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Property profile & analytics
FOR LEASE
Office buildings
205 E Wisconsin Ave Milwaukee, WI 53202
Entity Owned
14-yr Hold
~
Est. High Equity
Property ID
US92-3300608
For Lease
1 / 3
$18 SF/Yr
205 E Wisconsin Ave, Milwaukee, WI 53202
View Listing →
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1860
Total area
40,670 SF
Lot
0.19 ac (8,400 SF)
Zoning code
C9F(A)
APN
392-0681-100
UPID
US92-3300608
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
-
Dental Associates Dental Office
-
Iron Block Building Tour Operator
-
Segerdahl & Co Inc Financial Advisor
-
3rd Millennium Cleaning (Bike/Boat/Book/etc) Store
-
Marc Pericles Manos Dental Office
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$3.79M
Blend (final)
Blend
$3.28M
Owner & transaction history
Iron Block Building Ptrs LLC · 14 yrs held
Iron Block Building Ptrs LLC
since 2012
7 recorded transactions
Zoning & alternative use
C9F(A) · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$5.3M
+40.5%
Restaurant
$5.2M
+36.9%
Auto repair, garage
$4.9M
+28.4%
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
by Request
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$3,775,000
Current use
COMMERCIAL (GENERAL)
$5,305,000
Change: +40% · Conversion: Easy
RESTAURANT
$5,170,000
Change: +37% · Conversion: Moderate
AUTO REPAIR, GARAGE
$4,850,000
Change: +28% · Conversion: Difficult
MEDICAL BUILDING
$4,185,000
Change: +11% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$3,785,000
Change: +0% · Conversion: Difficult
Blend value · Realmo final
$3.28M
Range $2.95M – $3.60M · ±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
$81 / 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
$81,528
Tax year 2022
Assessed value
$3,424,100
Assessed 2022
Previous assessed
$3,424,100
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$630,000
Assessed improvement
$2,794,100
Land market value
$630,000
Improvement market value
$2,794,100
Total market value
$3,424,100
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
Status
For Lease
Year built
1860
Heating
YES
Stories
4
Units
8
Total area
40,670 SF
Lot
0.19 ac (8,400 SF)
Zoning code
C9F(A)
APN
392-0681-100
UPID
US92-3300608
Jurisdiction
MILWAUKEE
Zoning & alternative use
C9F(A) · Milwaukee, WI
Zoning C9F(A) · permitted uses
C9F(A) · 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
OFFICE BUILDING Current
Est. value
$3.8M
COMMERCIAL (GENERAL)
Est. value
$5.3M
RESTAURANT
Est. value
$5.2M
AUTO REPAIR, GARAGE
Est. value
$4.9M
MEDICAL BUILDING
Est. value
$4.2M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$3.8M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
RESTAURANT
AUTO REPAIR, GARAGE
MEDICAL BUILDING
NEIGHBORHOOD: SHOPPING CENTER
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
1860
Heating
YES
Stories
4
Units
8
Lot
0.19 ac
Current owner
From public records · entity-resolved
Iron Block Building Ptrs LLC
Entity
Mailing address
205 E WISCONSIN AVE, MILWAUKEE, WI 53202-4207
Mailing matches property
Yes
Owner-occupied
Yes
Ownership since
2012
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
11 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 4, 2025
—
Iron Block Building Partners LLC
—
Deed
related
$5,400,000 · Port Washington State Bank
Mar 25, 2020
—
Iron Block Building Partners
—
Deed
related
$12,987,675 · Dal Holdings Acquisition LLC
Mar 9, 2020
—
Iron Block Building Partners LLC
—
Deed
related
$12,987,675 · First Midwest Bank
Aug 23, 2013
—
Iron Block Building Ptrs LLC
—
Deed Of Trust
related
$989,900 · Miscellaneous Govt Agcy
Aug 13, 2013
—
Iron Block Building Ptrs LLC
—
Deed Of Trust
related
$4,440,000 · Mb Fin'l Bk
Jan 19, 2012
$700,000
Iron Block Building Ptrs LLC
Wisconsin 205 LLC
Warranty Deed
—
Mar 4, 2009
—
Wisconsin 205 LLC
—
Loan Modification
related
$2,431,499 · Investorsbank
Aug 12, 2004
$3,250,000
Wisconsin 205 LLC
Iron Block Associates
Warranty Deed
$2,600,000 · Investorsbank
—
—
Wisconsin 205 LLC
—
Deed Of Trust
related
$465,000 · Investorsbank
—
—
Dental Assocs Ltd Of Wisconsin
—
Deed Of Trust
related
$2,925,000 · Mb Fin'l Bk
—
—
Wisconsin 205 LLC
—
Deed Of Trust
related
$100,000 · Investorsbank
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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