in the leases you already executed, not in a rent increase a buyer would promise.

  2. 02

    A market-rent rewrite is worth less than the vacancy it assumes.

    Re-letting 2319, leasing 2329A and converting Mission Breakout adds income, and the buyer's 10% vacancy allowance costs more than that gain. The gap between the two scenarios is -$325,000.

  3. 03

    The condominium form costs roughly a tenth of the price.

    A 10% haircut on the sales and GRM baselines, or 75 basis points on the cap rate, which at today's NOI is about $292,000. At 61.1% of the SF you cannot remove the structure, and a buyer prices it in.

  4. 04

    One closing beats 21.

    A bulk sale nets about $3,256,075 before tax at one closing. The best breakup case nets $2,871,042 over 24 months and runs past your December 2027 loan maturity.

  5. 05

    Price to clear, not to set a record.

    Market value is $3,475,000. The realistic landing range is $3,443,349 to $3,730,294, and $3,945,082 lists the room to negotiate. For a 1031 exchange the timing of the replacement matters more than the last $100,000 of price.

Every number on this page appears earlier with its source. Nothing here is a forecast.

13 / Net proceeds

What a sale actually leaves you.

Change the price or the assumptions and the net follows. Commission is 6.0%, the Wisconsin transfer fee is 0.30% at the statutory rate, and the loan payoff is pre-filled from the 09/30/2026 balance sheet. The presets are the prices this study concluded, plus what you paid.

Net proceeds$1,667,53248.0% of the sale price, against $1,305,000 over what you paid in October 2024
Sale price$3,475,000
Commission-$208,500
Wisconsin transfer fee-$10,425
Title and closing-$6,000
Total transaction costs-$224,925
Loan payoff-$1,582,543
Net proceeds$1,667,532

Taxes and the 1031 exchange are a CPA conversation; this tool stops at transaction costs and the loan payoff.

Presets: market value with today's leases $3,475,000, list-price reference $3,945,082, stabilized market rents $3,150,000, and what you paid in October 2024 $2,170,000. Wisconsin closings are drafted by the brokers, so this calculator carries no legal fee line. Title and closing is an allowance until a title company quotes it.

14 / Appendix

The 21 units, one tax bill each.

A condominium is taxed as separate parcels, so the property carries 21 assessments and 21 bills. Every unit is listed here with its 2024 and 2025 figures from the Waukesha County portal, so the -36.3% reduction can be checked line by line rather than taken on faith.

Sort
Unit ↕Tax key2024 assessed ↕2025 assessed ↕2024 tax ↕2025 tax ↕Change ↕
23012301 Silvernail Rd, Waukesha, WIWAKC0974017$238,900$176,900$3,642.31$2,329.23-$1,313.08
23032303 Silvernail Rd, Waukesha, WIWAKC0974018$99,800$73,900$1,493.36$946.89-$546.47
23052305 Silvernail Rd, Waukesha, WIWAKC0974019$145,600$107,800$2,200.92$1,401.86-$799.06
23072307 Silvernail Rd, Waukesha, WIWAKC0974020$99,800$73,900$1,493.36$946.89-$546.47
23092309 Silvernail Rd, Waukesha, WIWAKC0974021$99,800$73,900$1,493.36$946.89-$546.47
23152315 Silvernail Rd, Waukesha, WIWAKC0974024$131,500$97,400$1,983.10$1,262.27-$720.83
23172317 Silvernail Rd, Waukesha, WIWAKC0974025$112,700$83,500$1,692.65$1,075.74-$616.91
23192319 Silvernail Rd, Waukesha, WIWAKC0974026$151,400$112,100$2,290.52$1,459.56-$830.96
23212321 Silvernail Rd, Waukesha, WIWAKC0974027$145,600$107,800$2,200.92$1,401.86-$799.06
23232323 Silvernail Rd, Waukesha, WIWAKC0974028$151,400$112,100$2,290.52$1,459.56-$830.96
23252325 Silvernail Rd, Waukesha, WIWAKC0974029$145,600$107,800$2,200.92$1,401.86-$799.06
23272327 Silvernail Rd, Waukesha, WIWAKC0974030$260,900$193,200$3,982.18$2,547.98-$1,434.20
23292329 Silvernail Rd, Waukesha, WIWAKC0974031$158,400$117,300$2,398.67$1,529.35-$869.32
23312331 Silvernail Rd, Waukesha, WIWAKC0974032$97,100$71,900$1,451.66$920.06-$531.60
23332333 Silvernail Rd, Waukesha, WIWAKC0974033$97,100$71,900$1,451.66$920.06-$531.60
23352335 Silvernail Rd, Waukesha, WIWAKC0974034$136,800$101,300$2,064.98$1,314.61-$750.37
23372337 Silvernail Rd, Waukesha, WIWAKC0974035$136,800$101,300$2,064.98$1,314.61-$750.37
23432343 Silvernail Rd, Waukesha, WIWAKC0974038$171,000$126,600$2,593.34$1,654.16-$939.18
23452345 Silvernail Rd, Waukesha, WIWAKC0974039$160,000$118,500$2,423.40$1,545.46-$877.94
2339A2339A Silvernail Rd, Waukesha, WIWAKC0974036$132,100$97,800$1,992.37$1,267.64-$724.73
2339B2339B Silvernail Rd, Waukesha, WIWAKC0974036001$58,200$43,100$850.69$533.54-$317.15
21 units2025 owner of record, Silvernail Village LLC21 parcels$2,930,500$2,170,000$44,255.87$28,180.08-$16,075.79

Assessed values are as the County rolled them. The 2025 total equals the $2,170,000 purchase price exactly, and the whole reduction is in improvements while land is unchanged at $1,430,500. Special assessments of $38.00 per unit, five fire-inspection lines, bring the billed total to $28,370.08 for 2025 against $44,445.87 for 2024.

Method and definitions

SF basis
27,458 SF, stated once. 27,458 SF on the 09/30/2026 Anderson rent roll (27,460 SF in the October 2024 appraisal; 2 SF rounding)
Bay split
Front 12,623 + rear 14,835 = 27,458 on the roll; the appraisal's rear total is 14,837 (the same 2 SF rounding).
Rent roll
093026-Silvernail-Village-Monthly-Report.pdf, Anderson Commercial Group LLC. Pages 7-8 rent roll, 4 property update, 10-12 income statement.
Tax mechanism
The 2025 assessment equals the $2,170,000 purchase price exactly. The bills establish what changed and when; they do not record why, so this study reports the roll reset as an assessed-value change between the 2024 and 2025 rolls and assigns no Board of Review date, open-book window or assessor ruling to it.
Comp status
Every rent comp is an asking rate on an aggregator-reported active listing; no MetroMLS status was available, so no asking rate is presented as a signing. The two 2026 front leases and two rear leases are executed documents and are labeled as the achieved band.
Appraisal benchmark
2024-10-28, L & A Appraisal, Inc. (Paul R. Lindstrom and Robert W. Quam Jr., MAI), 9.75% concluded capitalization rate, occupancy at inspection 89.6%, NNN share 40.0%. As-is $2,230,000, as-stabilized $2,260,000, concluded cap rate 9.75%, occupancy at inspection 89.6%, NNN share 40.0%.
NNN load
NNN is not uniform: the four 2026 leases bill $6.17/SF; older leases bill $5.19 (Slowinski) to $9.85 (Marillian). No single blended NNN figure is shown per suite.
Days on market
Active listings: today minus the Crexi activation date, computed in your browser. Sold comps: the close date, because a deed has no activation clock.
Rounding
Values round to the nearest $25,000; displayed dollars foot to the source figures.

15 / Sources

Every link, by what it proves.

Each figure in this study links to the record it came from, and this is the same list in one place. Owner documents are named but not published: the rent roll, the operating statement, the 2024 appraisal, the purchase contract and the executed leases stay private.

PublisherWhat it supports
Founders 3 lease flyer + Crexi listinghttps://www.crexi.com/lease/properties/213994/wisconsin-silvernail-plazaFront retail rents, 2020-2030 Silvernail Rd
Crexi (broker listing)https://www.crexi.com/lease/properties/1231051/wisconsin-pewaukee-crossingsFront retail rents, N20 W22951 Watertown Road
Crexi (broker listing)https://www.crexi.com/lease/properties/1034210/wisconsin-18895-w-bluemound-rdFront retail rents, 18895 W. Bluemound Rd.
Crexi (broker listing)https://www.crexi.com/lease/properties/811274/wisconsin-3228Front retail rents, 17925 W Bluemound Rd
Crexi (broker listing)https://www.crexi.com/lease/properties/1057395/wisconsin-shoppes-on-capitolFront retail rents, 3930 N Brookfield Rd
Crexi (broker listing)https://www.crexi.com/lease/properties/1124743/wisconsin-grocery-shadow-anchored-strip-centerFront retail rents, 15459 W Howard Ave
Crexi (broker listing)https://www.crexi.com/lease/properties/1265752/wisconsin-14200-west-national-avenueFront retail rents, 14200 West National Avenue
Crexi (broker listing, SBM of Wisconsin)https://www.crexi.com/lease/properties/886037/wisconsin-silvernail-woods-ivRear service rents, 2607 N Grandview Blvd
Crexi (broker listing)https://www.crexi.com/lease/properties/1220139/wisconsin-riverwood-corporate-centerRear service rents, N19W24200 Riverwood Drive
Crexi (broker listing)https://www.crexi.com/lease/properties/985291/wisconsin-w239-n1700-busse-rdRear service rents, W239 N1700 Busse Rd
Crexi (broker listing)https://www.crexi.com/lease/properties/886339/wisconsin-stoneridge-iiRear service rents, N14W23777 Stone Ridge Dr
Crexi (broker listing)https://www.crexi.com/lease/properties/820849/wisconsin-stone-ridge-iRear service rents, N14W23755 Stone Ridge Dr
Crexi (broker listing)https://www.crexi.com/lease/properties/862937/wisconsin-westfield-office-buildingRear service rents, 860 Rose Dr
Crexi (broker listing)https://www.crexi.com/lease/properties/837451/wisconsin-17975-w-sarah-laneRear service rents, 17975 W Sarah Ln
WI DOR RETR RETR_2025-04.csvhttps://tap.revenue.wi.gov/RETRHistoricSale record, 1921 Silvernail Rd
SVN | Hintze lease brochurehttps://images1.loopnet.com/d2/GScc3wmSNqUnCiQl7Q9BnsHOmV0capCCx7W_tNL5Q_0/Marketing%20BrochureFlyer.pdfSale record, 1921 Silvernail Rd
Founders 3 lease flyer (2023)https://images1.loopnet.com/d2/Up4VQ9Ms-ScHJIlL6K3e9qqSLXwmvChCbq1D1OJyK4A/document.pdfSale record, 1921 Silvernail Rd
Colliers lease brochurehttps://images3.loopnet.com/d2/C4FqxLyj6DOdTD7DfJhBDhuzw8Mti3uq75NUeOUlxQM/document.pdfSale record, 1921 Silvernail Rd
Waukesha County tax record (parcel WAKC0974001)https://tax.waukeshacounty.govSale record, 2100 Silvernail Rd (2100-2160)
SEC Form 424B2, Benchmark 2024-V8, Annex A-1 Loan 28https://www.sec.gov/Archives/edgar/data/1013454/000153949724001376/n4299-x12_424b2.htmSale record, 2100 Silvernail Rd (2100-2160)
Crexi public recordhttps://www.crexi.com/properties/2212701Sale record, 2000 Silvernail Rd
Crexi public recordhttps://www.crexi.com/properties/237090Sale record, 707 W Moreland Blvd
Crexi public recordhttps://www.crexi.com/properties/2297976Sale record, N20W22951 Watertown Rd
Crexi public recordhttps://www.crexi.com/properties/1432618Sale record, 2212 E Moreland Blvd
Crexi public recordhttps://www.crexi.com/properties/1831802Sale record, 144 E Summit Ave
Crexi listinghttps://www.crexi.com/properties/2449605Gross rent multiple, 1900 Silvernail Rd, Waukesha (Arby's)
CARW exchange listinghttps://carw.com/property-search/#/property/905324Gross rent multiple, 19395 W Capitol Dr, Brookfield
CARW exchange listinghttps://carw.com/property-search/#/property/5aa13ae0866f2600012251c8Gross rent multiple, 5250 S 108th St, Hales Corners
CARW exchange listinghttps://carw.com/property-search/#/property/5aa95436881dd30001df7a98Cap rate, N19W24101 Riverwood Dr, Pewaukee
Crexi listinghttps://www.crexi.com/sales/wisconsin-501-s-grand-avenueCap rate, 501 S Grand Ave, Waukesha
Crexi listinghttps://www.crexi.com/sales/wisconsin-bluemound-plazaCap rate, 19555 W Bluemound Rd, Brookfield
Crexi listinghttps://www.crexi.com/sales/wisconsin-sussex-plaza-20000-sf-100-leased-retail-buildingCap rate, Sussex Plaza, N64W22622-N64W22694 Main St, Sussex
Crexi listinghttps://www.crexi.com/sales/wisconsin-brookfield-plazaCap rate, Brookfield Plaza, 13800-13870 W Greenfield Ave, Brookfield
Crexi listinghttps://www.crexi.com/sales/wisconsin-plaza-108Cap rate, Plaza 108, 1461-1511 S 108th St, West Allis
Wisconsin Statutes chapter 703https://docs.legis.wisconsin.gov/statutes/statutes/703Condominium governance: 703.17, 703.18, 703.21, 703.28
Wisconsin Statutes 77.22https://docs.legis.wisconsin.gov/statutes/statutes/77/ii/22Real estate transfer fee rate used in the net proceeds calculator
WisDOT TRAFFIC_COUNTS ArcGIS layerhttps://dotmaps.wi.gov/arcgis/rest/services/agohub/TRAFFIC_COUNTS/MapServer/0/query?where=TRADS_ID%20IN%20%28%27672816%27%2C%27670473%27%2C%27672121%27%29&outFields=TRADS_ID,RDWY_AADT,AADT_RPTG_YR,TRFC_PT_LOC_DESC&returnGeometry=false&f=jsonAADT at the three stations around the center, returned as the layer's own JSON
OpenStreetMap contributorshttps://www.openstreetmap.org/copyrightMap data
OpenFreeMaphttps://openfreemap.orgVector tiles

Owner documents on file

  • Anderson Commercial Group monthly report, September 2026, 093026-Silvernail-Village-Monthly-Report.pdf. Used for rent roll, income statement, balance sheet, general ledger, insurance, mortgage.
  • L & A Appraisal, Inc. appraisal, October 28, 2024, 2301-2345-Silvernail-OM-or-Doc.pdf. Used for year built, zoning, site, SF split, benchmarks, value opinions.
  • Purchase contract, effective July 31, 2024, Silvernail-Purchase-Contract-Signed.pdf. Used for purchase price, parties, closing mechanics.
  • Waukesha County property tax listings, 2024 and 2025, subject-tax-waukesha.json. Used for assessments, net general taxes, special assessments, owner of record.
  • WisDOT traffic counts, wisdot-traffic-waukesha-mke.json. Used for AADT on Silvernail Rd, CTH T and I-94.

Prepared by Mark Kvetkovskiy, CCIM, for Jay and Laura Orcholski. Figures are drawn from the documents named above; where a document does not publish a figure, the study says so rather than estimating it.