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    246 Chicago St Milwaukee, WI 53202

    Sponsored
    For Lease
    $17 SF/Yr

    Milwaukee Office: 11,037 - 29,137 SF Available

    Lot size:
    120,000 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    The Third Ward Center, a stunning 1917 building at 246 E Chicago Street in Milwaukee, WI, offers unique office space in the heart of the Historic Third Ward. This iconic three-story structure boasts nearly 120,000 square feet of commercial space, currently configured for multiple tenants. Available spaces range from a minimum of 11,037 square feet to a maximum contiguous space of 29,137 square feet, with a significant 58,274 square feet currently vacant. The building's rich history blends seamlessly with modern amenities, creating a highly desirable workspace. Its prime location provides easy access to a vibrant array of restaurants, shops, and entertainment options. The property includes approximately one parking space per 100 square feet of rentable space. This Milwaukee County property offers a rare opportunity to lease exceptional office space in a highly sought-after location. The building's blend of historical character and modern functionality makes it an ideal location for businesses seeking a unique and inspiring environment. Contact us today to learn more about leasing opportunities within this exceptional property. Located in the 53202 zip code.

    Property Features for 246 Chicago St

    General Information

    Property type
    Office space
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    120,000 SF
    Total Rate
    170000

    Building Details

    Year Built
    1917

    Unit(s) available at that property

    Space
    Third Floor
    Size
    29,137 SF
    Rate per SF
    $17
    Space
    Second Floor
    Size
    11,037 SF
    Rate per SF
    $17

    HighLights

    • $14-$17/SF Triple Net (NNN) rent; estimated 2021 operating expenses: $5.19/RSF plus utilities and in‑suite janitorial.
    • Ample parking (1 space per 100 square feet).
    • 58,274 square feet of available space.
    • Abundant natural light from numerous windows and skylights.
    • Modern open floor plan with large floor plates.
    • Unique tenant amenities including men's and women's locker rooms with showers.
    Property Profile Location Intelligence

    Current Use by Public Records

    Cramer-Krasselt Advertising Agency

    Suggested Use

    Realty agency Dental Office Spa & Massage Hair Salon Restaurant Nail Salon Daycare Center Building Supply Kitchen & Bath Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9079731
    Latitude
    43.0328667

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    FAQs

    What type of property is this?
    Office space - Milwaukee Office: 11,037 - 29,137 SF Available
    Where is this office space located?
    The property is located at 246 Chicago St Milwaukee, WI.
    What is the lease rate?
    The lease rate is $17 SF/Yr.
    What are key features of this property?
    This property features: $14-$17/SF Triple Net (NNN) rent; estimated 2021 operating expenses: $5.19/RSF plus utilities and in-suite janitorial.; Ample parking (1 space per 100 square feet).; 58,274 square feet of available space.
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    246 Chicago St Milwaukee, WI 53202
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    Milwaukee, WI 53202
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    246 Chicago St Milwaukee, WI 53202
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