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Property profile & analytics
FOR LEASE
Office buildings
1661 N Water St Milwaukee, WI 53202
Entity Owned
4-yr Hold
~
Est. High Equity
Property ID
US92-0896044
For Lease
1 / 14
$10.50 SF/Yr
1661 N Water St, Milwaukee, WI 53202
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Property summary
AI-generated overview
The Northern Lights Building, located at 1661 N Water St in Milwaukee, WI 53202, offers exceptional office space in a beautifully restored historic building. This Class B property, built in 1910, boasts 41,975 total square feet spread across five stories. Currently, 3,945 square feet of space is available, divisible into units ranging from 600 to 2,278 contiguous square feet, perfect for a variety of businesses. The building features multiple tenancies, allowing for flexibility in lease terms and space configurations. Enjoy the unique character of creative loft spaces with exposed brick and timber, complemented by abundant natural light. The convenient Water Street location offers easy access to downtown Milwaukee, along with off-street parking, and is within walking distance of numerous restaurants and shops. Enjoy stunning river and city views from this desirable location. The 0.87-acre lot is zoned C9G, and the property's APN is 3601362000. This Milwaukee County property presents a rare opportunity to lease in a historic building with modern amenities and a prime location. The building consists of one structure.
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Year built
1910
Total area
41,975 SF
Lot
0.87 ac (37,767 SF)
Zoning code
C9G
APN
360-1362-000
UPID
US92-0896044
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
-
Danceworks, Inc. Training Center
-
Grieve Law Criminal Defense – Milwaukee, WI Law Firm
-
The Giersch Group Bookkeeping & Consulting Services Business Management Consultant Accounting Firm
-
Inner Compass Counseling, LLC Psychotherapist
-
Volunteers of America Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$840k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$1.27M
Owner & transaction history
N L Partners LLC · 4 yrs held
N L Partners LLC
since 2022
2 recorded transactions
Zoning & alternative use
C9G · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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
$840,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$1.27M
Range $1.14M – $1.40M · ±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
$30 / 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
$51,144
Tax year 2022
Assessed value
$2,148,000
Assessed 2022
Previous assessed
$2,148,000
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$1,647,100
Assessed improvement
$500,900
Land market value
$1,647,100
Improvement market value
$500,900
Total market value
$2,148,000
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
Office buildings
Use group
OFFICE BUILDING (MULTI-STORY)
Status
For Lease
Year built
1910
Heating
NONE
Stories
5
Units
91
Total area
41,975 SF
Lot
0.87 ac (37,767 SF)
Zoning code
C9G
APN
360-1362-000
UPID
US92-0896044
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.
Building & site characteristics
From public records
Year built
1910
Heating
NONE
Stories
5
Units
91
Lot
0.87 ac
Current owner
From public records · entity-resolved
N L Partners LLC
Entity
Mailing address
PO BOX 510800, MILWAUKEE, WI 53203-0143
Ownership since
2022
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
Apr 14, 2022
—
N L Partners LLC
—
Deed
related
$1,750,000 · Greenwood State Bank
—
—
Nl Partners LLC
—
Deed Of Trust
related
$2,000,000 · Amcore Bk
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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