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    Northshore Condo with Park Setting Title is generated by Realmo AI

    2200 W Good Hope Rd #115, Glendale, WI 53209

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    For Sale
    $135,900

    Two-bedroom, two-bath condo with updated amenities and scenic surroundings.

    Type:Condominium
    Property size:
    1,177 SF
    Price / SF:
    $115/SF
    Added:
    Jun 19, 2025
    Days on Market:
    339
    Last Refresh:
    May 19 at 8:41 pm

    Property Features for 2200 W Good Hope Rd #115

    General Information

    Standard status
    Active
    Size
    1,177 SF
    Property subtype
    Condominium

    Building Details

    Year Built
    1972

    We can help!

    Listing Contact
    (414) 617-4184
    (414) 617-4184

    Listing agent (414) 617-4184 License #0725431

    Listing office First Weber Inc -NPW

    Listing date Jun 19, 2025

    Source Kw

    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 First Weber Inc -NPW

    HighLights

    • Desirable location in northshore Manchester Village, near Lake Michigan, parks, restaurants, and Bayshore Mall.
    • Includes one underground heated parking space and storage unit.
    • Features an open concept floor plan with stainless steel appliances, a den, and ample closet space.
    • Primary ensuite and 2nd bedroom with walk‑in closet and patio access.
    • Newly updated central air conditioning unit.
    • Beautifully landscaped park‑like setting with walking paths, pond, and community pool.

    Overview

    This 2-bedroom, 2-bath condo is located in the northshore Manchester Village. The property features a landscaped park-like setting with walking paths, a pond with a fountain, and a clubhouse with an outdoor community pool. The home offers an open concept floor plan, a kitchen with stainless steel appliances, a dining room area, and a separate den. It includes ample closet space and a primary ensuite. The second bedroom has a walk-in closet and a sliding door to the patio. The entire condo has been freshly painted and features new carpeting throughout. The property includes one underground heated parking space #115 and a storage unit. A newly updated central air conditioning unit has been installed. The condo is located minutes from Lake Michigan, parks, restaurants, Bayshore Mall, and I-43.

    Financial Insights

    Value Estimation Calculated for Apartment 5plus

    Conservative
    $126.0K
    NOI $11,342 @ 9.00% cap · cautious / downside scenario
    Moderate
    $162.0K
    NOI $11,342 @ 7.00% cap · market / base-case scenario
    Aggressive
    $226.8K
    NOI $11,342 @ 5.00% cap · optimistic / upside scenario

    NOI & Cap Rate Calculator

    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.
         Calculated for Apartment 5plus

    Component $ $/SF
    Gross rent $21.9k $18.60
    − Vacancy −$1.3k −$1.08
    EGI $20.6k $17.52
    − OpEx −$9.3k −$7.88
    NOI $11.3k $9.64
    1,177 SF · lease $18.60/SF/yr · vacancy 5.80% · expense 45.00%

    Alternative Use Scenarios

    Best Use
    Apartment 5plus
    $162.0K
    $141.8K – $189.0K (±1% cap)
    NOI $11,342 @ 7.0% cap · market cap 8.35%
    Second Best
    —
    —
    no second resolved use
    Theoretical Best
    Office A
    $282.8K
    $247.5K – $330.0K (±1% cap)
    NOI $19,799 @ 7.0% cap · market cap 14.57%
    Zoning and permitted uses should be independently verified with local authorities.
    Property Profile Location Intelligence

    Current Use by Public Records

    Isalis (Bike/Boat/Book/etc) Store Party City Party Supply Store Skunk Funk Big Box & Wholesale Store Carl's Trading Co Hat Shop Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Daycare Center Gym & Fitness Center

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Glendale
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9475
    Latitude
    43.1312

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    FAQs

    What type of property is this?
    Apartment building - Two-bedroom, two-bath condo with updated amenities and scenic surroundings.
    Where is this apartment building located?
    The property is located at 2200 W Good Hope Rd #115 Glendale, WI.
    What is the asking price?
    The asking price for this property is $135,900.
    What are key features of this property?
    This property features: Desirable location in northshore Manchester Village, near Lake Michigan, parks, restaurants, and Bayshore Mall.; Includes one underground heated parking space and storage unit.; Features an open concept floor plan with stainless steel appliances, a den, and ample closet space.
    (414) 617-4184
    We can help!
    Listing Contact
    (414) 617-4184
    (414) 617-4184
    Real Estate License ID: 0725431
    Request Owner's contact information
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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