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Property profile & analytics
FOR SALE
Bars & Pubs
1850 N Water St, Milwaukee, WI 53202
Entity Owned
5-yr Hold
~
Est. High Equity
Property ID
US92-0036956
For Sale
1 / 2
$855,000
1850 N Water St, Milwaukee, WI 53202
View Listing →
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1880
Total area
4,330 SF
Lot
0.22 ac (9,382 SF)
Zoning code
IM
APN
354-0816-110
UPID
US92-0036956
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
-
Red Lion British Pub on Tannery Row Nightclub Bar & Pub
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.09M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$664k
Blend (final)
Blend
$855k
Owner & transaction history
Red Lion Real Estate LLC · 5 yrs held
Red Lion Real Estate LLC
since 2021
Last sale
$829,800
7 recorded transactions
Zoning & alternative use
IM · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$565,000
+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
$1,080,000
ML approach
$1,085,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$550,000
Current use
COMMERCIAL (GENERAL)
$565,000
Change: +3% · Conversion: Easy
AUTO REPAIR, GARAGE
$515,000
Change: -6% · Conversion: Difficult
Blend value · Realmo final
$855k
Range $770k – $941k · ±10% · vs last sale $830k (Apr 14 2021)
Last sale anchor
$830k
Apr 14 2021
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
$197 / 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
$18,084
Tax year 2022
Assessed value
$759,500
Assessed 2022
Previous assessed
$759,500
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$215,800
Assessed improvement
$543,700
Land market value
$215,800
Improvement market value
$543,700
Total market value
$759,500
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
For Sale
Year built
1880
Heating
NONE
Stories
2
Units
1
Total area
4,330 SF
Lot
0.22 ac (9,382 SF)
Zoning code
IM
APN
354-0816-110
UPID
US92-0036956
Jurisdiction
MILWAUKEE
Zoning & alternative use
IM · Milwaukee, WI
Zoning IM · permitted uses
IM · 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
$550,000
COMMERCIAL (GENERAL)
Est. value
$565,000
AUTO REPAIR, GARAGE
Est. value
$515,000
RESTAURANT Current
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
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
1880
Heating
NONE
Stories
2
Units
1
Lot
0.22 ac
Current owner
From public records · entity-resolved
Red Lion Real Estate LLC
Entity
Mailing address
1850 N WATER ST, MILWAUKEE, WI 53202-1504
Ownership since
2021
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
10 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
May 25, 2021
—
Red Lion Real Estate LLC
—
Deed
related
$418,000 · Waukesha State Bank
May 21, 2021
—
Red Lion Real Estate LLC
—
Deed
related
—
Apr 14, 2021
$829,800
Red Lion Real Estate LLC
Dgm Development LLC
Special Warranty Deed
$334,400 · Waukesha State Bank
Aug 22, 2018
—
Dgm Dev LLC
—
Deed
related
$53,429 · Boerke Co INC
Sep 25, 2008
—
Dgm Dev LLC
—
Trustees Deed
related
$1,500,000 · M&i Marshall & Ilsley Bk
Feb 16, 2007
$550,000
Dgm Development LLC
Five & Ten Tap LLC
Warranty Deed
$440,000 · M & I Marshall & Ilsley Bank
Jun 30, 2004
$7,145
Five & Ten Tap LLC
City Of Milwaukee
Quit Claim Deed
related
—
—
—
Dgm Dev LLC
—
Deed Of Trust
related
$678,000 · Wisconsin Busn Dev Fin
—
—
Five & Ten Tap LLC
—
Deed Of Trust
related
$158,367 · Tri Cty Nat'l Bk
—
—
Dgm Dev LLC
—
Deed Of Trust
related
$53,429 · Boerke Co INC
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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“Is 15.6% cap rate sustainable?” · “Best tenant mix for BU1?” · “What’s the redev upside?”
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