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Property profile & analytics
OFF-MARKET
Estimated value
$740,000
Bars & Pubs
124 Water St, Milwaukee, WI 53202-6025
Entity Owned
8-yr Hold
~
Est. High Equity
Property ID
US92-0056623
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1904
Total area
4,607 SF
Lot
0.2 ac (8,691 SF)
Zoning code
C9G
APN
392-0973-000
UPID
US92-0056623
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
-
Tied House Milwaukee Bar & Pub Nightclub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$465k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$974k
Blend (final)
Blend
$740k
Owner & transaction history
Alliance 37 LLC · 8 yrs held
Alliance 37 LLC
since 2017
6 recorded transactions
Zoning & alternative use
C9G · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$600,000
+2.6%
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
$465,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$585,000
Current use
COMMERCIAL (GENERAL)
$600,000
Change: +3% · Conversion: Easy
AUTO REPAIR, GARAGE
$550,000
Change: -6% · Conversion: Difficult
MEDICAL BUILDING
$475,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$740k
Range $666k – $814k · ±10%
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
$161 / 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
$27,886
Tax year 2022
Assessed value
$1,171,200
Assessed 2022
Previous assessed
$1,171,200
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$260,700
Assessed improvement
$910,500
Land market value
$260,700
Improvement market value
$910,500
Total market value
$1,171,200
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
Bars & Pubs
Use group
BAR, TAVERN
Status
Off-Market
Year built
1904
Heating
YES
Cooling
YES
Stories
2
Units
1
Total area
4,607 SF
Lot
0.2 ac (8,691 SF)
Zoning code
C9G
APN
392-0973-000
UPID
US92-0056623
Jurisdiction
MILWAUKEE
Zoning & alternative use
C9G · Milwaukee, WI
Zoning C9G · permitted uses
C9G · 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
RESTAURANT Current
Est. value
$585,000
COMMERCIAL (GENERAL)
Est. value
$600,000
AUTO REPAIR, GARAGE
Est. value
$550,000
MEDICAL BUILDING
Est. value
$475,000
RESTAURANT Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL 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
1904
Heating
YES
Cooling
Yes
Stories
2
Units
1
Lot
0.2 ac
Current owner
From public records · entity-resolved
Alliance 37 LLC
Entity
Mailing address
920 HOFFMAN LN, RIVERWOODS, IL 60015-2424
Ownership since
2017
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
6 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 14, 2017
$1,340,000
Alliance 37 LLC
124 North Water LLC
Warranty Deed
$705,000 · Tri City National Bank
Dec 7, 2017
—
Business Imp District No 2
—
Deed
related
—
Jun 2, 2006
$990,000
124 North Water LLC
Mps INC
Warranty Deed
—
—
—
124 North Water LLC
—
Deed Of Trust
related
$430,000 · Wisconsin Busn Dev Fin
—
—
124 North Water LLC
—
Deed Of Trust
related
$416,000 · Signature Bk
—
—
Business Imp District No 2
—
Deed Of Trust
related
—
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.
Try Rey
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