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Property profile & analytics
OFF-MARKET
Estimated value
$660,000
Warehouses
12104 Carmen Ave Milwaukee, WI 53225-2135
Entity Owned
~
Est. High Equity
Property ID
US92-3487522
Property profile
Verified
Property type
Warehouses
Use group
WAREHOUSE, STORAGE
Year built
1997
Total area
6,735 SF
Lot
1.01 ac (44,213 SF)
Zoning code
IL1
APN
181-0512-000
UPID
US92-3487522
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
Current use
Occupant on record · Public records
-
Ford Tool & Gage Corporation Industrial Manufacturer Production Facility
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$460k
Comparable Approach
Comparable
$738k
Blend (final)
Blend
$660k
Owner & transaction history
Mruf Properties LLC
Mruf Properties LLC
since 2026
Last sale
$650,000
3 recorded transactions
Zoning & alternative use
IL1 · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Restaurant
$855,000
+70.1%
Auto repair, garage
$805,000
+59.5%
Retail stores
$725,000
+43.9%
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
by Request
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$495,000
6.5%
$460,000
7%
$425,000
Alternative Use
Use
Estimation
WAREHOUSE, STORAGE
$505,000
Current use
RESTAURANT
$855,000
Change: +70% · Conversion: Difficult
AUTO REPAIR, GARAGE
$805,000
Change: +60% · Conversion: Easy
RETAIL STORES
$725,000
Change: +44% · Conversion: Moderate
MEDICAL BUILDING
$695,000
Change: +38% · Conversion: Difficult
NEIGHBORHOOD: SHOPPING CENTER
$625,000
Change: +24% · Conversion: Moderate
COMMERCIAL (GENERAL)
$585,000
Change: +16% · Conversion: Difficult
Blend value · Realmo final
$660k
Range $594k – $726k · ±10% · vs last sale $650k (Mar 2 2026)
Last sale anchor
$650k
Mar 2 2026
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
$98 / 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
$8,176
Tax year 2022
Assessed value
$343,400
Assessed 2022
Previous assessed
$343,400
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$50,800
Assessed improvement
$292,600
Land market value
$50,800
Improvement market value
$292,600
Total market value
$343,400
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
Warehouses
Use group
WAREHOUSE, STORAGE
Status
Off-Market
Year built
1997
Heating
NONE
Cooling
YES
Stories
1
Units
2
Total area
6,735 SF
Lot
1.01 ac (44,213 SF)
Zoning code
IL1
APN
181-0512-000
UPID
US92-3487522
Jurisdiction
MILWAUKEE
Zoning & alternative use
IL1 · Milwaukee, WI
Zoning IL1 · permitted uses
IL1 · Milwaukee, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Milwaukee. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
WAREHOUSE, STORAGE Current
Est. value
$505,000
RESTAURANT
Est. value
$855,000
AUTO REPAIR, GARAGE
Est. value
$805,000
RETAIL STORES
Est. value
$725,000
MEDICAL BUILDING
Est. value
$695,000
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$625,000
COMMERCIAL (GENERAL)
Est. value
$585,000
WAREHOUSE, STORAGE Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
COMMERCIAL (GENERAL)
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
1997
Heating
NONE
Cooling
Yes
Stories
1
Units
2
Lot
1.01 ac
Current owner
From public records · entity-resolved
Mruf Properties LLC
Entity
Mailing address
12104 W CARMEN AVE, MILWAUKEE, WI 53225-2135
Ownership since
2026
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
3 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 2, 2026
$650,000
Mruf Properties LLC
Ruf Properties LLC
Warranty Deed
$600,000 · Mruf Properties LLC
Jul 23, 2007
$465,000
Ruf Properties LLC
Alpha Source Investments LLC
Warranty Deed
$365,000 · M & I Marshall & Ilsley Bank
Dec 22, 2006
—
Carlson-weber,norine C
Alpha Source Holdings LLP
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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