226 N Water St Milwaukee, WI 53202
Historic 1914 mixed-use building with retail on the first floor and 12 residential units on upper floors.
Property Features for 226 N Water St
General Information
- Standard status
- Active
- Size
- 39,450 SF
- Property subtype
- MultiFamily Apartments
Building Details
- Year Built
- 1914
Listing office EC Commercial Real Estate (414) 235-4324
Listing date Jul 3, 2026
Source Thebrokerlist
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Investment Insights
Based on property information with market context.
The property is located at 226 N Water St in downtown Milwaukee, Wisconsin. The surrounding area is described as having dining, entertainment, and cultural attractions, with access to the Riverwalk. Nearby points of interest mentioned include the Milwaukee Art Museum, Fiserv Forum, and proximity to the Lake Michigan waterfront.
For buyers or operators seeking a turnkey mixed-use investment, the asset is currently at full occupancy and is zoned C9G. The first-floor retail space is described as having a renewed lease, supporting an income stream alongside the residential component. The combination of downtown demand drivers and established in-place residential and retail tenancy may appeal to investors looking for a built-in operating mix within a renovated historic structure.
Key Highlights
- Built in 1914, historic mixed‑use building with 39,450 SF total building area
- 12 residential units on floors 2–4 plus retail space on the 1st floor
- Renovated in 2018 and currently at full occupancy
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $639.1k | $16.20 |
| − Vacancy | −$47.9k | −$1.22 |
| EGI | $591.2k | $14.99 |
| − OpEx | −$177.3k | −$4.50 |
| NOI | $413.8k | $10.49 |
