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    219 N Milwaukee St Milwaukee, WI 53202
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    Property profile & analytics

    219 N Milwaukee St Milwaukee, WI 53202

    View on Map
    • Warehouses
    • 130,000 SF
    • 0.55 lot acres
    For Lease
    $4,050,000
    View Listing →
    Historic Third Ward Office Space For Lease
    $4,050,000

    Historic Third Ward Office Space

    Office space available for lease in the Historic Third Ward.

    219 N Milwaukee St, Milwaukee, WI 53202
    View Listing
    Property ID
    US92-0957500
    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.
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Penrod / (Bike/Boat/Book/etc) Store / Corporate Office
    • Third Ward Dental / Dental Office
    • Jacobs Injury Law / Law Firm
    • Gingras, Thomsen & Wachs Lawyers / Law Firm
    • Phoenix Building LLC / Business Service Center / Corporate Office

    Property Details for 219 N Milwaukee St

    Year built
    1918
    Lot size
    0.55 lot acres
    Property size
    130,000 SF
    Zone code
    C9G
    Property type
    Warehouses
    APN
    392-1025-000
    APU
    3921025000

    Description

    The Phoenix Building, located at 219 N Milwaukee St in Milwaukee, WI 53202, offers 120,000 square feet of prime executive office space in Milwaukee County's vibrant Historic Third Ward. This multi-tenant building boasts 12 suites, with a range of sizes available to accommodate various business needs. Spaces are divisible down to a minimum of 398 square feet, while larger tenants can occupy up to 17,265 contiguous square feet. Currently, there are 55,641 square feet of vacant space ready for immediate occupancy. The building provides convenient access for employees and clients with 90 parking spaces. Modern conveniences include elevators for easy access to all floors. This historic building presents a unique opportunity to establish a presence in a thriving Milwaukee neighborhood. The building's central location offers easy access to local amenities, transportation, and other key business districts. Inquire today about leasing opportunities to secure your ideal office space within this prestigious Milwaukee landmark.

    Value Estimations

    based on Realmo’s proprietary methodology

    • Comparable approach

      Method
      Estimation
      Statistic Estimate
      $4,202,000
      Market price range: $3.16M - $10.8M

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.9063
    Latitude
    43.0333
    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
    $166,458
    $720,000
    $6,277,400
    $6,997,400
    -
    $720,000
    $6,277,400
    $6,997,400

    Comparable in this City

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      233 Water St Ste, Unit 243

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      View Details
    • Value Estimation
      $1,560,000
      29,552 SF

      325 Broadway, Unit 331

      WAREHOUSE, STORAGE • 29,552 SF
      325 Broadway, Milwaukee, WI 53202-5941
      View Details
    • Value Estimation
      $705,000
      12,000 SF

      167 Broadway, Unit 173

      WAREHOUSE, STORAGE • 12,000 SF
      167 Broadway, Milwaukee, WI 53202-6014
      View Details
    • Value Estimation
      $5,270,000
      84,658 SF

      318 Water St, Unit 324

      WAREHOUSE, STORAGE • 84,658 SF
      318 Water St, Milwaukee, WI 53202-5711
      View Details
    • Value Estimation
      $1,340,000
      70,336 SF

      2124 Prospect Ave

      MINI-WAREHOUSE, STORAGE • 70,336 SF
      2124 Prospect Ave, Milwaukee, WI 53202
      View Details
    • Value Estimation
      $3,670,000
      86,704 SF

      224 Chicago St, Unit 246

      WAREHOUSE, STORAGE • 86,704 SF
      224 Chicago St, Milwaukee, WI 53202-5706
      View Details

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    View Listing
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    219 N Milwaukee St
    Milwaukee, WI 53202
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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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