Two-Story Flex
For Sale
$350,000
2504 W Mitchell St, Milwaukee, WI 53204
N, Milwaukee, WI
Property Size4,500 SF
Lot Size0.08 Acres
Price / SF$77.78
Days on Market42
Property Features for 2504 W Mitchell St
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LB2
Directions
27th st to Mitchell St, East to property
Standard status
Active
APN
4591544000
Size
4,500 SF
Lot size
0.08 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
4292
Building Details
Year built
1961
Architectural style
Other
Listing Agency:
RE/MAX Lakeside-South · RE/MAX International
(414) 325-0000
Listed By:
Mabel Maldonado · License #22416
(414) 243-5079
Added: Jul 23
Changed: Aug 19
Last Checked: Sep 2 at 6:06PM
MLS# 1973076
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 vacant two-story flex property contains approximately 4,500 square feet on a 0.08-acre lot. The main floor offers an open configuration with a restroom, while the upper level provides additional adaptable space for offices, administrative functions, or conferences and includes a separate restroom. A full basement adds storage or expansion capacity.
Constructed in 1961 and zoned LB2, the building supports a range of commercial layouts. On-site parking accommodates up to 5 cars. The property is located on W Mitchell St in Milwaukee, minutes from Downtown Milwaukee and major freeways.
Constructed in 1961 and zoned LB2, the building supports a range of commercial layouts. On-site parking accommodates up to 5 cars. The property is located on W Mitchell St in Milwaukee, minutes from Downtown Milwaukee and major freeways.
Key Highlights
- 4,500‑square‑foot two‑story commercial building
- 0.08‑acre lot with LB2 zoning
- Vacant property available for immediate possession
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
$16,386
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
4.68%
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%
$327,720
$327.7K
Cap Rate 7%
$234,086
$234.1K
Cap Rate 9%
$182,067
$182.1K
Market Conditions
NOI Build-Up for 4,500 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
$24.6K $5.47/SF
− Vacancy
−$1.2K −$0.27/SF
EGI
$23.4K $5.20/SF
− OpEx
−$7.0K −$1.56/SF
NOI
$16.4K $3.64/SF
Area
Milwaukee, WI
Vacancy
4.90%
Lease Rate
$5.47 /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%
$327,720
Cap Rate 7%
$234,086
Cap Rate 9%
$182,067
Alternative Uses
Best Use
Office B
$735.1K
$643.2K – $857.6K
NOI $51,455 @ 7.0% cap · market cap 14.70%
Second Best
Retail
$674.3K
$590.0K – $786.7K
NOI $47,203 @ 7.0% cap · market cap 13.49%
Theoretical Best
Office A
$1.08M
$946.2K – $1.26M
NOI $75,697 @ 7.0% cap · market cap 21.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
770
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
Median Home Value
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Flex space - Vacant commercial building with adaptable retail, office, and client-facing areas across two levels.
Where is this flex space located?
The property is located at 2504 W Mitchell St Milwaukee, WI.
What is the asking price?
The asking price for this property is $350,000.
What are key features of this property?
This property features: 4,500‑square‑foot two‑story commercial building; 0.08‑acre lot with LB2 zoning; Vacant property available for immediate possession
