Historic Mixed-Use Building with
518-522 North Water Street, Milwaukee, WI 53202
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Historic downtown Milwaukee mixed-use property with street-level retail and residential units, including one currently vacant commercial space.
Type:Retail, Multifamily
Property size:
16,592 SFPrice / SF:
$132/SF- Added:
- Jun 22, 2026
- Days on Market:
- 6
- Last Refresh:
- Jun 25 at 8:51 pm
Property Features for 518-522 North Water Street
General Information
- Standard status
- Active
- Size
- 16,592 SF
- Property subtype
- Retail, Multifamily
Building Details
- Year Built
- 1890
Listing office CBRE - Milwaukee (414) 615-7452
Listing date Jun 22, 2026
Source Crexi
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 - Milwaukee
HighLights
- Historic mixed‑use building built in 1890 with National Register of Historic Places status
- 7 residential units plus 4,912 SF of street‑level commercial space
- Fully occupied mixed‑use asset with 2 commercial tenants and 1 additional commercial unit currently vacant
- Walk Score 97 in downtown Milwaukee’s active urban corridor
- Residential rents average $253 below market on a comp set; 1 one‑bedroom target rent noted at $1,700/month
Overview
The Bridgewater Building is a historic mixed-use asset built in 1890 and listed on the National Register of Historic Places. The property includes 7 residential units and approximately 4,912 square feet of street-level commercial space. Street-level retail is anchored by two tenants, and there is one additional commercial unit currently vacant, creating near-term flexibility for a new operator or tenant.
Located at 518-522 North Water Street in downtown Milwaukee, the building benefits from an active urban setting and a Walk Score of 97. The asset is positioned in an established corridor with nearby luxury development noted in the materials, and it offers a blend of street-facing commercial space alongside in-building residential income.
For investors and operators, the mix of street-level retail and residential units can support a diversified property profile, while the vacant commercial unit provides an opportunity to reposition or re-lease part of the street-level component. With the building already operating with multiple tenants and retained residential occupancy, the property offers an income-producing structure with space available to be brought back online as needed.
Located at 518-522 North Water Street in downtown Milwaukee, the building benefits from an active urban setting and a Walk Score of 97. The asset is positioned in an established corridor with nearby luxury development noted in the materials, and it offers a blend of street-facing commercial space alongside in-building residential income.
For investors and operators, the mix of street-level retail and residential units can support a diversified property profile, while the vacant commercial unit provides an opportunity to reposition or re-lease part of the street-level component. With the building already operating with multiple tenants and retained residential occupancy, the property offers an income-producing structure with space available to be brought back online as needed.
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 | $268.8k | $16.20 |
| − Vacancy | −$20.2k | −$1.22 |
| EGI | $248.6k | $14.99 |
| − OpEx | −$74.6k | −$4.50 |
| NOI | $174.0k | $10.49 |
16,592 SF · lease $16.20/SF/yr · vacancy 7.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.90M
NOI $174,042 @ 7.0% cap · market cap 7.91%
Second Best
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,537 @ 7.0% cap · market cap 7.02%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,104 @ 7.0% cap · market cap 12.69%
Zoning and permitted uses should be independently verified with local authorities.
Location Intelligence
Current Use by Public Records
Short term rental ...
Location Insight
- Map
- Local Demand
- City
- Milwaukee
- County
- Milwaukee
- State
- Wisconsin
- Longitude
- -87.9086884
- Latitude
- 43.0367382
Nearby Similar for Sale
FAQs
What type of property is this?
Apartment building - Historic downtown Milwaukee mixed-use property with street-level retail and residential units, including one currently vacant commercial space.
Where is this apartment building located?
The property is located at 518-522 North Water Street Milwaukee, WI.
What is the asking price?
The asking price for this property is $2,200,000.
What are key features of this property?
This property features: Historic mixed‑use building built in 1890 with National Register of Historic Places status; 7 residential units plus 4,912 SF of street‑level commercial space; Fully occupied mixed‑use asset with 2 commercial tenants and 1 additional commercial unit currently vacant
