Mixed-Use Retail and Residential
226 N Water St, Milwaukee, WI 53202
New
Historic 1914 mixed-use building with retail on the first floor and 12 residential units on upper floors.
Type:MultiFamily Apartments
Property size:
39,450 SFPrice / SF:
$196/SF- Added:
- Jul 3, 2026
- Days on Market:
- 3
- Last Refresh:
- Jul 4 at 2:36 am
Property Features for 226 N Water St
General Information
- Standard status
- Active
- Size
- 39,450 SF
- Property subtype
- MultiFamily Apartments
Building Details
- Year Built
- 1914
Listing office EC Commercial Real Estate (414) 235-4324
Listing date Jul 3, 2026
Source Thebrokerlist
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
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
- C9G zoning; retail space has a renewed lease
- Rooftop terrace with pergola, seating area, dry bar, grill, and fire pit
- Includes ample underground parking and electric vehicle charging stations
Overview
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.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $639.1k | $16.20 |
| − Vacancy | −$47.9k | −$1.22 |
| EGI | $591.2k | $14.99 |
| − OpEx | −$177.3k | −$4.50 |
| NOI | $413.8k | $10.49 |
39,450 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 30.00%
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 local authorities.
Location Intelligence
Current Use by Public Records
Mitchel On Water Apartments
Apartment Building
Royal Enfield Experience ...
Resort
Royal Enfield North ...
Corporate Office
Location Insight
- Map
- Local Demand
- City
- Milwaukee
- County
- Milwaukee
- State
- Wisconsin
- Longitude
- -87.90864
- Latitude
- 43.0329775
Nearby Similar for Sale
FAQs
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
