Historic Mixed-Use Building with
For Sale
Contact for pricing
518-522 North Water Street, Milwaukee, WI 53202
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$132.59
Days on Market51
Property Features for 518-522 North Water Street
General Information
Standard status
Active
Size
16,592 SF
Property subtype
Retail, Multifamily
Zoning
C9F
Occupancy
90%
Investment Type
Value Add
Net Operating Income
$133,496
Additional Details
Multifamily Units
7
Building Details
Year Built
1890
Year Renovated
2011
Buildings
2
Stories
4
Tenancy
Multi
Listing Agency:
CBRE - Milwaukee
(414) 615-7452
Listed By:
Sean Beuche · License #73621-94
Source:
Crexi
Added: Jun 22
Changed: Aug 8
Last Checked: Aug 9 at 12:25PM
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
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 = 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
$174,042
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
7.91%
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%
$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
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
$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 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%
$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 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 authorities.
Property Analytics
Property Profile
Current Use
Lease Details
7
Residential units
Location Intelligence
Trade Area within ½ mile
2,632
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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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 $2,200,000.
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
