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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    1828 31st St Milwaukee, WI 53215-2102

    • Office buildings
    • 3,447 SF
    • 0.16 lot acres
    OFF-MARKET
    Last Sale
    Jan 31, 2023
    $212,000
    Value Estimations
    $265,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0116472
    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

    • Iglesia Nuev Avida Inc / Church
    • Iglesia Pentecostal Emanuel / Religious Institution

    Property Details for 1828 31st St

    Year built
    1958
    Lot size
    0.16 lot acres
    Property size
    3,447 SF
    Zone code
    LB2
    Property type
    Office buildings
    APN
    458-0449-000
    APU
    4580449000

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      Statistic approach
      $275,000
      ML approach
      $275,000

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $231,000
      Market price range: $145k - $424k
      AI Estimate
      $240,000
      Market price range: $96.5k - $416k

    • Alternative Use

      Use
      Estimation
      OFFICE BUILDING
      $275,000
      Current use
      AUTO REPAIR, GARAGE
      $410,000
      Change: +51% Conversion: Difficult
      RETAIL STORES
      $370,000
      Change: +36% Conversion: Moderate
      MEDICAL BUILDING
      $355,000
      Change: +30% Conversion: Easy
      NEIGHBORHOOD: SHOPPING CENTER
      $320,000
      Change: +17% Conversion: Difficult

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9525
    Latitude
    43.0107
    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
    $3,386
    $14,000
    $128,200
    $142,200
    -
    $14,000
    $128,200
    $142,200

    Comparable in this City

    • Value Estimation
      $275,000
      1,568 SF

      1569 38th St

      OFFICE BUILDING • 1,568 SF
      1569 38th St, Milwaukee, WI 53215-1717
      View Details
    • Value Estimation
      $265,000
      2,910 SF

      928 Ohio Ave

      OFFICE BUILDING (MULTI-STORY) • 2,910 SF
      928 Ohio Ave, Milwaukee, WI 53215-5131
      View Details
    • Value Estimation
      $315,000
      4,580 SF

      2363 2365th S 13th St

      OFFICE BUILDING • 4,580 SF
      2363 2365th S 13th St, Milwaukee, WI 53215
      View Details
    • Value Estimation
      $260,000
      1,222 SF

      3436 13th St

      OFFICE BUILDING • 1,222 SF
      3436 13th St, Milwaukee, WI 53215-5012
      View Details
    • Value Estimation
      $1,010,000
      43,171 SF

      611 28th St

      OFFICE BUILDING (MULTI-STORY) • 43,171 SF
      611 28th St, Milwaukee, WI 53215-1201
      View Details
    • Value Estimation
      $270,000
      3,071 SF

      1136-1138 Lincoln Ave

      OFFICE BUILDING (MULTI-STORY) • 3,071 SF
      1136-1138 Lincoln Ave, Milwaukee, WI 53215
      View Details

    Similar Nearby for Sale

    • $249,900
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      Milwaukee Mixed-Use Investment Opportunity

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      Three-unit building with rental income potential and long-term growth.
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    • $249,900
      0.08 Acres

      Milwaukee Duplex in Muskego Way

      Spacious duplex in vibrant neighborhood with strong rental income.
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    • New
      $129,900
      0.09 Acres

      Milwaukee Duplex in Lincoln Village

      Tenant-occupied duplex in desirable south side neighborhood near parks.
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    • $1,475,000
      10,770 SF

      Milwaukee Bank Investment Opportunity

      High-yield, credit-rated bank lease.
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    Similar Nearby for Lease

    • $15 SF/Yr
      2,265 SF

      Office Space in Milwaukee

      Office space with elevator access, kitchen, and restroom.
      1236-1300 S Layton Blvd, Milwaukee, WI 53215
      View Details
    • $6 SF/Yr
      52,460 SF

      Stadium Business Park Warehouse Space

      Milwaukee Warehouse: 19,700 SF Available
      3930 Burnham St, Milwaukee, WI 53215
      View Details
    • $6 SF/Yr
      8,000 SF

      Retail Space Near Downtown Milwaukee

      Retail space with ample parking, near transit and amenities.
      2214 N 35Th St, Milwaukee, WI 53215
      View Details
    • $4 SF/Yr
      42,761 SF

      Stadium Business Park IV Space Available

      Milwaukee Flex Space - 23,989 SF Available
      1745 38Th St, Milwaukee, WI 53215
      View Details
    • $6 SF/Yr
      92,000 SF

      Milwaukee Warehouse Space Available

      Large industrial warehouse, flexible space options.
      3201-3299 20Th St, Milwaukee, WI 53215
      View Details
    • Contact for pricing

      West Milwaukee Retail Space

      High-traffic retail space, shadow-anchored by Walmart.
      4202 Greenfield Ave, West Milwaukee, WI 53215
      View Details
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    Milwaukee, WI 53215-2102
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    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
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