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    11002 Park Pl Milwaukee, WI 53224-3615
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    Property profile & analytics

    11002 Park Pl Milwaukee, WI 53224-3615

    View on Map
    • Office buildings
    • 31,546 SF
    • 3.96 lot acres
    Off-Market
    Last Sale Jan 21, 2025
    Property ID
    US92-0935269
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
    Value Estimations
    $3,090,000
    Show details
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Molina Healthcare of Wisconsin / Medical Clinic

    Property Details for 11002 Park Pl

    Year built
    2004
    Lot size
    3.96 lot acres
    Property size
    31,546 SF
    Zone code
    PD
    Property type
    Office buildings
    APN
    111-0131-000
    APU
    1110131000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $3,443,000
      Market price range: $1.33M - $3.88M
      AI Estimate
      $2,253,000
      Market price range: $743k - $2.73M

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $2,500,000
      Current use
      APARTMENT HOUSE (5+ UNITS)
      $4,080,000
      Change: +63% Conversion: Easy
      RESTAURANT
      $4,010,000
      Change: +61% Conversion: Moderate
      AUTO REPAIR, GARAGE
      $3,765,000
      Change: +51% Conversion: Difficult
      RETAIL STORES
      $3,395,000
      Change: +36% Conversion: Moderate
      MEDICAL BUILDING
      $3,245,000
      Change: +30% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $2,935,000
      Change: +17% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $2,735,000
      Change: +9% Conversion: Easy

    Get a detailed, property-specific estimation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -88.0506
    Latitude
    43.1506
    CBSA code
    33340
    CBSA name
    MILWAUKEE-WAUKESHA-WEST ALLIS, WI METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2022
    $74,147
    $332,600
    $2,781,500
    $3,114,100
    -
    $332,600
    $2,781,500
    $3,114,100

    Comparable in this City

    • Value Estimation
      $2,440,000
      57,332 SF

      11800 Park Pl

      OFFICE BUILDING (MULTI-STORY) • 57,332 SF
      11800 Park Pl, Milwaukee, WI 53224-3009
      View Details
    • Value Estimation by Request
      21,675 SF

      8634 Brown Deer Rd

      OFFICE BUILDING • 21,675 SF
      8634 Brown Deer Rd, Milwaukee, WI 53224-2154
      View Details
    • Value Estimation
      $580,000
      12,960 SF

      9220 107th St

      OFFICE BUILDING • 12,960 SF
      9220 107th St, Milwaukee, WI 53224-1123
      View Details
    • Value Estimation
      $1,425,000
      40,020 SF

      11301 Lk Park Dr

      OFFICE BUILDING • 40,020 SF
      11301 Lk Park Dr, Milwaukee, WI 53224-3125
      View Details
    • Value Estimation
      $3,360,000
      36,545 SF

      11400 Lk Park Dr

      OFFICE BUILDING • 36,545 SF
      11400 Lk Park Dr, Milwaukee, WI 53224-3022
      View Details
    • Value Estimation by Request
      9,688 SF

      9306 9316th N 107th St, Unit 9316

      OFFICE BUILDING • 9,688 SF
      9306 9316th N 107th St, Milwaukee, WI 53224-1121
      View Details

    Similar Nearby for Sale

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      9,688 SF

      Multi-Tenant Office Building For Sale

      Multi-tenant office building with flexible spaces and ample parking.
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      32,334 SF

      Office Building For Sale/Lease

      32,334 SF office building available for sale or lease.
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      Highly Visible Pad Site

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      20,600 SF

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      Versatile industrial/flex building with five bays and outdoor storage.
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    • $430,000
      0.21 Acres

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      Updated duplex perfect for investors or first-time buyers.
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    Similar Nearby for Lease

    • Contact for pricing

      Class A Office Building

      12-story Class A office building with lake views.
      10850 W Park Pl, Milwaukee, WI 53224
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    • Contact for pricing
      12,355 SF

      West Lake Park Office Building

      One-story office building in Milwaukee, Wisconsin, spanning 35,817 square feet.
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      25,699 SF

      Office/Flex Building in Park Place

      35,817 SF office/flex building with flexible floor plans.
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      View Details
    • Contact for pricing

      Office Space at Park Place

      Office space available for lease in Milwaukee, Wisconsin.
      11414 W Park Pl, Milwaukee, WI 53224
      View Details
    • Contact for pricing
      174,031 SF

      Class A Office Building

      Three-story Class A office building in Park Place Business Park.
      11200 West Parkland Ave, Milwaukee, WI 53224
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    • Contact for pricing
      2,347 SF

      Class A Office Building

      Class A office space with lake views and modern amenities.
      10850 W Park Pl, Milwaukee, WI 53224
      View Details
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    Milwaukee, WI 53224-3615
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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
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