Mixed-Use Retail and Residential
For Sale
$7,750,000
226 N Water St, Milwaukee, WI 53202
Historic 1914 mixed-use building with retail on the first floor and 12 residential units on upper floors.
Property Size39,450 SF
Price / SF$196.45
Days on Market53
Property Features for 226 N Water St
General Information
Standard status
Active
Size
39,450 SF
Property subtype
MultiFamily Apartments
Zoning
C9G
Occupancy
100%
Additional Details
Business Included
Yes
Multifamily Units
12
Building Details
Building Size
39,450 SF
Year Built
1914
Year Renovated
2018
Stories
4
Tenancy
Multi
Listing Agency:
EC Commercial Real Estate
(414) 235-4324
Listed By:
Paulanne Phillips
(414) 235-4324
Source:
Thebrokerlist
Added: Jul 3
Changed: Aug 22
Last Checked: Aug 23 at 2:27AM
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 EC Commercial Real Estate
Investment Insights
Based on property information with market context.
A historic 1914 mixed-use property renovated in 2018, offering a total building area of 39,450 SF. The building is configured with retail space on the first floor and 12 residential units on floors 2 through 4. The rooftop terrace includes a pergola, seating area, dry bar, grill, and fire pit. Interior finishes and features cited in the offering include exposed cream city brick, polished concrete floors, electric fireplace, and a walk-in laundry room with full-size washer/dryer. Unit design details include modern kitchens with granite tops, stainless steel appliances, and a spacious island, along with private baths with dual sinks and tile shower finishes. Additional amenities include WiFi thermostats and electric vehicle charging stations, with ample underground parking.
The property is located at 226 N Water St in downtown Milwaukee, Wisconsin. The surrounding area is described as having dining, entertainment, and cultural attractions, with access to the Riverwalk. Nearby points of interest mentioned include the Milwaukee Art Museum, Fiserv Forum, and proximity to the Lake Michigan waterfront.
For buyers or operators seeking a turnkey mixed-use investment, the asset is currently at full occupancy and is zoned C9G. The first-floor retail space is described as having a renewed lease, supporting an income stream alongside the residential component. The combination of downtown demand drivers and established in-place residential and retail tenancy may appeal to investors looking for a built-in operating mix within a renovated historic structure.
The property is located at 226 N Water St in downtown Milwaukee, Wisconsin. The surrounding area is described as having dining, entertainment, and cultural attractions, with access to the Riverwalk. Nearby points of interest mentioned include the Milwaukee Art Museum, Fiserv Forum, and proximity to the Lake Michigan waterfront.
For buyers or operators seeking a turnkey mixed-use investment, the asset is currently at full occupancy and is zoned C9G. The first-floor retail space is described as having a renewed lease, supporting an income stream alongside the residential component. The combination of downtown demand drivers and established in-place residential and retail tenancy may appeal to investors looking for a built-in operating mix within a renovated historic structure.
Key Highlights
- Built in 1914, historic mixed‑use building with 39,450 SF total building area
- 12 residential units on floors 2–4 plus retail space on the 1st floor
- Renovated in 2018 and currently at full occupancy
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
$413,811
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
5.34%
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%
$8,276,220
$8.3M
Cap Rate 7%
$5,911,586
$5.9M
Cap Rate 9%
$4,597,900
$4.6M
Market Conditions
NOI Build-Up for 39,450 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
$639.1K $16.20/SF
− Vacancy
−$47.9K −$1.22/SF
EGI
$591.2K $14.99/SF
− OpEx
−$177.3K −$4.50/SF
NOI
$413.8K $10.49/SF
Area
Milwaukee, WI
Vacancy
7.50%
Lease Rate
$16.20 /SF/Yr
Expense Ratio
30.00%
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%
$8,276,220
Cap Rate 7%
$5,911,586
Cap Rate 9%
$4,597,900
Alternative Uses
Best Use
Retail
$5.91M
$5.17M – $6.90M
NOI $413,811 @ 7.0% cap · market cap 5.34%
Second Best
Apartment 5plus
$5.25M
$4.59M – $6.12M
NOI $367,434 @ 7.0% cap · market cap 4.74%
Theoretical Best
Office A
$9.48M
$8.30M – $11.06M
NOI $663,612 @ 7.0% cap · market cap 8.56%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
6,595
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 Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Historic 1914 mixed-use building with retail on the first floor and 12 residential units on upper floors.
Where is this apartment building located?
The property is located at 226 N Water St Milwaukee, WI.
What is the asking price?
The asking price for this property is $7,750,000.
What are key features of this property?
This property features: Built in 1914, historic mixed‑use building with 39,450 SF total building area; 12 residential units on floors 2–4 plus retail space on the 1st floor; Renovated in 2018 and currently at full occupancy
