Downtown Milwaukee Stand-Alone
For Sale
Contact for pricing
725-729 N Milwaukee St, Milwaukee, WI
Turn-key restaurant with upper level office/retail space.
Property Size20,605 SF
Lot Size0.17 Acres
Price / SF$160.16
Days on Market303
Property Features for 725-729 N Milwaukee St
General Information
Standard status
Active
Size
20,605 SF
Lot size
0.17 Acres
Property subtype
RETAIL
Listing Agency:
Colliers - Milwaukee
(414) 276-9500
Listed By:
Russell Sagmoen
(414) 278-6810
Source:
Moodyscre
Added: Nov 11, 2025
Changed: Aug 8
Last Checked: Sep 10 at 12:05PM
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 Colliers - Milwaukee
Investment Insights
Based on property information with market context.
Located in downtown Milwaukee, one block from the historic Pfister hotel, this stand-alone 3.5 story building offers a turn-key renovated restaurant space. The property includes upper-level office and retail space, with potential for upper-level residential conversion. It presents an ideal opportunity for an owner or occupier. Currently, there is a bar and nightclub tenant in place, generating $120,000 per year. There is also an option for a restaurant tenant leaseback at $96,000 per year. A rare parking opportunity is available in the rear, accommodating 4 to 5 cars. A new EPDM roof was installed in 2021. The property size is 20,605 square feet.
Key Highlights
- Prime downtown Milwaukee location, one block from the historic Pfister hotel.
- Turn‑key renovated restaurant space.
- Current bar/nightclub tenant ($120K/yr).
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
$252,762
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
7.66%
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%
$5,055,240
$5.1M
Cap Rate 7%
$3,610,886
$3.6M
Cap Rate 9%
$2,808,467
$2.8M
Market Conditions
NOI Build-Up for 20,605 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
$358.5K $17.40/SF
− Vacancy
−$21.5K −$1.04/SF
EGI
$337.0K $16.36/SF
− OpEx
−$84.3K −$4.09/SF
NOI
$252.8K $12.27/SF
Area
Milwaukee, WI
Vacancy
6.00%
Lease Rate
$17.40 /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%
$5,055,240
Cap Rate 7%
$3,610,886
Cap Rate 9%
$2,808,467
Alternative Uses
Best Use
Specialty Retail
$3.61M
$3.16M – $4.21M
NOI $252,762 @ 7.0% cap · market cap 7.66%
Second Best
Retail
$3.09M
$2.70M – $3.60M
NOI $216,136 @ 7.0% cap · market cap 6.55%
Theoretical Best
Office A
$4.95M
$4.33M – $5.78M
NOI $346,609 @ 7.0% cap · market cap 10.50%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
7,251
Businesses Nearby
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Business Placement
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Retail in Milwaukee, WI
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Frequently Asked Questions
What type of property is this?
Turn key restaurant - Turn-key restaurant with upper level office/retail space.
Where is this turn key restaurant located?
The property is located at 725-729 N Milwaukee St Milwaukee, WI.
What is the asking price?
The asking price for this property is $3,300,000.
What are key features of this property?
This property features: Prime downtown Milwaukee location, one block from the historic Pfister hotel.; Turn‑key renovated restaurant space.; Current bar/nightclub tenant ($120K/yr).
