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Property profile & analytics
OFF-MARKET
Estimated value
$2,605,000
Bars & Pubs
2201 2203rd N Prospect Ave, Milwaukee, WI 53202
Entity Owned
4-yr Hold
Property ID
US92-0693744
Property profile
Verified
Property type
Bars & Pubs
Use group
BAR, TAVERN
Year built
1919
Total area
18,834 SF
Lot
0.17 ac (7,200 SF)
Zoning code
LB3
APN
356-0279-000
UPID
US92-0693744
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
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$3.03M
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$2.26M
Blend (final)
Blend
$2.61M
Owner & transaction history
Kenspect LLC · 4 yrs held
Kenspect LLC
since 2022
Last sale
$2.6M
5 recorded transactions
Zoning & alternative use
LB3 · Milwaukee, WI
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Apartment house (5+ units)
$3.4M
+43.8%
Commercial (general)
$2.5M
+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
$3,085,000
ML approach
$3,025,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
RESTAURANT
$2,395,000
Current use
APARTMENT HOUSE (5+ UNITS)
$3,445,000
Change: +44% · Conversion: Difficult
COMMERCIAL (GENERAL)
$2,455,000
Change: +3% · Conversion: Easy
AUTO REPAIR, GARAGE
$2,245,000
Change: -6% · Conversion: Difficult
MEDICAL BUILDING
$1,940,000
Change: -19% · Conversion: Difficult
Blend value · Realmo final
$2.61M
Range $2.34M – $2.87M · ±10% · vs last sale $2.55M (Mar 1 2022)
Last sale anchor
$2.55M
Mar 1 2022
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
$138 / 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
$61,630
Tax year 2022
Assessed value
$2,588,400
Assessed 2022
Previous assessed
$2,588,400
+0.0% YoY
Effective rate
2.38%
On assessed value
Assessed land
$216,000
Assessed improvement
$2,372,400
Land market value
$216,000
Improvement market value
$2,372,400
Total market value
$2,588,400
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
Off-Market
Year built
1919
Heating
YES
Stories
3
Units
18
Rooms
60
Bathrooms
20
Total area
18,834 SF
Lot
0.17 ac (7,200 SF)
Zoning code
LB3
APN
356-0279-000
UPID
US92-0693744
Jurisdiction
MILWAUKEE
Zoning & alternative use
LB3 · Milwaukee, WI
Zoning LB3 · permitted uses
LB3 · 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
$2.4M
APARTMENT HOUSE (5+ UNITS)
Est. value
$3.4M
COMMERCIAL (GENERAL)
Est. value
$2.5M
AUTO REPAIR, GARAGE
Est. value
$2.2M
MEDICAL BUILDING
Est. value
$1.9M
RESTAURANT Current
APARTMENT HOUSE (5+ UNITS)
COMMERCIAL (GENERAL)
AUTO REPAIR, GARAGE
MEDICAL BUILDING
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
1919
Heating
YES
Stories
3
Units
18
Rooms
60
Bathrooms
20
Lot
0.17 ac
Current owner
From public records · entity-resolved
Kenspect LLC
Entity
Mailing address
PO BOX 510287, MILWAUKEE, WI 53203-0055
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
5 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Mar 1, 2022
$2,550,000
Kenspect LLC
2203nprospect LLC
Warranty Deed
—
Jun 23, 2017
—
2203 N Prospect LLC
—
Deed
related
$250,000 · Tri City National Bank
Jun 2, 2016
$2,250,000
2203nprospect LLC
Paige Wallace LLC
Warranty Deed
$1,912,500 · Tri City National Bank
—
—
Paige-wallace LLC
—
Loan Modification
related
$254,774 · Us Bk
—
—
Paige-wallace LLC
—
Loan Modification
related
$688,255 · Us Bk
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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