Mixed-Use Building with Commercial
New
For Sale
$599,900
8621 W Greenfield Ave, West Allis, WI 53214
An upper-level apartment and rear garage complement the equipped, ground-floor food-preparation space.
Property Size3,007 SF
Price / SF$199.50
Days on Market5
Property Features for 8621 W Greenfield Ave
General Information
Standard status
Active
Size
3,007 SF
Total Parking Spaces
3
Property subtype
Commercial
Units
Unit Mix
1 x 3BR
Multifamily Units
1
Building Details
Year Built
1932
Construction
brick
Tenancy
Multi
Listing Agency:
Shorewest Realtors - South Metro
Listed By:
Ippoliti Property Group · License #ipgroup
(414) 419-4797
Source:
Milwaukeeforeverhome
Added: Oct 7
Changed: Oct 8
Last Checked: Oct 11 at 3:32AM
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 Shorewest Realtors - South Metro
Investment Insights
Based on property information with market context.
The West Allis property combines a ground-floor commercial kitchen with a three-bedroom apartment upstairs. Kitchen improvements include a hood, grease trap, and equipment, and the space is city approved. Multiple users currently lease the commercial area; the apartment has a long-term tenant. A three-car garage at the rear connects directly to the kitchen through an overhead door.
The brick building dates to 1932 and has vinyl windows. A boiler was installed in 2025, and separate furnaces serve the front and rear portions of the commercial space.
The brick building dates to 1932 and has vinyl windows. A boiler was installed in 2025, and separate furnaces serve the front and rear portions of the commercial space.
Key Highlights
- City‑approved commercial kitchen includes a hood, grease trap, and equipment
- Three‑bedroom apartment on the second floor has a long‑term tenant
- Three‑car rear garage connects directly to the kitchen through an overhead door
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$40,536
Cap Rate
6.76%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$810,720
$810.7K
Cap Rate 7%
$579,086
$579.1K
Cap Rate 9%
$450,400
$450.4K
Market Conditions
NOI Build-Up for 3,007 SF
Gross rent
$57.0K $18.96/SF
− Vacancy
−$3.0K −$0.99/SF
EGI
$54.0K $17.97/SF
− OpEx
−$13.5K −$4.49/SF
NOI
$40.5K $13.48/SF
Area
Milwaukee County, WI
Vacancy
5.20%
Lease Rate
$18.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$810,720
Cap Rate 7%
$579,086
Cap Rate 9%
$450,400
Alternative Uses
Best Use
Specialty Retail
$579.1K
$506.7K – $675.6K
NOI $40,536 @ 7.0% cap · market cap 6.76%
Second Best
Mixed Use
$528.4K
$462.3K – $616.4K
NOI $36,986 @ 7.0% cap · market cap 6.17%
Theoretical Best
Office A
$713.1K
$623.9K – $831.9K
NOI $49,915 @ 7.0% cap · market cap 8.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
663
Businesses Nearby
Explore this area
Business Placement
Demographics for 53214, WI
34,297
Population
17,530
Households
2
Avg Household Size
37
Median Age
28%
College-Educated
93%
High-School Grad
7.1 sq mi
ZIP Area
4,831
Density / Sq Mi
$62,712
Median Household Income
$46,304
Median Earnings
$999
Median Rent
$178,600
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Midwest region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - An upper-level apartment and rear garage complement the equipped, ground-floor food-preparation space.
Where is this mixed-use property located?
The property is located at 8621 W Greenfield Ave West Allis, WI.
What is the asking price?
The asking price for this property is $599,900.
What are key features of this property?
This property features: City‑approved commercial kitchen includes a hood, grease trap, and equipment; Three‑bedroom apartment on the second floor has a long‑term tenant; Three‑car rear garage connects directly to the kitchen through an overhead door
