East Side Office
For Sale
Contact for pricing
1551 N Prospect Ave, Milwaukee, WI
Office building on Milwaukee's East Side with parking.
Property Size6,000 SF
Lot Size0.24 Acres
Price / SF$183.25
Days on Market280
Property Features for 1551 N Prospect Ave
General Information
Standard status
Active
Size
6,000 SF
Lot size
0.24 Acres
Property subtype
OFFICE
Listing Agency:
CBRE, Inc.
(414) 750-1275
Listed By:
John Mazza
(414) 750-1275
Source:
Moodyscre
Added: Nov 18, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:27AM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
Located on Milwaukee’s East Side, 1551 N Prospect Avenue provides approximately 5,709 square feet of office space distributed across three floors and a basement. The property, situated on a 0.24-acre parcel, includes 14 surface parking spaces. Originally constructed in 1901 and subsequently adapted for commercial use, the building features multiple private offices, conference areas, and support spaces. This configuration makes it suitable for professional services or boutique firms seeking a distinctive setting. The building is within walking distance of Lake Michigan and various neighborhood amenities, with convenient access to downtown Milwaukee. Zoned RO2, the property combines historic character with modern functionality in a well-connected, culturally vibrant area.
Key Highlights
- Prime East Side location in Milwaukee, near Lake Michigan and downtown.
- 5,709 sq ft of office space suitable for professional services or boutique firms.
- 14 surface parking spaces included.
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
$68,607
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
6.24%
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%
$1,372,140
$1.4M
Cap Rate 7%
$980,100
$980.1K
Cap Rate 9%
$762,300
$762.3K
Market Conditions
NOI Build-Up for 6,000 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
$118.8K $19.80/SF
− Vacancy
−$27.3K −$4.55/SF
EGI
$91.5K $15.25/SF
− OpEx
−$22.9K −$3.81/SF
NOI
$68.6K $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%
$1,372,140
Cap Rate 7%
$980,100
Cap Rate 9%
$762,300
Alternative Uses
Best Use
Office B
$980.1K
$857.6K – $1.14M
NOI $68,607 @ 7.0% cap · market cap 6.24%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.44M
$1.26M – $1.68M
NOI $100,930 @ 7.0% cap · market cap 9.18%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
Explore this area
Business Placement
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 - Office building on Milwaukee's East Side with parking.
Where is this office building located?
The property is located at 1551 N Prospect Ave Milwaukee, WI.
What is the asking price?
The asking price for this property is $1,099,500.
What are key features of this property?
This property features: Prime East Side location in Milwaukee, near Lake Michigan and downtown.; 5,709 sq ft of office space suitable for professional services or boutique firms.; 14 surface parking spaces included.
