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    Property profile & analytics

    2219 Garfield St Two Rivers, WI 54241-2416

    • Medical Office Space
    • 45,048 SF
    • 1.35 lot acres
    OFF-MARKET
    Value Estimations
    $1,270,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US92-3197974
    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

    • Paul M. Smullen MD / Medical Clinic
    • Aurora Two Rivers Clinic / Physician
    • Janna A. Kroiss DO / Pediatrician / Physician
    • Aurora Prescription Dispensing Center / Pharmacy
    • Tracy Sherman MD / Medical Clinic

    Property Details for 2219 Garfield St

    Year built
    1977
    Lot size
    1.35 lot acres
    Property size
    45,048 SF
    Zone code
    B1
    Property type
    Medical Office Space
    Property subtype
    Medical centers
    APN
    53-147-009-015.08
    APU
    5314700901508

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

      Method
      Estimation
      ML approach
      $1,010,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $1,526,000
      Market price range: $1.53M - $2.80M

    • Alternative Use

      Use
      Estimation
      MEDICAL BUILDING
      $1,830,000
      Current use
      RESTAURANT
      $2,110,000
      Change: +15% Conversion: Difficult
      COMMERCIAL (GENERAL)
      $1,955,000
      Change: +7% Conversion: Easy

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

    Location Insight

    • Map
    • Local Demand
    City
    Two Rivers
    County
    Manitowoc
    State
    Wisconsin
    Longitude
    -87.5575
    Latitude
    44.1542
    CBSA code
    31820
    CBSA name
    MANITOWOC, WI MICROPOLITAN 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
    2023
    $42,013
    $52,400
    $1,493,700
    $1,546,100
    -
    $0.00
    $0.00
    $2,453,400

    Comparable in this City

    • Value Estimation
      $2,945,000
      97,963 SF

      5300 Memorial Dr

      MEDICAL BUILDING • 97,963 SF
      5300 Memorial Dr, Two Rivers, WI 54241-3923
      View Details
    • Value Estimation by Request
      4,080 SF

      1509 19th St

      MEDICAL BUILDING • 4,080 SF
      1509 19th St, Two Rivers, WI 54241-2628
      View Details
    • Value Estimation
      $640,000
      29,681 SF

      4606 Mishicot Rd

      HOMES (RETIRED, NURSING) • 29,681 SF
      4606 Mishicot Rd, Two Rivers, WI 54241-9217
      View Details
    • Value Estimation
      $1,965,000
      164,517 SF

      2500 Garfield St

      HOMES (RETIRED, NURSING) • 164,517 SF
      2500 Garfield St, Two Rivers, WI 54241-2328
      View Details
    • Value Estimation by Request
      14,204 SF

      2741 45th St

      HOMES (RETIRED, NURSING) • 14,204 SF
      2741 45th St, Two Rivers, WI 54241-1002
      View Details
    • Value Estimation by Request
      13,638 SF

      1516 Washington Blvd

      Office properties & Spaces • 13,638 SF
      1516 Washington Blvd, Two Rivers, WI 54241
      View Details

    Similar Nearby for Sale

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      28.08 Acres

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    • $599,900
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      Downtown Two Rivers Redevelopment Opportunity

      Redevelopment potential in downtown Two Rivers, TIF eligible.
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    • $647,000
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      Downtown Two Rivers Retail Building

      Prime retail space, redevelopment opportunity.
      1816 Washington St, Two Rivers, WI 54241
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    • $579,900
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      67 Acres Two Rivers Development Land

      Rare Wisconsin residential land, buildable parcels.
      & STH 42 Parcels #1 Thru #6 Sandy Bay Rd, Two Rivers, WI 54241
      View Details
    • $579,900
      54.86 Acres

      Two Rivers Developable Acreage

      54.86 acres in Two Rivers, WI, for development/recreation.
      Pcl1-3 Sandy Bay Rd, Two Rivers, WI 54241
      View Details

    Similar Nearby for Lease

    • $3 SF/Yr
      318,783 SF

      Two Rivers Industrial Center Investment

      Wisconsin Manufacturing & Distribution Center
      606 Parkway Blvd, Two Rivers, WI 54241
      View Details
    • Contact for pricing
      6,053 SF

      Prime Two Rivers Retail Space

      High-visibility retail space, ample parking.
      1803 Washington St, Two Rivers, WI 54241
      View Details
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    Two Rivers, WI 54241-2416
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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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