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Property profile & analytics
OFF-MARKET
Estimated value
$890,000
Investment properties
1029 Dr Martin Luther King Jr Dr 1031 Milwaukee, WI 53203-1301
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US92-0789995
Property profile
Verified
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Year built
1880
Total area
6,745 SF
Lot
0.07 ac (3,075 SF)
Zoning code
C9G
APN
361-0522-000
UPID
US92-0789995
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$915k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$615k
Blend (final)
Blend
$890k
Owner & transaction history
Spicy Mke LLC · 5 yrs held
Spicy Mke LLC
since 2021
Last sale
$900,000
4 recorded transactions
Zoning & alternative use
C9G · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
aa-2. If the tower is located in a C9A, C9B, C9C, C9D, C9F or C9G district, the tower shall not exceed 150 feet in height or the tower shall be accessory to an elementary or secondary school and be set back from all property lines a distance at l east equal to the height of the tower. Any other tower may be allowed as a special use.
Zone name
Mixed Activity
General category
INDUSTRIAL
Source
Master V2
Top alternative use upside
Apartment house (5+ units)
$1.1M
+95.3%
Restaurant
$860,000
+46.6%
Auto repair, garage
$805,000
+37.5%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Milwaukee submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Milwaukee submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$840,000
ML approach
$915,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$585,000
Current use
APARTMENT HOUSE (5+ UNITS)
$1,145,000
Change: +95% · Conversion: Moderate
RESTAURANT
$860,000
Change: +47% · Conversion: Difficult
AUTO REPAIR, GARAGE
$805,000
Change: +38% · Conversion: Difficult
RETAIL STORES
$725,000
Change: +24% · Conversion: Easy
MEDICAL BUILDING
$695,000
Change: +19% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$630,000
Change: +7% · Conversion: Difficult
OFFICE BUILDING
$535,000
Change: -9% · Conversion: Easy
Blend value · Realmo final
$890k
Range $801k – $979k · ±10% · vs last sale $900k (Jul 21 2021)
Last sale anchor
$900k
Jul 21 2021
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$132 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2022Property tax & assessments
Tax year 2022
Tax billed
$16,593
Tax year 2022
Assessed value
$696,900
Assessed 2022
Previous assessed
$696,900
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$123,000
Assessed improvement
$573,900
Land market value
$123,000
Improvement market value
$573,900
Total market value
$696,900
Applied tax rate
1.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Investment properties
Use group
OFFICE/RESIDENTIAL (MIXED USE)
Status
Off-Market
Year built
1880
Heating
NONE
Cooling
YES
Stories
3
Units
4
Total area
6,745 SF
Lot
0.07 ac (3,075 SF)
Zoning code
C9G
APN
361-0522-000
UPID
US92-0789995
Jurisdiction
MILWAUKEE
Zoning & alternative use
C9G · Milwaukee, WIZoning C9G · permitted uses
C9G · Milwaukee, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
aa-2. If the tower is located in a C9A, C9B, C9C, C9D, C9F or C9G district, the tower shall not exceed 150 feet in height or the tower shall be accessory to an elementary or secondary school and be set back from all property lines a distance at l east equal to the height of the tower. Any other tower may be allowed as a special use.
Zone name
Mixed Activity
General category
INDUSTRIAL
Source
Master V2
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$585,000
APARTMENT HOUSE (5+ UNITS)
Est. value
$1.1M
RESTAURANT
Est. value
$860,000
AUTO REPAIR, GARAGE
Est. value
$805,000
RETAIL STORES
Est. value
$725,000
MEDICAL BUILDING
Est. value
$695,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$630,000
OFFICE BUILDING
Est. value
$535,000
COMMERCIAL (GENERAL) Current
APARTMENT HOUSE (5+ UNITS)
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
OFFICE BUILDING
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1880
Heating
NONE
Cooling
Yes
Stories
3
Units
4
Lot
0.07 ac
Current owner
From public records · entity-resolved
Spicy Mke LLC
Entity
Mailing address
2365 ROBBIE CT, BROOKFIELD, WI 53005-4575
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
4 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 12, 2025
—
Spicy Mke LLC
—
Deed
related
$190,000 · Summit Cu
Aug 21, 2023
—
Spicy Mke LLC
—
Deed
related
$144,000 · Summit Cu
Jul 21, 2021
$900,000
Spicy Mke LLC
Tom And Pally Lc
Special Warranty Deed
$720,000 · Commerce State Bank
Nov 1, 2017
$1,850,000
Third Street Propm Mgmt LLC
1033 Old World 3rd LLC
Warranty Deed
—
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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