Building Details

Year built 1961

Architectural style Other

Listing Agency: RE/MAX Lakeside-South · RE/MAX International k***@lakesiderealtors.com Show Phone

Listed By: Mabel Maldonado Show Phone

Added: Jul 23 Changed: Oct 12 Last Checked: Oct 22 at 4:06PM

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MLS# 1973076

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.

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Investment Insights

Based on property information with market context.

This vacant two-story flex property contains approximately 4,500 square feet on a 0.08-acre lot. The main floor offers an open configuration with a restroom, while the upper level provides additional adaptable space for offices, administrative functions, or conferences and includes a separate restroom. A full basement adds storage or expansion capacity.

Constructed in 1961 and zoned LB2, the building supports a range of commercial layouts. On-site parking accommodates up to 5 cars. The property is located on W Mitchell St in Milwaukee, minutes from Downtown Milwaukee and major freeways.

Key Highlights

• 4,500‑square‑foot two‑story commercial building
• 0.08‑acre lot with LB2 zoning
• Vacant property available for immediate possession

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$16,386

Cap Rate

4.68%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$327,720 $327.7K

Cap Rate 7%

$234,086 $234.1K

Cap Rate 9%

$182,067 $182.1K

Is this asking price fair?

Market Conditions

NOI Build-Up for 4,500 SF

Gross rent

$24.6K $5.47/SF

− Vacancy

−$1.2K −$0.27/SF

EGI

$23.4K $5.20/SF

− OpEx

−$7.0K −$1.56/SF

NOI

$16.4K $3.64/SF

Area

Milwaukee, WI

Vacancy

4.90%

Lease Rate

$5.47 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$327,720

Cap Rate 7%

$234,086

Cap Rate 9%

$182,067

Alternative Uses

Best Use

Office B

$735.1K

$643.2K – $857.6K (±1% cap)

NOI $51,455 @ 7.0% cap · market cap 14.70%

Second Best

Retail

$674.3K

$590.0K – $786.7K (±1% cap)

NOI $47,203 @ 7.0% cap · market cap 13.49%

Theoretical Best

Office A

$1.08M

$946.2K – $1.26M (±1% cap)

NOI $75,697 @ 7.0% cap · market cap 21.63%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

Flex space

Suggested Use

Top Pick Real Estate Agency Law Firm Skin Care Clinic Cafe & Coffee Shop Electrical Service Acupuncture

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Lease Details

Yes

Highway access

Location Intelligence

Trade Area within ½ mile

770

Businesses Nearby

Under-served

Demand for This Use

Explore this area Business Placement

Demographics for 53204, WI

39,728

Population

14,979

Households

2.7

Avg Household Size

29

Median Age

15%

College-Educated

65%

High-School Grad

3.2 sq mi

ZIP Area

12,415

Density / Sq Mi

$43,645

Median Household Income

$30,906

Median Earnings

$964

Median Rent

$106,000

Median Home Value

Market

Vacancy Rate% for Office in Milwaukee, WI

16.5% 2019

19.8% 2020

20.4% 2021

21.7% 2022

22.9% 2023

24.7% 2024

24.7% 2025

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Frequently Asked Questions

What type of property is this?

Flex space - Vacant commercial building with adaptable retail, office, and client-facing areas across two levels.

Where is this flex space located?

The property is located at 2504 W Mitchell St Milwaukee, WI.

What is the asking price?

The asking price for this property is $350,000.

What are key features of this property?

This property features: 4,500‑square‑foot two‑story commercial building; 0.08‑acre lot with LB2 zoning; Vacant property available for immediate possession