Restaurant with
For Sale
$525,000
2215 N Dr Martin Luther King Jr, Milwaukee, WI 53212
N, Milwaukee, WI
Property Size3,750 SF
Lot Size0.50 Acres
Price / SF$140
Days on Market25
Property Features for 2215 N Dr Martin Luther King Jr
General Information
Property type
Commercial Sale
Property subtype
Other
Zoning
LB2
Directions
TAKE HWY 43 TO NORTH AVENUE, THEN EAST TO MLK DRIVE, THEN HEAD SOUTH TO THE PROPERTY.
Standard status
Active
APN
3530214000
Size
3,750 SF
Lot size
0.50 Acres
Taxes and HOA fees
Tax Year
2025
Tax Annual Amount
12900
Building Details
Year built
1929
Architectural style
Other
Listing Agency:
Homestead Realty, Inc
(800) 339-4444
Listed By:
Kim Moore
(262) 403-1633
Added: Sep 20
Changed: Oct 8
Last Checked: Oct 14 at 2:06AM
MLS# 1983762
Copyright © 2026 Metro MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This restaurant property contains 3,750 square feet on a 0.5-acre lot. The interior includes a full commercial kitchen with a hood system, preparation areas, and equipment infrastructure, alongside a dining room with flexible seating and a large bar. The building dates to 1929.
At 2215 N Dr Martin Luther King Jr in Milwaukee, the property is near downtown. Its zoning designation is LB2.
At 2215 N Dr Martin Luther King Jr in Milwaukee, the property is near downtown. Its zoning designation is LB2.
Key Highlights
- 3,750 square feet on a 0.5‑acre lot
- Full commercial kitchen with hood system and prep areas
- Dining room with flexible seating layouts
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$46,001
Cap Rate
8.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$920,020
$920.0K
Cap Rate 7%
$657,157
$657.2K
Cap Rate 9%
$511,122
$511.1K
Market Conditions
NOI Build-Up for 3,750 SF
Gross rent
$65.2K $17.40/SF
− Vacancy
−$3.9K −$1.04/SF
EGI
$61.3K $16.36/SF
− OpEx
−$15.3K −$4.09/SF
NOI
$46.0K $12.27/SF
Area
Milwaukee, WI
Vacancy
6.00%
Lease Rate
$17.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$920,020
Cap Rate 7%
$657,157
Cap Rate 9%
$511,122
Alternative Uses
Best Use
Specialty Retail
$657.2K
$575.0K – $766.7K
NOI $46,001 @ 7.0% cap · market cap 8.76%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$901.2K
$788.5K – $1.05M
NOI $63,081 @ 7.0% cap · market cap 12.02%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
Yes
Commercial hood
Location Intelligence
Trade Area within ½ mile
1,035
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 53212, WI
28,702
Population
15,749
Households
1.8
Avg Household Size
32
Median Age
37%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
7,000
Density / Sq Mi
$42,679
Median Household Income
$36,578
Median Earnings
$1,038
Median Rent
$204,300
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail 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?
Conventional restaurant - LB2-zoned restaurant space features a commercial kitchen, dining room, and bar.
Where is this conventional restaurant located?
The property is located at 2215 N Dr Martin Luther King Jr Milwaukee, WI.
What is the asking price?
The asking price for this property is $525,000.
What are key features of this property?
This property features: 3,750 square feet on a 0.5‑acre lot; Full commercial kitchen with hood system and prep areas; Dining room with flexible seating layouts
