Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1608 23rd St Milwaukee, WI 53204-2560

    • Apartment buildings
    • 15,438 SF
    • 0.56 lot acres
    OFF-MARKET
    Value Estimations
    $2,045,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0095993
    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.

    Current Use by Public Records

    • Apartment buildings

    Property Details for 1608 23rd St

    Year built
    1977
    Construction
    FRAME
    Lot size
    0.56 lot acres
    Property size
    15,438 SF
    Zone code
    RM4
    Property type
    Apartment buildings
    APN
    459-0136-110
    APU
    4590136110

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $2,395,000
      6.5%
      $2,210,000
      7%
      $2,055,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $1,837,000
      Market price range: $857k - $2.46M
      AI Estimate
      $2,089,000
      Market price range: $847k - $2.89M

    • Alternative Use

      Use
      Estimation
      APARTMENT HOUSE (5+ UNITS)
      $1,665,000
      Current use
      RETAIL STORES
      $2,485,000
      Change: +49% Conversion: Difficult
      AUTO REPAIR, GARAGE
      $1,840,000
      Change: +11% Conversion: Difficult
      MEDICAL BUILDING
      $1,590,000
      Change: -5% Conversion: Moderate
      RESTAURANT
      $1,515,000
      Change: -9% Conversion: Difficult
      NEIGHBORHOOD: SHOPPING CENTER
      $1,435,000
      Change: -14% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9418
    Latitude
    43.0139
    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
    $16,517
    $32,000
    $661,700
    $693,700
    -
    $32,000
    $661,700
    $693,700

    Comparable in this City

    • Value Estimation
      $19,590,000
      120,000 SF

      625 5th St

      APARTMENT HOUSE (5+ UNITS) • 120,000 SF
      625 5th St, Milwaukee, WI 53204-1583
      View Details
    • Value Estimation
      $620,000
      4,478 SF

      700 706th S 10th St, Unit 706

      APARTMENT HOUSE (5+ UNITS) • 4,478 SF
      700 706th S 10th St, Milwaukee, WI 53204-1317
      View Details
    • Value Estimation by Request
      3,285 SF

      1629 1631st S 7th St

      APARTMENT HOUSE (5+ UNITS) • 3,285 SF
      1629 1631st S 7th St, Milwaukee, WI 53204
      View Details
    • Value Estimation
      $730,000
      83,003 SF

      924 5th St

      APARTMENT HOUSE (5+ UNITS) • 83,003 SF
      924 5th St, Milwaukee, WI 53204-1577
      View Details
    • Value Estimation
      $530,000
      3,574 SF

      900 902nd S 6th St

      APARTMENT HOUSE (5+ UNITS) • 3,574 SF
      900 902nd S 6th St, Milwaukee, WI 53204
      View Details
    • Value Estimation
      $1,455,000
      11,416 SF

      1641 1651st S 1st St, Unit 1651

      APARTMENT HOUSE (5+ UNITS) • 11,416 SF
      1641 1651st S 1st St, Milwaukee, WI 53204-2902
      View Details

    Similar Nearby for Sale

    • $724,900
      4,128 SF

      Milwaukee Commercial Property with Income

      Mixed-use property featuring a rooming house and leased bar.
      1617 S 1St St, Milwaukee, WI 53204
      View Details
    • $500,000
      6,100 SF

      Milwaukee 8-Unit Brick Building

      Excellent Clarke Square investment opportunity. Eight 1-bedroom units, value-add potential.
      823 S 22nd St, Milwaukee, WI 53204
      View Details
    • New
      $249,900
      0.08 Acres

      Solid Brick Duplex in Milwaukee

      Two-unit property with strong rental potential for investors or owner-occupants.
      1939 S Winona Ln, Milwaukee, WI 53204
      View Details
    • Contact for pricing
      47,000 SF

      647 Virginia St

      Multifamily properties • 47,000 SF
      647 Virginia St, Milwaukee, WI 53204
      View Details
    • $145,000
      0.10 Acres

      Income-Generating Duplex in Milwaukee

      Fully occupied duplex with recent updates, ideal for investors.
      1963 S 19Th St, Milwaukee, WI 53204
      View Details
    • $82,500
      0.07 Acres

      Milwaukee Two-Unit Investment Property

      Investor-ready duplex with long-term tenants in prime Milwaukee location.
      1432 S Comstock Ave, Milwaukee, WI 53204
      View Details

    Similar Nearby for Lease

    • $20 SF/Yr
      3,945 SF

      Milwaukee Retail Space for Lease

      Vibrant Walker's Point location, 3 spaces available
      300 Florida St, Milwaukee, WI 53204
      View Details
    • $16 SF/Yr
      12,435 SF

      Milwaukee CBD Commercial Space Available

      Prime commercial space in Milwaukee's central business district.
      1000-1040 N Water St, Milwaukee, WI 53204
      View Details
    • $23 SF/Yr
      3,500 SF

      Walker's Point Flex Space

      Customizable first-floor space in a vibrant commercial corridor.
      191-193 S 2Nd St, Milwaukee, WI 53204
      View Details
    • $10 SF/Yr
      5,859 SF

      Office Space Near Layton Avenue

      Office space near Layton Avenue and South 6th Streets.
      4848-4868 S 6Th St, Milwaukee, WI 53204
      View Details
    • $15 SF/Yr
      8,140 SF

      Historic Mitchell Street Office Space

      Milwaukee Office: 8,140 sq ft Available
      621 Historic Mitchell St, Milwaukee, WI 53204
      View Details
    • $16 SF/Yr
      67,760 SF

      The Atlas Building: Creative Office Space

      Historic Milwaukee Creative Office Suites
      600 Virginia St, Milwaukee, WI 53204
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    1608 23rd St
    Milwaukee, WI 53204-2560
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.