Renovated Historic Office and Event
For Sale
Contact for pricing
422 N 15th St, Milwaukee, WI 53233
Renovated in 2018 with updated electrical, plumbing, and HVAC, featuring elevator access and restored interior brick and timber.
Property Size11,532 SF
Price / SF$281.82
Days on Market494
Property Features for 422 N 15th St
General Information
Standard status
Active
Size
11,532 SF
Property subtype
OFFICE
Additional Details
Highway Access
Yes
Amenities
elevator
restrooms
Building Details
Year Renovated
2018
Construction
brick and timber
Listing Agency:
CBRE, Inc.
(414) 273-0880
Listed By:
John Mazza
(414) 750-1275
Source:
Moodyscre
Added: May 9, 2025
Changed: Sep 8
Last Checked: Sep 13 at 11:30AM
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 CBRE, Inc.
Investment Insights
Based on property information with market context.
This historic building was completely renovated in 2018 to create a modern office and event space while preserving original brick and timber construction. Electrical, plumbing, and HVAC systems were updated, and the interior was restored with contemporary conveniences including an elevator and well-appointed restrooms.
The exterior features cream city brick and prominent facade signage. A color-changing lighting system is also in place, designed to draw attention from passing traffic.
Located at 422 N 15th St, the property offers a distinctive, renovated setting for office operations and event use, with key building systems refreshed and period materials preserved.
The exterior features cream city brick and prominent facade signage. A color-changing lighting system is also in place, designed to draw attention from passing traffic.
Located at 422 N 15th St, the property offers a distinctive, renovated setting for office operations and event use, with key building systems refreshed and period materials preserved.
Key Highlights
- Historic building completely renovated in 2018
- Updated electrical, plumbing, and HVAC systems
- Elevator access with restored interior brick and timber construction
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
$131,863
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
4.06%
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%
$2,637,260
$2.6M
Cap Rate 7%
$1,883,757
$1.9M
Cap Rate 9%
$1,465,144
$1.5M
Market Conditions
NOI Build-Up for 11,532 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
$228.3K $19.80/SF
− Vacancy
−$52.5K −$4.55/SF
EGI
$175.8K $15.25/SF
− OpEx
−$44.0K −$3.81/SF
NOI
$131.9K $11.43/SF
Area
Milwaukee, WI
Vacancy
23.00%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
25.00%
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%
$2,637,260
Cap Rate 7%
$1,883,757
Cap Rate 9%
$1,465,144
Alternative Uses
Best Use
Office B
$1.88M
$1.65M – $2.20M
NOI $131,863 @ 7.0% cap · market cap 4.06%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.77M
$2.42M – $3.23M
NOI $193,987 @ 7.0% cap · market cap 5.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
2,181
Businesses Nearby
Explore this area
Business Placement
Demographics for 53233, WI
15,531
Population
5,531
Households
2.8
Avg Household Size
25
Median Age
17%
College-Educated
78%
High-School Grad
1.8 sq mi
ZIP Area
8,628
Density / Sq Mi
$20,306
Median Household Income
$10,060
Median Earnings
$846
Median Rent
$132,900
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in Milwaukee, WI
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Frequently Asked Questions
What type of property is this?
Office building - Renovated in 2018 with updated electrical, plumbing, and HVAC, featuring elevator access and restored interior brick and timber.
Where is this office building located?
The property is located at 422 N 15th St Milwaukee, WI.
What is the asking price?
The asking price for this property is $3,250,000.
What are key features of this property?
This property features: Historic building completely renovated in 2018; Updated electrical, plumbing, and HVAC systems; Elevator access with restored interior brick and timber construction
