Historic Mixed-Use Building with
518-522 North Water Street, Milwaukee, WI 53202
For Sale
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Historic downtown Milwaukee mixed-use property with street-level retail and residential units, including one currently vacant commercial space.
Property Size16,592 SF
Price / SF$120.54
Days on Market142
Property Features for 518-522 North Water Street
General Information
Standard status
Size
Property subtype
Zoning
Occupancy
Investment Type
Net Operating Income
Site & Location
Neighborhood
Additional Details
Multifamily Units
Building Details
Year Built
Year Renovated
Buildings
Stories
Tenancy
Listing Agency:
CBRE - Milwaukee
Listed By:
Sean Beuche · License WI 73621-94
(414) 615-7452
Source:
Crexi
Added: Jun 22
Changed: Oct 25
Last Checked: Nov 8 at 8:00AM
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
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Investment Insights
Based on property information with market context.
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.
Key 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
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$174,042
Cap Rate
8.70%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$3,480,840
$3.5M
Cap Rate 7%
$2,486,314
$2.5M
Cap Rate 9%
$1,933,800
$1.9M
Market Conditions
NOI Build-Up for 16,592 SF
Gross rent
$268.8K $16.20/SF
− Vacancy
−$20.2K −$1.22/SF
EGI
$248.6K $14.99/SF
− OpEx
−$74.6K −$4.50/SF
NOI
$174.0K $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 Rate 5%
$3,480,840
Cap Rate 7%
$2,486,314
Cap Rate 9%
$1,933,800
Alternative Uses
Best Use
Retail
$2.49M
$2.18M – $2.90M
NOI $174,042 @ 7.0% cap · market cap 8.70%
Second Best
Apartment 5plus
$2.21M
$1.93M – $2.58M
NOI $154,537 @ 7.0% cap · market cap 7.73%
Theoretical Best
Office A
$3.99M
$3.49M – $4.65M
NOI $279,104 @ 7.0% cap · market cap 13.96%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
7,417
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
$298,000
Median Home Value
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Market
Average Price Trend$/SF for Apartment buildings in Milwaukee, WI
Properties on Market for Apartment buildings in Milwaukee
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
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 $2,000,000.
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
