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

    1940 Prospect Ave Milwaukee, WI 53202-1493

    • Apartment buildings
    • 40,834 SF
    • 0.23 lot acres
    OFF-MARKET
    Value Estimations
    $4,030,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-0353806
    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 1940 Prospect Ave

    Year built
    1926
    Lot size
    0.23 lot acres
    Property size
    40,834 SF
    Zone code
    RM7
    Property type
    Apartment buildings
    APN
    356-0508-000
    APU
    3560508000

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $2,987,000
      Market price range: $1.14M - $6.22M

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.888
    Latitude
    43.0553
    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
    $85,161
    $280,000
    $3,296,700
    $3,576,700
    -
    $280,000
    $3,296,700
    $3,576,700

    Comparable in this City

    • Value Estimation by Request
      3.18 Acres

      1300 Kane Pl

      APARTMENT HOUSE (100+ UNITS) • 3.18 Acres
      1300 Kane Pl, Milwaukee, WI 53202-1686
      View Details
    • Value Estimation
      $850,000
      1.24 Acres

      626 State St

      APARTMENT HOUSE (5+ UNITS) • 1.24 Acres
      626 State St, Milwaukee, WI 53202-3247
      View Details
    • Value Estimation
      $1,805,000
      15,032 SF

      1133 Pleasant St

      APARTMENT HOUSE (5+ UNITS) • 15,032 SF
      1133 Pleasant St, Milwaukee, WI 53202-2192
      View Details
    • Value Estimation
      $5,860,000
      37,799 SF

      728 Pleasant St

      APARTMENT HOUSE (5+ UNITS) • 37,799 SF
      728 Pleasant St, Milwaukee, WI 53202-2697
      View Details
    • Value Estimation by Request
      495,212 SF

      777 Van Buren St, Unit 1

      APARTMENT HOUSE (5+ UNITS) • 495,212 SF
      777 Van Buren St, Milwaukee, WI 53202-3859
      View Details
    • Value Estimation
      $3,040,000
      32,228 SF

      2244 Prospect Ave

      APARTMENT HOUSE (5+ UNITS) • 32,228 SF
      2244 Prospect Ave, Milwaukee, WI 53202-6316
      View Details

    Similar Nearby for Sale

    • $430,000

      Historic Third Ward Condo

      Stunning 2-bedroom condo in Milwaukee's historic Third Ward.
      191 N Broadway -, Milwaukee, WI 53202
      View Details
    • $315,000
      835 SF

      Charismatic Condo in Historic Building

      One-bedroom condo in the Van Buren City Lofts building.
      1325 N Van Buren St, Milwaukee, WI 53202
      View Details
    • $6,500,000
      2.66 Acres

      Downtown Milwaukee Riverfront Land

      Prime 2.66-acre development site. Riverfront views, ideal location.
      1693 Water St, Milwaukee, WI 53202
      View Details
    • $127,000
      650 SF

      East Side Corner Unit Condo

      Spacious 1-bedroom condo with parking in prime location.
      1707 N Prospect Ave, Milwaukee, WI 53202
      View Details
    • $359,900
      2,000 SF

      Lakefront Living in Newport Unit

      Expansive unit with lake views, open kitchen, and building amenities.
      1610 N Prospect Ave N, Milwaukee, WI 53202
      View Details
    • $1,475,000
      6,186 SF

      Turn-Key Restaurant & Event Space

      Restaurant and event space with parking in prime location.
      1550 N Farwell Ave, Milwaukee, WI 53202
      View Details

    Similar Nearby for Lease

    • $2,995 /Mo
      1,210 SF

      Apartment with Stunning Lake Views

      Spacious apartment with lake views, updated kitchen, and in-unit laundry.
      925 E Wells St, Milwaukee, WI 53202
      View Details
    • $23 SF/Yr
      2,733 SF

      Modern Mixed-Use Building Office Space

      Redesigned office space in a mixed-use building, convenient location.
      342 N Water St, Milwaukee, WI 53202
      View Details
    • $2,100 /Mo
      980 SF

      Downtown Milwaukee Condo with Amenities

      Two-bedroom condo in full amenity building with parking and storage.
      270 E Highland Ave, Milwaukee, WI 53202
      View Details
    • $17 SF/Yr
      12,333 SF

      Third Ward Office - 12,333 SF

      Unique single-tenant office building in Milwaukee's desirable Third Ward.
      200 Jefferson St, Milwaukee, WI 53202
      View Details
    • Contact for pricing
      379,637 SF

      Milwaukee Office Sublease Opportunity

      Prime Milwaukee office space, 25,811 sq ft available.
      790 Water St, Milwaukee, WI 53202
      View Details
    • $22 SF/Yr
      249,388 SF

      Prime Milwaukee Office Space

      Lakefront Views, Modern Upgrades
      875 Wisconsin Ave, Milwaukee, WI 53202
      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.
    1940 Prospect Ave
    Milwaukee, WI 53202-1493
    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.