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    233-243 Water St Milwaukee, WI 53202

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    For Lease
    Contact for pricing

    Historic Third Ward Executive Suites Available

    Lot size:
    56,368 SF

    Property Features for 233-243 Water St

    General Information

    Property type
    Office Units
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    56,368 SF
    Class
    B
    Total Rate
    105690

    Spaces For Lease

    at 233-243 Water St, Milwaukee, WI 53202 Contact us
    Unit 3rd Floor

    $25 /Mo

    Size
    1,547 SF
    Contact us
    Unit 5th Floor – Suite 502

    $28 /Mo

    Size
    2,461 SF
    Contact us
    Unit 2nd Floor

    $25 /Mo

    Size
    2,191 SF
    Contact us
    Unit 3rd Floor

    $25 /Mo

    Size
    238 SF
    Contact us
    Unit 3rd Floor

    $25 /Mo

    Size
    2,954 SF
    Contact us
    Unit 3rd Floor

    $25 /Mo

    Size
    1,952 SF
    Contact us
    Show more

    We can help!

    Listing Contact
    Marianne Burish
    Marianne Burish

    Listing Agency: Transwestern Commercial Services WI Listing Agent: Marianne Burish

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Overview

    The Saddlery, located at 233-243 N Water St in Milwaukee, WI 53202, offers exceptional executive office and retail space in the vibrant Historic Third Ward. This Class B building boasts 56,368 square feet of total space, with 20,458 square feet currently vacant. Units range from a minimum of 238 square feet to a maximum contiguous space of 8,200 square feet, making it suitable for a variety of businesses. The building features attractive cream city brick, heavy timber construction, and high ceilings, creating a unique and desirable atmosphere. Its prime riverfront location provides stunning views, including riverwalk access and boat slips, offering tenants unparalleled access to the Milwaukee River and its scenic sunsets. The flexible space is ideal for various uses, including soft goods retail, cafes, bars, restaurants, event venues, salons, and wellness businesses. Multiple tenancy options are available. This exceptional property presents a rare opportunity to establish a presence in one of Milwaukee's most sought-after neighborhoods. Inquire today to explore the available spaces and envision your business thriving in this remarkable setting.
    Property Profile Location Intelligence

    Current Use by Public Records

    Office Units

    Suggested Use

    Real Estate Agency Dental Office Spa & Massage Center Hair Salon Restaurant Nail Salon Daycare Center Building Supply Kitchen & Bath Showroom Pharmacy

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9095455
    Latitude
    43.0333871

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    FAQs

    What type of property is this?
    Office units - Historic Third Ward Executive Suites Available
    Where is this office units located?
    The property is located at 233-243 Water St Milwaukee, WI.
    What is the lease rate?
    The lease rate is $0.00-$28 SF/Yr.
    What are key features of this property?
    This property features: Limited underground parking; 1⁄2 block from city parking structure.; High-speed internet access via TWC, AT&T, Earthlink, and TDS.; Prime Historic Third Ward location, walkable to numerous amenities.
    (414) 270-4109 Call to check price and availability
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    233-243 Water St Milwaukee, WI 53202
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    Milwaukee, WI 53202
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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
    233-243 Water St Milwaukee, WI 53202
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    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Marianne Burish
    Marianne Burish
    Real Estate License ID: 5649190
    (414) 270-4109 (414) 305-3070 (843) 725-3427
    Learn more
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