East Side Office
1551 North Prospect Avenue, Milwaukee, WI 53202
For Sale
$1,099,500
Historic office building in Milwaukee's East Side for sale.
Property Size5,709 SF
Lot Size0.24 Acres
Price / SF$192.59
Days on Market233
Property Features for 1551 North Prospect Avenue
General Information
Standard status
Size
Lot size
Property subtype
Site & Location
Neighborhood
Listing Agency:
CBRE, Inc.
Listed By:
John Mazza
(414) 274-1627
Source:
Cbre
Added: Mar 25
Changed: Oct 29
Last Checked: Nov 10 at 6:13AM
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.
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Investment Insights
Based on property information with market context.
Located in Milwaukee’s East Side, the property at 1551 N Prospect Avenue offers approximately 5,709 square feet of office space across three floors and a lower level. The building sits on a 0.24-acre parcel and includes 15 surface parking spaces. Originally built in 1901 and adapted for commercial use, the building features multiple private offices, conference areas, and support spaces. It is suitable for professional services or boutique firms seeking a distinctive setting. The building is within walking distance of Lake Michigan and 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. The property is a converted historic mansion adapted for office use with multiple private offices, a conference room, and restrooms on each floor.
Key Highlights
- Prime East Side location in Milwaukee, near Lake Michigan and downtown.
- Approximately 5,709 sq ft of office space across three floors and a lower level.
- 15 surface parking spaces.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$65,280
Cap Rate
5.94%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$1,305,600
$1.3M
Cap Rate 7%
$932,571
$932.6K
Cap Rate 9%
$725,333
$725.3K
Market Conditions
NOI Build-Up for 5,709 SF
Gross rent
$113.0K $19.80/SF
− Vacancy
−$26.0K −$4.55/SF
EGI
$87.0K $15.25/SF
− OpEx
−$21.8K −$3.81/SF
NOI
$65.3K $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 Rate 5%
$1,305,600
Cap Rate 7%
$932,571
Cap Rate 9%
$725,333
Alternative Uses
Best Use
Office B
$932.6K
$816.0K – $1.09M
NOI $65,280 @ 7.0% cap · market cap 5.94%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$1.37M
$1.20M – $1.60M
NOI $96,035 @ 7.0% cap · market cap 8.73%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
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Business Placement
Demographics for 53202, WI
27,897
Population
18,629
Households
1.5
Avg Household Size
31
Median Age
66%
College-Educated
98%
High-School Grad
2.1 sq mi
ZIP Area
13,284
Density / Sq Mi
$68,482
Median Household Income
$52,339
Median Earnings
$1,234
Median Rent
$298,000
Median Home Value
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Market
Average Price Trend$/SF for Office buildings in Milwaukee, WI
Properties on Market for Office buildings in Milwaukee
Vacancy Rate% for Office in Milwaukee, WI
Frequently Asked Questions
What type of property is this?
Office building - Historic office building in Milwaukee's East Side for sale.
Where is this office building located?
The property is located at 1551 North Prospect Avenue 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.; Approximately 5,709 sq ft of office space across three floors and a lower level.; 15 surface parking spaces.
