Leased Mixed-Use
For Sale
$2,499,000
524 S 2nd St, Milwaukee, WI 53204
The property combines occupied commercial space with two leased apartments in Milwaukee’s Walker’s Point district.
Property Size14,828 SF
Price / SF$168.53
Days on Market9
Property Features for 524 S 2nd St
General Information
Standard status
Active
Size
14,828 SF
Occupancy
100%
Additional Details
Gross Income
$192,000
Highway Access
Yes
Multifamily Units
2
Building Details
Year Built
1894
Buildings
1
Tenancy
Multi
Listing Agency:
Compass RE WI-Northshore
Listed By:
The Collaboration Group*
(414) 232-7276
Source:
Jwregwi
Added: Sep 28
Last Checked: Oct 5 at 8:06PM
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 Compass RE WI-Northshore
Investment Insights
Based on property information with market context.
Dating to 1894, this 14,828-square-foot mixed-use building has commercial space on the lower level and second floor, plus two upper-level apartments. All spaces are leased. The commercial tenants are Vendetta on the lower level and Glassnote on the second floor, while each apartment is occupied under a lease. The lower-level tenant also contributes toward water costs.
At 524 S 2nd St in Milwaukee’s Walker’s Point, the property is near neighborhood restaurants, breweries, and nightlife. Downtown Milwaukee, the Third Ward, and I-94/I-794 are accessible from the area.
At 524 S 2nd St in Milwaukee’s Walker’s Point, the property is near neighborhood restaurants, breweries, and nightlife. Downtown Milwaukee, the Third Ward, and I-94/I-794 are accessible from the area.
Key Highlights
- 14,828‑square‑foot building constructed in 1894
- Fully leased mix of commercial space and two upper‑level apartments
- Vendetta occupies the lower level; Glassnote is on the second floor
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$181,050
Cap Rate
7.24%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,621,000
$3.6M
Cap Rate 7%
$2,586,429
$2.6M
Cap Rate 9%
$2,011,667
$2.0M
Market Conditions
NOI Build-Up for 14,828 SF
Gross rent
$329.2K $22.20/SF
− Vacancy
−$39.5K −$2.66/SF
EGI
$289.7K $19.54/SF
− OpEx
−$108.6K −$7.33/SF
NOI
$181.0K $12.21/SF
Area
Milwaukee, WI
Vacancy
12.00%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,621,000
Cap Rate 7%
$2,586,429
Cap Rate 9%
$2,011,667
Alternative Uses
Best Use
Mixed Use
$2.59M
$2.26M – $3.02M
NOI $181,050 @ 7.0% cap · market cap 7.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.56M
$3.12M – $4.16M
NOI $249,431 @ 7.0% cap · market cap 9.98%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,548
Businesses Nearby
Explore this area
Business Placement
Demographics for 53204, WI
39,728
Population
14,979
Households
2.7
Avg Household Size
29
Median Age
15%
College-Educated
65%
High-School Grad
3.2 sq mi
ZIP Area
12,415
Density / Sq Mi
$43,645
Median Household Income
$30,906
Median Earnings
$964
Median Rent
$106,000
Median Home Value
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Frequently Asked Questions
What type of property is this?
Mixed-use property - The property combines occupied commercial space with two leased apartments in Milwaukee’s Walker’s Point district.
Where is this mixed-use property located?
The property is located at 524 S 2nd St Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,499,000.
What are key features of this property?
This property features: 14,828‑square‑foot building constructed in 1894; Fully leased mix of commercial space and two upper‑level apartments; Vendetta occupies the lower level; Glassnote is on the second floor
