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

    507-525 E Michigan St Milwaukee, WI

    View on Map
    Claim this Listing
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Two connected seven-story office buildings with flexible layouts.

    Type:OFFICE
    Property size:
    28,603 SF
    Lot size:
    2.10 Acres
    Added:
    Nov 14, 2024
    Days on Market:
    536
    Last Refresh:
    Apr 5 at 8:15 pm

    Property Features for 507-525 E Michigan St

    General Information

    Standard status
    Active
    Size
    28,603 SF
    Lot size
    2.10 Acres
    Property subtype
    OFFICE

    Spaces For Lease

    at 507-525 E Michigan St Contact us

    We can help!

    Listing Contact
    Ned Purtell
    Ned Purtell

    Listing agent Ned Purtell License #9052622

    Listing office Founders 3 Real Estate Services - Corporate

    Listing date Nov 14, 2024

    Source Moodyscre

    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 Founders 3 Real Estate Services - Corporate

    Overview

    Connected Seven-Story Office Buildings

    The property consists of two connected seven-story buildings, each offering a flexible layout and multiple entry points from the surrounding streets. The historic exterior of the building is characterized by large windows and expansive window lines, allowing ample natural light to fill the interior spaces. A central courtyard further enhances daylighting throughout the campus. Strategically placed elevators and numerous restrooms are located throughout the building, facilitating efficient division of the floorplates and reducing the need for extensive corridors and renovations. The property has a size of 28603 square feet.
    Location Intelligence

    Current Use by Public Records

    Office buildings

    Suggested Use

    Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Auto Repair Shop Pharmacy Gym & Fitness Center

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9045
    Latitude
    43.037

    Nearby Similar for Lease

    • $3,000/Mo

      High-Visibility Milwaukee Commercial Space

      Versatile 2,000 sq ft space ideal for professional services.
      5022 S 27th St, Milwaukee, WI 53221
      View Details
    • $2,000/Mo

      High-Traffic Retail/Office Space Available

      Well-kept building with great visibility, perfect for various businesses.
      5128 W Center St, Milwaukee, WI 53210
      View Details
    • $550/Mo

      Furnished Office Spaces Available

      Furnished offices with shared amenities in Shorewood, Wisconsin.
      1200 E Capitol Dr, Shorewood, WI 53211
      View Details
    • $18 SF/Yr

      Historic Office and Retail Building

      Five-story building with office and retail space in downtown Milwaukee.
      400 East Wisconsin Avenue, Milwaukee, WI, 53202
      View Details
    • Contact for pricing

      WI, Wauwatosa - Honey Creek Corporate Center

      9000 Chester St, Unit 100, Milwaukee, WI 53214
      View Details
    • Sponsored
      Contact for pricing

      WI, Milwaukee - S 1st Street

      161 1St St, Unit 3RD, Milwaukee, WI 53204
      View Details
    • Contact for pricing

      Spaces North Water Street

      1433 Water St, Unit 400, Milwaukee, WI 53202
      View Details
    • Contact for pricing

      Liberty 1 at Park Place

      11414 Park Pl, Unit 202, Milwaukee, WI 53224
      View Details
    • Contact for pricing

      Third Ward

      342 Water St, Unit 600, Milwaukee, WI 53202
      View Details
    • Sponsored
      Contact for pricing

      Downtown Milwaukee

      250 Wisconsin Ave, Unit 18TH, Milwaukee, WI 53202
      View Details
    • $12 SF/Yr

      Downtown Office Space with Views

      Modern office space with amenities and river views available for sublease.
      111 E Wisconsin Ave, Milwaukee, WI
      View Details
    • $4,484/Mo

      Versatile Office and Kitchen Space

      Adaptable commercial space with office, classroom, and kitchen features.
      620 S 76th St, Milwaukee, WI 53214
      View Details

    FAQs

    What type of property is this?
    Office building - Two connected seven-story office buildings with flexible layouts.
    Where is this office building located?
    The property is located at 507-525 E Michigan St Milwaukee, WI.
    What is the lease rate?
    The lease rate is $16 SF/Yr.
    What are key features of this property?
    This property features: Flexible layout in two connected seven‑story buildings.; Historic exterior with **large windows and expansive window lines.**; **Abundant natural light throughout the interior.**
    (414) 801-3999 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Ned Purtell
    Ned Purtell
    Real Estate License ID: 9052622
    Learn More
    Request Owner's contact information
    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.
    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
    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

    Thank You for Inquiry

    507-525 E Michigan St, Milwaukee, WI

    letter with green check mark
    Check your email

    We sent you the

    agent's contact details. yellow underline

    Can't find it?
    Please check your junk/spam folder.
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!