East Side Office
For Sale
$1,099,500
1551 North Prospect Avenue, Milwaukee, WI 53202
Historic office building in Milwaukee's East Side for sale.
Property Size5,709 SF
Lot Size0.24 Acres
Price / SF$192.59
Days on Market137
Property Features for 1551 North Prospect Avenue
General Information
Standard status
Active
Size
5,709 SF
Lot size
0.24 Acres
Property subtype
Office
Listing Agency:
CBRE, Inc.
(414) 274-1627
Listed By:
John Mazza
(414) 274-1627
Source:
Cbre
Added: Mar 25
Changed: Aug 8
Last Checked: Jul 16 at 2:20AM
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 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 = 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
$65,280
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
5.94%
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%
$1,305,600
$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
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
$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 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%
$1,305,600
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.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,744
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Office in Milwaukee, WI
Questions? Ask Rey
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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.
