Historic Office Building with Rooftop
For Sale
Contact for pricing
1101 North Market Street, Milwaukee, WI 53202
Renovated historic office building with rooftop terrace, underground parking, and backup generation in Milwaukee’s CBD.
Property Size42,899 SF
Price / SF$138.70
Days on Market65
Property Features for 1101 North Market Street
General Information
Standard status
Active
Size
42,899 SF
Class
B
Total Parking Spaces
48
Property subtype
Office
Lease Type
NNN
Additional Details
Highway Access
Yes
Building Details
Year Renovated
2013
Tenancy
Multi
Listing Agency:
Colliers - Milwaukee, Wisconsin
Listed By:
Caroline Dragani · License #WI112291-94
Source:
Crexi
Added: Jun 10
Changed: Aug 8
Last Checked: Aug 12 at 3:22PM
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 Colliers - Milwaukee, Wisconsin
Investment Insights
Based on property information with market context.
This historic Milwaukee office building was originally the home to Blatz Brewing Co. The property was recently refinished and aesthetically upgraded in 2013, and offers an opportunity for prominent signage. An on-site back-up generator supports business continuity. Parking is available with 35 heated underground spaces plus 13 additional surface stalls.
Located in Milwaukee’s Central Business District, the building sits conveniently on Water Street, surrounded by venues, restaurants, and retail shops. Additional city parking lots are within walking distance, and the area offers easy access to I-43 & I-94.
For tenants or owner-users, the combination of refined historic character, on-site parking, and back-up power can support a wide range of office requirements. The rooftop terrace and signage opportunity add practical options for tenant branding, client meetings, or occasional tenant use, while the surrounding retail and dining environment supports day-to-day convenience for staff and visitors.
Located in Milwaukee’s Central Business District, the building sits conveniently on Water Street, surrounded by venues, restaurants, and retail shops. Additional city parking lots are within walking distance, and the area offers easy access to I-43 & I-94.
For tenants or owner-users, the combination of refined historic character, on-site parking, and back-up power can support a wide range of office requirements. The rooftop terrace and signage opportunity add practical options for tenant branding, client meetings, or occasional tenant use, while the surrounding retail and dining environment supports day-to-day convenience for staff and visitors.
Key Highlights
- Historic Milwaukee building originally built as the home of Blatz Brewing Co.
- Recently refinished and aesthetically upgraded in 2013.
- 35 heated underground parking spaces plus 13 additional surface stalls.
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
$490,529
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
8.24%
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%
$9,810,580
$9.8M
Cap Rate 7%
$7,007,557
$7.0M
Cap Rate 9%
$5,450,322
$5.5M
Market Conditions
NOI Build-Up for 42,899 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
$849.4K $19.80/SF
− Vacancy
−$195.4K −$4.55/SF
EGI
$654.0K $15.25/SF
− OpEx
−$163.5K −$3.81/SF
NOI
$490.5K $11.43/SF
Area
Milwaukee, WI
Vacancy
23.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$9,810,580
Cap Rate 7%
$7,007,557
Cap Rate 9%
$5,450,322
Alternative Uses
Best Use
Office B
$7.01M
$6.13M – $8.18M
NOI $490,529 @ 7.0% cap · market cap 8.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$10.31M
$9.02M – $12.03M
NOI $721,630 @ 7.0% cap · market cap 12.13%
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
6,714
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 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?
Office building - Renovated historic office building with rooftop terrace, underground parking, and backup generation in Milwaukee’s CBD.
Where is this office building located?
The property is located at 1101 North Market Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $5,950,000.
What are key features of this property?
This property features: Historic Milwaukee building originally built as the home of Blatz Brewing Co.; Recently refinished and aesthetically upgraded in 2013.; 35 heated underground parking spaces plus 13 additional surface stalls.
