Historic Mixed-Use
For Sale
$825,000
524 Milwaukee Avenue Unit 581/589 PINE ST, Burlington, WI 53105
Two-story brick buildings combine street-level retail with upper-floor dwellings and updated interiors.
Property Size4,439 SF
Price / SF$185.85
Days on Market152
Property Features for 524 Milwaukee Avenue Unit 581/589 PINE ST
General Information
Standard status
Active
Size
4,439 SF
Property subtype
Multi-Family / Multi-Family
Additional Details
Utilities to Site
Yes
Amenities
wood floors
tall ceilings
half baths
exposed brick wall
full bath
laundry
ensuite bath
Full, Yes
Aluminum Siding, Brick
Building Details
Year Built
1900
Buildings
2
Stories
2
Construction
brick
Tenancy
Multi
Listing Agency:
Realty ONE Group Boardwalk
(414) 651-7062
Listed By:
Darryl Heyden · License #83415-94
(414) 651-7062
Source:
Compass
Added: Apr 2
Changed: Aug 30
Last Checked: Aug 30 at 9:27PM
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 Realty ONE Group Boardwalk
Investment Insights
Based on property information with market context.
This offering includes two circa 1900 brick buildings that are connected at the rear and share utilities. The buildings are being sold together, with retail space at street level and residential dwellings above. Combined building area is 4439 square feet, with additional space below grade. Both retail areas feature wood flooring, tall ceilings, and half baths; the 524 Milwaukee space also includes an exposed brick wall.
The upper level at 524 Milwaukee includes two bedrooms, a full bath, laundry, and an open living, dining, and kitchen area. The 589 N Pine building provides one bedroom with an ensuite bath, a half bath near the eat-in kitchen, and a basement half bath. The properties face different streets in Burlington’s downtown historic district and surround a corner restaurant. Tenants are in place in the N Pine properties.
The upper level at 524 Milwaukee includes two bedrooms, a full bath, laundry, and an open living, dining, and kitchen area. The 589 N Pine building provides one bedroom with an ensuite bath, a half bath near the eat-in kitchen, and a basement half bath. The properties face different streets in Burlington’s downtown historic district and surround a corner restaurant. Tenants are in place in the N Pine properties.
Key Highlights
- Two circa 1900 brick buildings connected at the rear and offered together
- Combined building area of 4439 square feet, plus additional below‑grade space
- Street‑level retail with second‑floor dwellings in both two‑story buildings
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
$45,944
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
5.57%
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%
$918,880
$918.9K
Cap Rate 7%
$656,343
$656.3K
Cap Rate 9%
$510,489
$510.5K
Market Conditions
NOI Build-Up for 4,439 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
$79.9K $18.00/SF
− Vacancy
−$6.4K −$1.44/SF
EGI
$73.5K $16.56/SF
− OpEx
−$27.6K −$6.21/SF
NOI
$45.9K $10.35/SF
Area
Racine County, WI
Vacancy
8.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
37.50%
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%
$918,880
Cap Rate 7%
$656,343
Cap Rate 9%
$510,489
Alternative Uses
Best Use
Mixed Use
$656.3K
$574.3K – $765.7K
NOI $45,944 @ 7.0% cap · market cap 5.57%
Second Best
Retail
$645.2K
$564.6K – $752.8K
NOI $45,165 @ 7.0% cap · market cap 5.47%
Theoretical Best
Office A
$1.07M
$934.1K – $1.25M
NOI $74,724 @ 7.0% cap · market cap 9.06%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,143
Businesses Nearby
Explore this area
Business Placement
Demographics for 53105, WI
29,654
Population
12,995
Households
2.3
Avg Household Size
44
Median Age
28%
College-Educated
94%
High-School Grad
159.5 sq mi
ZIP Area
186
Density / Sq Mi
$88,798
Median Household Income
$48,254
Median Earnings
$1,029
Median Rent
$295,100
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?
Mixed-use property - Two-story brick buildings combine street-level retail with upper-floor dwellings and updated interiors.
Where is this mixed-use property located?
The property is located at 524 Milwaukee Avenue Unit 581/589 PINE ST Burlington, WI.
What is the asking price?
The asking price for this property is $825,000.
What are key features of this property?
This property features: Two circa 1900 brick buildings connected at the rear and offered together; Combined building area of 4439 square feet, plus additional below‑grade space; Street‑level retail with second‑floor dwellings in both two‑story buildings
