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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    2217 Prospect Ave, Unit 1 Milwaukee, WI 53202-6337

    • Retail space
    • 9,522 SF
    • 0.06 lot acres
    OFF-MARKET
    Value Estimations
    $1,235,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-2043120
    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

    • Overlook on Prospect / Apartment Complex

    Property Details for 2217 Prospect Ave

    Year built
    2013
    Lot size
    0.06 lot acres
    Property size
    9,522 SF
    Zone code
    LB3
    Property type
    Retail space
    APN
    356-2271-000
    APU
    3562271000

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,665,000
      6.5%
      $1,535,000
      7%
      $1,425,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,625,000
      Market price range: $549k - $1.89M

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

    Location Insight

    • Map
    • Local Demand
    City
    Milwaukee
    County
    Milwaukee
    State
    Wisconsin
    Longitude
    -87.8849
    Latitude
    43.0594
    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
    $40,441
    $78,000
    $1,620,500
    $1,698,500
    -
    $78,000
    $1,620,500
    $1,698,500

    Comparable in this City

    • Value Estimation
      $37,365,000
      122,071 SF

      2202 Bartlett Ave

      RETAIL STORES (PERSONAL SERVICES) • 122,071 SF
      2202 Bartlett Ave, Milwaukee, WI 53202-1022
      View Details
    • Value Estimation
      $575,000
      3,125 SF

      234 Broadway, Unit 100

      RETAIL STORES (PERSONAL SERVICES) • 3,125 SF
      234 Broadway, Milwaukee, WI 53202-5822
      View Details
    • Value Estimation
      $805,000
      5,255 SF

      2043 En Ave

      RETAIL STORES (PERSONAL SERVICES) • 5,255 SF
      2043 En Ave, Milwaukee, WI 53202
      View Details
    • Value Estimation
      $2,650,000
      1,632 SF

      211 Erie St, Unit 102

      RETAIL STORES (PERSONAL SERVICES) • 1,632 SF
      211 Erie St, Milwaukee, WI 53202
      View Details
    • Value Estimation by Request
      1,812 SF

      627 Erie St, Unit 3

      RETAIL STORES (PERSONAL SERVICES) • 1,812 SF
      627 Erie St, Milwaukee, WI 53202-6203
      View Details
    • Value Estimation by Request
      3,150 SF

      1020 Cass St, Unit 5

      RETAIL STORES (PERSONAL SERVICES) • 3,150 SF
      1020 Cass St, Milwaukee, WI 53202-3356
      View Details

    Similar Nearby for Sale

    • Contact for pricing
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      Milwaukee Retail Space For Sale

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      Mixed-Use Building in Central Milwaukee

      Seven-story mixed-use building with office and retail space.
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      Restaurant and event space with parking in prime location.
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      Restaurant/bar space for sale near Brady Street retail corridor.
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    Similar Nearby for Lease

    • $14 SF/Yr
      4,692 SF

      Retail Space on Farwell Avenue

      Retail space in a walkable, densely populated Milwaukee neighborhood.
      1815-1819 N Farwell Ave, Milwaukee, WI 53202
      View Details
    • $16 SF/Yr
      1,576 SF

      Downtown Milwaukee Retail Space Available

      Prime retail spaces in downtown Milwaukee with high visibility.
      700-740 W Wisconsin Ave, Milwaukee, WI 53202
      View Details
    • $12 SF/Yr
      5,446 SF

      Renovated Retail Space Available

      Retail space with planned renovations near Riverwalk and Public Market.
      214-228 E Erie St, Milwaukee, WI 53202
      View Details
    • $15 SF/Yr
      2,500 SF

      Retail Space in Bustling Location

      Retail space with high visibility and strong traffic.
      2201-2211 N Farwell Ave, Milwaukee, WI 53202
      View Details
    • $21 SF/Yr
      15,600 SF

      Iconic Milwaukee Retail Space

      Downtown Milwaukee storefront, 5,284 sq ft available
      761 Jefferson St, Milwaukee, WI 53202
      View Details
    • $17 SF/Yr
      3,241 SF

      Historic Milwaukee Loft Retail Space

      Unique, light-filled 3,241 SF retail space in historic building.
      217 N Broadway, Milwaukee, WI 53202
      View Details
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    2217 Prospect Ave, Unit 1
    Milwaukee, WI 53202-6337
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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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