Waterfront Retail Space with Outdoor
For Sale
Contact for pricing
100 S Water St 100, Milwaukee, WI 53202
Retail unit with expansive windows, a private outdoor area, and PD zoning in a mixed-use waterfront district.
Property Size1,180 SF
Price / SF$304.24
Days on Market205
Property Features for 100 S Water St 100
General Information
Standard status
Active
Size
1,180 SF
Property subtype
Retail, Office, Industrial
Zoning
PD
Building Details
Year Built
2004
Stories
1
Listing Agency:
Corley Real Estate
(262) 951-8497
Listed By:
Paul Monigal · License #66842-94
Source:
Crexi
Added: Feb 6
Changed: Aug 30
Last Checked: Aug 30 at 2:08AM
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 Corley Real Estate
Investment Insights
Based on property information with market context.
This 1,180-square-foot retail unit was built in 2004 and features large windows, tile flooring, a tall Russian timber ceiling, custom interior details, and a private outdoor area with built-in seating. An office or custom build-out may be negotiated. The space is zoned PD.
At 100 S Water St in Milwaukee, the property sits near the confluence of the Menomonee and Milwaukee Rivers, adjacent to the Historic Third Ward Riverwalk. The location is just beyond the Third Ward’s Water Street bridge and records almost 10,000 vehicles per day. Its surrounding context includes residential and retail uses within the Harbor District.
At 100 S Water St in Milwaukee, the property sits near the confluence of the Menomonee and Milwaukee Rivers, adjacent to the Historic Third Ward Riverwalk. The location is just beyond the Third Ward’s Water Street bridge and records almost 10,000 vehicles per day. Its surrounding context includes residential and retail uses within the Harbor District.
Key Highlights
- 1,180 SF retail unit with large windows and natural light
- Private outdoor area with built‑in seating
- Tall Russian timber ceiling, tile flooring, and custom interior details
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
$12,378
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
3.45%
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%
$247,560
$247.6K
Cap Rate 7%
$176,829
$176.8K
Cap Rate 9%
$137,533
$137.5K
Market Conditions
NOI Build-Up for 1,180 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
$19.1K $16.20/SF
− Vacancy
−$1.4K −$1.22/SF
EGI
$17.7K $14.99/SF
− OpEx
−$5.3K −$4.50/SF
NOI
$12.4K $10.49/SF
Area
Milwaukee, WI
Vacancy
7.50%
Lease Rate
$16.20 /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%
$247,560
Cap Rate 7%
$176,829
Cap Rate 9%
$137,533
Alternative Uses
Best Use
Retail
$176.8K
$154.7K – $206.3K
NOI $12,378 @ 7.0% cap · market cap 3.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$283.6K
$248.1K – $330.8K
NOI $19,849 @ 7.0% cap · market cap 5.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,057
Businesses Nearby
Explore this area
Business Placement
Demographics for 53202, WI
27,897
Population
18,629
Households
1.5
Avg Household Size
31
Median Age
66%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
13,284
Density / Sq Mi
$68,482
Median Household Income
$52,339
Median Earnings
$1,234
Median Rent
$298,000
Median Home Value
Market
Vacancy Rate% for Retail in Milwaukee, WI
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Retail space - Retail unit with expansive windows, a private outdoor area, and PD zoning in a mixed-use waterfront district.
Where is this retail space located?
The property is located at 100 S Water St 100 Milwaukee, WI.
What is the asking price?
The asking price for this property is $359,000.
What are key features of this property?
This property features: 1,180 SF retail unit with large windows and natural light; Private outdoor area with built‑in seating; Tall Russian timber ceiling, tile flooring, and custom interior details
