Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    223 N Water St Milwaukee, WI 53202

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Loft-style office in Milwaukee's Third Ward with river views.

    Property size:
    1,500 SF
    Lot size:
    0.08 Acres

    Property Features for 223 N Water St

    General Information

    Size
    1,500 SF
    Lot size
    0.08 Acres

    We can help!

    Listing Contact
    Steve Anderson
    Steve Anderson
    Source: Moodyscre

    Listing Agency: Anderson Commercial Group, LLC Listing Agent: Steve Anderson

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Third Ward Loft Office Space

    This office space is located in the highly desired Third Ward. The property features loft-style office suites with exposed cream city brick and wood beams. The suites offer views along Water Street and the Milwaukee River. The property has a size of 1500 square feet.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Regency Office Products (Bike/Boat/Book/etc) Store Empower Yoga Gym & Fitness Center Loyal Dog Marketing Advertising Agency Wisconsin Sign Association Marketing & Advertising Ally 360 Nonprofit ... Advertising Agency

    Suggested Use

    Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Daycare Center Building Supply Kitchen & Bath Showroom Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9096216
    Latitude
    43.0330975

    Nearby Similar for Lease

    • $1,850 /Mo
      9,688 SF

      Office Space in Granville District

      Office spaces available in Milwaukee's Granville Business District.
      9316 N 107Th St, Milwaukee, WI 53224
      View Details
    • New
      $60,000
      1,800 SF

      Adaptable Space in Milwaukee, WI

      1800 sq ft flexible space suitable for various community initiatives.
      4441 W Fond Du Lac Ave, Milwaukee, WI 53216
      View Details
    • $550 /Mo
      9,688 SF

      Corner Office Space in Milwaukee

      Office space for lease in Granville Business District, Milwaukee.
      9310 N 107Th St, Milwaukee, WI 53224
      View Details
    • $400 /Mo
      9,688 SF

      Milwaukee Office Space with Parking

      Office space in Milwaukee's Granville Business District for rent.
      9310 N 107Th St, Milwaukee, WI 53224
      View Details
    • $550 /Mo
      110 SF

      Furnished Office Spaces Available

      Furnished offices with shared amenities in Shorewood, Wisconsin.
      1200 E Capitol Dr, Milwaukee, WI 53211
      View Details
    • $450 /Mo
      400 SF

      Serviced Offices For Rent

      Serviced offices available with utilities included and shared amenities.
      10303 W Oklahoma Ave, Milwaukee, WI 53227
      View Details
    • New
      $520,000
      17,950 SF

      Milwaukee Multifamily Investment Opportunity

      Eight-unit multifamily property with value-add potential and stable tenancy.
      3602-3606 N Sherman Blvd, Milwaukee, WI 53216
      View Details
    • Sponsored
      Contact for pricing

      Downtown Milwaukee

      Workspaces, services and support to help you work better in Downtown Milwaukee
      250 Wisconsin Ave, Milwaukee, WI 53202
      View Details
    • Contact for pricing

      Liberty 1 at Park Place

      Workspaces, services and support to help you work better in Miami Airport
      11414 Park Pl, Milwaukee, WI 53224
      View Details
    • Contact for pricing

      Third Ward

      Discover many ways to work your way in IL, Oak Brook - Oak Brook Pointe
      342 Water St, Milwaukee, WI 53202
      View Details
    • Contact for pricing

      Spaces North Water Street

      Discover many ways to work your way in AZ, Tempe - Hayden Ferry Lake
      1433 Water St, Milwaukee, WI 53202
      View Details
    • Contact for pricing

      WI, Wauwatosa - Honey Creek Corporate Center

      Workspaces, services and support to help you work better in Shelton
      9000 Chester St, Milwaukee, WI 53214
      View Details

    FAQs

    What type of property is this?
    Office units - Loft-style office in Milwaukee's Third Ward with river views.
    Where is this office units located?
    The property is located at 223 N Water St Milwaukee, WI.
    What are key features of this property?
    This property features: - Highly desired Third Ward location; - Incredible views along Water St and the Milwaukee River; - Loft style office suites
    (414) 858-5200 Call to check price and availability
    Request Owner's contact information
    223 N Water St Milwaukee, WI 53202
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    223 N Water St
    Milwaukee, WI 53202
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    223 N Water St Milwaukee, WI 53202
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Steve Anderson
    Steve Anderson
    Real Estate License ID: 9051327
    (414) 858-5200 (262) 797-9400 (414) 425-2700
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!