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    1505 2Nd St Milwaukee, WI 53212

    Sponsored
    For Lease
    $14 SF/Yr

    Milwaukee Office Space: Modern, Riverfront

    Lot size:
    439,992 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    402
    Rivercenter, a prestigious Milwaukee office building, offers exceptional executive office space. This three-story building, totaling 439,992 square feet, underwent a complete renovation in 2021, boasting a revitalized look and feel. The property, originally constructed in 1947, provides multiple tenancy options with spaces ranging from 4,244 to 28,444 contiguous square feet, and a significant amount of vacant space totaling 228,425 square feet. Currently, there are 18 available spaces ranging in size from 3,413 to 60,843 square feet. Amenities include modernized tenant spaces, new conference rooms, and a vibrant entertainment area equipped with games and televisions. Enjoy unparalleled access to the Milwaukee River. The building offers ample parking with a ratio of 3.2 spaces per 1,000 square feet. Located in Milwaukee County, Wisconsin, at 1505 - 1575 N Rivercenter Dr, 1543 N 2nd St, 1610 N 2nd St, 101 W Pleasant St, and 111 W Pleasant St, zip code 53212, this property presents a unique opportunity for businesses seeking a prime location and modern workspace. The building's size and flexible space options cater to a wide range of business needs.

    Property Features for 1505 2Nd St

    General Information

    Property type
    Office Properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    439,992 SF
    Total Rate
    513324

    Building Details

    Year Built/Renovated
    1947/2021
    Stories
    3

    Unit(s) available at that property

    Space
    Suite 250
    Size
    28,444 SF
    Rate per SF
    $16
    Space
    2nd Floor Mezz Suite 2
    Size
    8,727 SF
    Rate per SF
    $16
    Space
    1543 N 2nd St SUITE 400
    Size
    18,379 SF
    Rate per SF
    $16
    Space
    1505 - 1575 N RiverCenter Dr SUITE 111
    Size
    14,316 SF
    Rate per SF
    $16
    Space
    1505 - 1575 N RiverCenter Dr STORAGE
    Size
    12,492 SF
    Rate per SF
    $16
    Space
    1505 - 1575 N RiverCenter Dr SUITE 105
    Size
    5,940 SF
    Rate per SF
    $16
    Space
    1505 - 1575 N RiverCenter Dr SUITE 114
    Size
    3,413 SF
    Rate per SF
    $16
    Space
    2ND FLOOR SUITE 235
    Size
    60,843 SF
    Rate per SF
    $16
    Space
    2ND FLOOR SUITE 235A
    Size
    11,302 SF
    Rate per SF
    $16
    Space
    2nd Floor (Suite 210)
    Size
    18,576 SF
    Rate per SF
    $16
    Space
    1st Floor (Suite 101)
    Size
    20,684 SF
    Rate per SF
    $16
    Space
    111 W Pleasant St, 1st Floor (Suite 102)
    Size
    5,682 SF
    Rate per SF
    $16
    Space
    111 W Pleasant St 1st Floor (Suite 110)
    Size
    3,683 SF
    Rate per SF
    $16
    Space
    111 W Pleasant St 1st Floor (Suite 105)
    Size
    7,738 SF
    Rate per SF
    $16
    Space
    Suite 202
    Size
    21,577 SF
    Space
    Suite 212
    Size
    24,914 SF
    Space
    Suite 205
    Size
    16,671 SF
    Space
    Suite 211
    Size
    5,887 SF

    We can help!

    Listing Contact
    Jim Cavanaugh
    Jim Cavanaugh

    Learn more

    Property Profile Location Intelligence

    Current Use by Public Records

    Commercial real estate

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Gym & Fitness

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9124646
    Latitude
    43.0511454

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    FAQs

    What type of property is this?
    Office Property / Space - Milwaukee Office Space: Modern, Riverfront
    Where is this office property / space located?
    The property is located at 1505 2Nd St Milwaukee, WI.
    What is the lease rate?
    The lease rate is $0.00-$16 SF/Yr.
    Request Owner's contact information
    1505 2Nd St Milwaukee, WI 53212
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    Milwaukee, WI 53212
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    Realmo Value Estimations

    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.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    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.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    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
    1505 2Nd St Milwaukee, WI 53212
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    We can help!
    Listing Contact
    Jim Cavanaugh
    Jim Cavanaugh
    Real Estate License ID: WI
    Learn more
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