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Property profile & analytics
OFF-MARKET
Estimated value
$1,165,000
Commercial real estate
166 121st St Wauwatosa, WI 53226-3802
Individually Owned
1-yr Hold
Absentee Owner
Free & Clear
Property ID
US92-1283406
Property profile
Verified
Property type
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Total area
13,330 SF
Lot
0.39 ac (16,988 SF)
Zoning code
M1
APN
412-0206-00
UPID
US92-1283406
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
-
Isalis (Bike/Boat/Book/etc) Store
-
Party City Party Supply Store (Bike/Boat/Book/etc) Store
-
Skunk Funk Big Box & Wholesale Store
-
Carl's Trading Co Hat Shop
-
Bushka's Kitchen LLC (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$1.23M
Blend (final)
Blend
$1.17M
Owner & transaction history
Leonard A Roulier III · 1 yrs held
Leonard A Roulier III
since 2024
2 recorded transactions
Zoning & alternative use
M1 · Wauwatosa, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Zoning description
The M1 district is primarily intended to accommodate low-impact industrial uses and industrial park developments that have few if any visual or operational impacts
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
327.69 ac
Source
Realmo
Top alternative use upside
Restaurant
$1.7M
+1.6%
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 Wauwatosa submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Wauwatosa 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%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
COMMERCIAL (GENERAL)
$1,670,000
Current use
RESTAURANT
$1,695,000
Change: +2% · Conversion: Difficult
AUTO REPAIR, GARAGE
$1,590,000
Change: -5% · Conversion: Difficult
RETAIL STORES
$1,435,000
Change: -14% · Conversion: Easy
MEDICAL BUILDING
$1,370,000
Change: -18% · Conversion: Easy
Blend value · Realmo final
$1.17M
Range $1.05M – $1.28M · ±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
$87 / 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
$13,797
Tax year 2022
Assessed value
$635,800
Assessed 2022
Previous assessed
$635,800
+0.0% YoY
Effective rate
2.17%
On assessed value
Assessed land
$170,300
Assessed improvement
$465,500
Total market value
$753,500
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
Commercial real estate
Use group
COMMERCIAL (GENERAL)
Status
Off-Market
Heating
NONE
Total area
13,330 SF
Lot
0.39 ac (16,988 SF)
Zoning code
M1
APN
412-0206-00
UPID
US92-1283406
Jurisdiction
MILWAUKEE
Zoning & alternative use
M1 · Wauwatosa, WIZoning M1 · permitted uses
M1 · Wauwatosa, WI
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Zoning description
The M1 district is primarily intended to accommodate low-impact industrial uses and industrial park developments that have few if any visual or operational impacts
Zone name
Light Industrial
General category
INDUSTRIAL
Zone area
327.69 ac
Source
Realmo
Alternative use value scenarios
Repositioning upside vs current use
COMMERCIAL (GENERAL) Current
Est. value
$1.7M
RESTAURANT
Est. value
$1.7M
AUTO REPAIR, GARAGE
Est. value
$1.6M
RETAIL STORES
Est. value
$1.4M
MEDICAL BUILDING
Est. value
$1.4M
COMMERCIAL (GENERAL) Current
RESTAURANT
AUTO REPAIR, GARAGE
RETAIL STORES
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
Heating
NONE
Lot
0.39 ac
Current owner
From public records · entity-resolved
Leonard A Roulier III
Individual
Free & Clear · 1 yrs held
Mailing address
12900 ELMWOOD RD, ELM GROVE, WI 53122-1921
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2024
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
2 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Dec 31, 2024
—
Leonard A Roulier III
Karen F Roulier
Deed
related
—
Dec 4, 2024
—
Karen F Roulier
Karen F Roulier
Deed
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.
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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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